All Forum Posts by: CJ M.

@David Lewis

Gotcha. Also keep in mind while one lender may do 75% and another may only do 70%, the 70% lender may actually be better choice because they have less closing costs...or a more generous appraiser. Don't let a small margin automatically disqualify a lender until you run all of the numbers. A lower LTV as I'm sure you know would also give you more cashflow.

@Sonam Gill

3/1 = 1 extra bedroom and 1 less toilet, sink and tub to worry about.

@Sandra Galegos

Yes. Find a lender (best ones are small local community banks) who offers a portfolio loan with no seasoning periods.

@Larry Zucker

Look at lenders who offer portfolio loans

@David Lewis

There are lots of banks that will do these. What challenges are you facing? For example, is it because you don't have a W2? Is it due to the seasoning periods? Is it the LTV? Is it the APR? etc., etc.

Call around to small local community banks and ask if they are doing any refinancing on investment properties. I would also be prepared! Have cashflow projections, CMA's, a list of things you did during the rehab (along with before/after photos), tax returns, lease agreement, etc. all ready to go.

I just got approved with a lender (portfolio loan) within 24 hrs of calling them and introducing myself because I had all this info ready to go in a folder on Google Drive. The lender's exact words to me were: "You weren’t lying when you said you would get this over quick!" And "Love it, appreciate you getting me all of this you made my job easy."

@Jimmy Suszynski

What state/region are you located in? I've BRRRR'd in that range, and done so successfully. In fact my first BRRRR was purchased for $26K and appraised for $100K after rehabbing.

@Aaron K.

Understood. And I'm not implying jetting is the only way. I guess it depends how long he's planning on holding the property. Everyone's different, and personally I would rather spend the thousands of dollars I would save as a down payment on another property. But as you said, he's in California which is a whole other bear lol

@Dimitri Paspalaris

You could look at it as, the seller gets his/her money quicker, or you get a property to make money off of quicker. Glass half full half empty perspective

@Eric Armstrong

Yes, I am. But it has nothing to do with this pandemic, in is really just part of my overall strategy of recycling my money to grow.

@Ladè Baruwa

In my experience, D tenants seems to trash the places more and vacancies are higher. That's not to say there are no issues with B tenants...I've had my share with them as well