All Forum Posts by: Sean Carroll

@Jacob Beemer some suggestions I have are construction loan possibly, peer to peer lending, refinance with a hard money lender bring in a partner for the last 10K and offer 50% of the profits, sell the deal and try again. 

@Paul Sian is your guy!

Hello

My name is Sean Carroll, I am interested in applying for a refinance on my rental property at 3255 Glendora Avenue near the University of Cincinnati. My questions are

- what points do you charge for the refinance?

- What are your current interests rates for a 30 year fixed loan for someone with a fico credit score of 718?

- What other fees do you charge?

The property is nearing the final stages of the remodel process with a lease beginning on August 1st for $2,000 a month. Please get back to me at your earliest convenience. Thank you!

@Aaron J Latal in Cincinnati you’re looking around $10-15 a sqft for concrete work like a driveway but I have never laid concrete in a basement before. Let me know what you find out

@Michael Duncan I wake up at 6:30am PST, I make my coffee and then drive to a neighborhood my dog and I will walk. During my drive and walk, I listen to various podcasts or audiobooks. I walk for about 15 minutes and then begin making calls to anyone I need to on the east coast (I invest in Cincinnati).

After 30-45 minutes of walking, we drive back. I make more coffee and breakfast and sit outside and read at least 10 pages of water ever book I currently reading.

After that, I begin to answer email while making any calls I need to make.

I then work on my blog or explore BP and answer any forum questions I can.

Pick up a little around the house and play with the dog and then I am off to work for the day. 

I am hoping to begin working in a meditation and exercise regiment in there

What do you do?

Does anyone have any good recommendations on conventional lenders in the Cincinnati area? I am looking to refinance a rental

@Kemar Daley I would ask for a signed lease agreement, even month to month should have a lease in place. From there I would get in writing the tenant confirming the lease terms this includes a deposit. From there your due diligence would be the same for any other house such as roof and mechanicals and then run the numbers. Feel free to message me if you have any other questions

@Ti Jackson My first deal was with a HELOC I took out on my rental property since the current loan on it is 40% LTV. With that, I did cash to purchase then refinanced with a hard money lender. I have a love-hate relationship with hard money lenders. They are very expensive with a lot of upfront fees that equate to over 20% on an $85k all in the deal. I like the smaller lenders since it is more personal and they try everything they can to close the deals. I do not recommend patch of land, after having the report for a week they requested and engineers report the day before closing because the pain on the exterior was chipped.

I personally would prefer to do my deals with a private lender at 20% rather than a hard money lender, but you need a track record with real estate before you can attract the attention of one. 

@Patrick Philip a professional floor contractor could easily replace those planks and then refinish then 

@Rigo V. I personally budget 10% over a quote or what my estimate is if I can’t get a quote prior to buying. If everything goes to plan I then use this 10% to give me and the contractor a small bonus at the sale of the house.