All Forum Posts by: Brien Tal-Baker

@Dan Gamache It looks like we found something that's going to work. It took some searching, but we should be closing in a few weeks. I'll reach out if it falls through for any reason. Thanks for reaching out!

@Josue Velney Thanks! I'll let you know if I identify any properties. Good luck doubling your portfolio!

@Jennifer Goddard Thanks for the offer! And sorry for not replying sooner. I've been traveling for a couple weeks. We may have found some financing that works, but I will follow up if it falls through for some reason.

@Tarik Turner Thanks for reaching out, Tarik. Can you point me to some of these options?

@Charlie MacPherson Thanks for the reply. We're reaching out to some local lenders. We'll see if anyone can help us there.

As for the ARV: This is actually a new construction, energy efficient, high end finishes. Not sure if we'll quite hit the numbers we're looking for, but we've been advised by realtors we've spoken to that the price seems in the range of reasonable. Even if it ends up being lower, we think it'll be decently above the construction cost.

I'm in the final weeks of construction on a 3-family in Roxbury, MA. The property is held under an S Corp, and I'd like to keep it as a rental rather than selling it. I have a ~$650,000 hard money loan on the project, and the appraised value of the completed project will likely be about twice that.

I'm attempting to refinance into a conventional loan, but am finding it very difficult. I am self-employed and moved 2 years ago, and had to build my other business up again in my new area, so my income over the last couple of years has been very low. The S Corp that I started to hold the 3-family is less than a year old. I have some significant debt, and I've put some of the project expenses on 0% APR credit cards to bring it to completion, lowering my credit rating. I'm confident that the rents on the units can easily cover the mortgage, taxes and insurance, but am unable to find anyone willing to lend to someone with my situation. Anyone know of lenders able/willing to finance this? Thanks in advance for any advice.

First post.

I own a plot of land in Boston that was considered "unbuildable" due to zoning constraints, but after a long appeals process I have a permit in hand for building a 3-family. Unfortunately, I don't have financing and don't have experience getting it for a project like this. I have flipped a property ($60,000 profit) and recently built my own home for $250,000 (appraised at $380,000). My income is not very high, so debt-to-income assessments won't get me the financing I need.

I need $450-500k for construction. My builder is willing to bring $200k to the table, although I'd prefer to finance the whole project myself if possible. I own the land outright, have paid permit fees, have engineer drawings, etc. The land is currently assessed by the city at ~$30k (because "unbuildable"), but the property next door is smaller with a 3-family on it and is assessed at over $100k for the land and over $330k for the building (smaller units than I have planned).

I'm trying to avoid hard money because of the high financing costs. Any ideas for multifamily construction financing? Let me know if additional info is needed and thanks in advance for any help.