All Forum Posts by: Carlos Pelegrina
Carlos Pelegrina has started 39 posts and replied 99 times.
Post: second loan extension and I might not finish- what would be my options?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Erik Estrada:
Quote from @Carlos Pelegrina:
Calling for a friend:
I’m in the process of converting an old house in Delaware County, NY, into three apartments and a small commercial space. It took me a while to find the right team, which delayed the project.
I requested a 3-month loan extension, and now I’m asking for a second one. However, I’m concerned I won’t be able to complete the project within this second extension, and I’m not sure if another extension will be possible.
Is anyone familiar with refinancing options in this type of situation? I don’t think a traditional bank will take it on, so I may need a hard money lender or private lender. It’s not a huge loan, but I don’t want to risk losing the property over just a couple of extra months.
Any advice, contacts, or guidance would be greatly appreciated.
Hey Carlos,
Did you finish the rehab yet?
Hi Erik.
I have not.
I have still 4 to 5 month to go and I am figuring out options for when the loan matures.
Post: second loan extension and I might not finish- what would be my options?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Calling for a friend:
I’m in the process of converting an old house in Delaware County, NY, into three apartments and a small commercial space. It took me a while to find the right team, which delayed the project.
I requested a 3-month loan extension, and now I’m asking for a second one. However, I’m concerned I won’t be able to complete the project within this second extension, and I’m not sure if another extension will be possible.
Is anyone familiar with refinancing options in this type of situation? I don’t think a traditional bank will take it on, so I may need a hard money lender or private lender. It’s not a huge loan, but I don’t want to risk losing the property over just a couple of extra months.
Any advice, contacts, or guidance would be greatly appreciated.
Post: second loan extension and I am not finished with the renovation- what are my options?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Calling for a friend:
I’m in the process of converting an old house in Delaware County, NY, into three apartments and a small commercial space. It took me a while to find the right team, which delayed the project.
I requested a 3-month loan extension, and now I’m asking for a second one. However, I’m concerned I won’t be able to complete the project within this second extension, and I’m not sure if another extension will be possible.
Is anyone familiar with refinancing options in this type of situation? I don’t think a traditional bank will take it on, so I may need a hard money lender or private lender. It’s not a huge loan, but I don’t want to risk losing the property over just a couple of extra months.
Any advice, contacts, or guidance would be greatly appreciated.
Post: Worth it to Hire a Short-Term Rental Designer?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Hi Michael, absolutely you will need a good level of design. On flips, long and short term, design calls the type of buyers or tenants you want in your place. It makes always a difference compared with the competition. I am an architect and designer with experience in the short term and I know the Catskills area. contact me if you need some help, I will be happy to help.
Post: Calculating for hard money loans in BP Calculators
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @J Zev J.:
@Ryan Mills - No problem. In the brrrr calculator - for the Purchase Loan Details you can enter in the HML interest rate, points, etc based on your HML terms (like interest only..). In the calculator you can select to refinance after 6 months. Then you can enter in the Refinance Loan Details. If you know you who you're going to refinance with you can get an estimate of terms from them to plug in to the calculator. If you're having a hard time entering in anything specifically from this just let us know.
when you enter the purchase and remodel budget in the BRRR calculator. does it consider the remodel price as part of the first loan or as an out-of-pocket amount? This is an issue I have when lenders finance % of the purchase and 100% of the remodel. how to you enter those in the calculator?
Post: which are the best lenders for STR?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Daniel Christopher:
Quote from @Carlos Pelegrina:
Does anybody have a good experience with short-term rental financing in rural areas?
Which are the best lending companies for Airbnb
We lend in 48 different states. Rural is no problem for us. Just sent you a request to connect on BP. Looking forward to chatting.
I just did
Post: which are the best lenders for STR?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Alex Bekeza:
@Carlos Pelegrina Does the CFPB say that the address is rural/underserved or is it just a bit remote? Is there a prevalence of sales comps?
Just my lender doenst do these type of locatinos, its a house in 5 acres abut there are properties 5 minutes away.. difficult to have comps because are all over the place but, I have a licens e and homes sale very well in the area
Post: which are the best lenders for STR?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Michael Baum:
Hey @Carlos Pelegrina, what do you mean by rural? Like off grid rural or small town America?
You are borrowing for a short term rental, not an AirBNB.
Our lake house is pretty rural and we used a local credit union as the lender.
it has electicity, is close to a town but its in 5 acres.. what makes homes far from ech other. I am borroing for short term rentals (aribnb, booking, VRBO etc)
Post: which are the best lenders for STR?
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Alex Bekeza:
@Carlos Pelegrina Does the CFPB say that the address is rural/underserved or is it just a bit remote? Is there a prevalence of sales comps?
They want to have clear comps.. I have license RE license and Know for how much properties go in that area, but my lender I guess considers risky these places. there are comps but spread out.
Post: What is the best chanel manager for short term
- Investor
- New York City, NY
- Posts 117
- Votes 29
Quote from @Michael Baum:
Ok, so how is it working for you @Carlos Pelegrina?
So many folks never come back and chime in on how something worked for them after making a choice. It would be nice to see how you ended up with Uplisting vs the others as well.
HI Michael, I tried Hostaway and found it very complicated and terrible customer service, very frustrating... I am using uplisting, which is smaller and easier to use, and I am very happy with it for now.