All Forum Posts by: Chris Ufomaduh

I've been in a similar situation and I get PTSD just reading about this. I'm glad your hard-money lender got you that extension!

I bought a flip property in Houston, located in the 77063 zip code. Rehabbed it from the underground plumbing to the roof, everything is new. Had set backs from the City on get permits so I lost 6 months and the market changed. So now my Hard Money loan is about to mature and need a way out. Trying to sale is my main goal or refinance it but my DTI is high and I don't qualify.

Anyone looking for a long term investment property for rental or vacation rental OR ideas PLEASE?

Thank you!

Quote from @Chris Ufomaduh:

I bought a flip property in Houston, located in the 77063 zip code. Rehabbed it from the underground plumbing to the roof, everything is new. Had set backs from the City on get permits so I lost 6 months and the market changed. So now my Hard Money loan is about to mature and need a way out. Trying to sale is my main goal or refinance it but my DTI is high and I don't qualify.

Anyone looking for a long term investment property for rental or vacation rental OR ideas PLEASE?

Thank you!

Hey Chris, sorry you are in this situation. The DSCR option might be a good idea, they won't be looking at your personal income. Also, I have a couple other ideas, but would need to ask some questions to find out more of the details. 

I'm here to echo what @Jacob Sloop said.

Hard money lenders (or any lender for that matter) are not in the business to foreclose on borrowers. If you call up your hard money lender and explain the situation, they will likely extend your loan another 6 months for a couple of points.

Another option is to throw a tenant in there and refinance using a DSCR loan. You say your DTI is high but that doesn't matter if you're doing DSCR financing.

Sorry to hear that,

Have you talked with your hard money lender about this?

Is it possible to extend?  They will usually accommodate but its going to cost you