All Forum Posts by: Lorenzo Jackson

@Andrew S. Thank You,

@Jessica F. Im looking to going to bring in tenant and add it to the portfolio.

@Josh C. what bank did you use to cash out?

I hope you enjoyed your Holiday season,

I'm working a deal for a triplex, the unit cost 32.5k, needs 45k in repairs. The ARV should be 150k-160k. I should be closing before the end of the year.

I'm using hard money for acquisition and repairs. I'm looking to cash out refinance out of this loan to a standard 30yr fixed rate at least 75%ARV. I can have the entire building renovated in 3 months. How soon can I get out of the loan?

I am getting mixed answers

-Some brokers are telling me I have to wait 6 months,

-Some banks are telling me I have to wait a year.

I am in Philadelphia, PA

Any recommendations, suggestions or lender referrals will be appreciated.

Thank You,  

I would not worry about it at all

I've seen only 20% down for an investment home.

Andrea M. I'm thinking it could possibly be a conflict of interest, but if there is a way I can make more money from the deal Im open to new ideas. How's business in Hampton, my old "home by the sea?"

Kirk R. I do have a listing agreement, she wanted to "test the market" at 25k, even though I advised her it was only worth 10-15

Ugochukwu Opara what agency are you with? May I have your contact info I would like to ask you a few questions

I am a licensed Realtor in the state of PA, my business is in Philadelphia. One of my clients had a house listed for 25k which is way too high. (It's a shell.) She is open to dropping the price to 10k. I would like to wholesale the property for about 15k. The profit I would make from a 25k sell would be about $900 after broker fees. I could make $5k if I wholesale it.

1. Legally can I wholesale this property?