All Forum Posts by: Connor Hibbs

Hi Jason, 

I'd recommend @Mike Sangapore for this. He's a local CT agent who specializes in that area. he also works with investors on a regular basis, so he'd be able to help you find investment properties based off if you're looking for a fixer upper or a turnkey rental. His number is:

(203) 430-6874

Hi James,
55% LTV shouldn't be a problem for financing on these types of properties. I'd love to connect and get you some rough terms to give you an idea of what this type of loan would look like.

 That makes sense. I'm not sure why they wouldn't let your post through, but BP should have a section where you can look at the realtors in that area. Do you have a specific area in SC that you're looking at or were you looking for a local agent's opinion before locking down on an area? I did see that you have Columbia, SC tagged, but aren't sure if that's just the SC location you chose for the post or if it's where you want to focus.

A low LTV refi to get you some additional cash should be enough to clear this up. Hard money lenders have a good amount of flex when it comes to FICO score and typically the main issue that borrowers with low FICO's have is that their max loan size gets cut which doesn't seem to be an issue here. I'd be happy to get you some rough terms to compare to other options that you have, but I also agree with Jay that you should be wary of just selling and loosing that equity that you've built up in the property.

Hi @Evan Miller 

The areas that I've seen the most value increase to properties outside of additions are in the kitchen and bathrooms. Obviously, you'd need to find a property that has an outdated kitchen or bathroom to really see the value add there but those give some of the best value adds without diving into additions or converting rooms into additional bathrooms/ bedrooms.

Another good add depending on the property type and layout could be to add a deck or patio to the back yard if that's an option.
@Evan Miller

Hi Babi,

you should look to put together a team consisting of an agent, a property manager, and a lender for SC if you aren't going to be there physically. You can use the agent and property manager to help you find tenants once the rehab is completed as well as get referrals for good GC's in the area. Having two opinions on the GC's will give some reassurance that you're getting the GC who does the best work, not necessarily someone that the agent or PM have ties with. Then having a lender to help fund your projects quickly and efficiently will help you to expand and grow your portfolio quickly.

State Farm and Obie Insurance are who I typically use for investment properties. I'd reach out to either of those two and see what they get back to you for a quote.

Hi Rabia,

BP has a lenders section that you should be able to find some contacts in for finding lenders. You'll want to look for purchase and rehab as well as DSCR loans. I also do provide funding options for people looking to use the BRRRR method. If you'd like to see rough pricing options for your scenarios I'd be happy to get you some rough quotes.

Hi Rafael,

You can start with a SFR or duplex if you'd like to avoid using a property manager, but if you really want to scale up you should be utilizing a property manager. They may be cutting into your profits, by needing to pay them off the rent roll, but they will be saving you so much time and headache in dealing with the day-to-day issues with tenants as well as finding and vetting new tenants for you. Having a PM will allow you the time to go and find additional properties and continue to grow.

Hi Chase,

I'd recommend leveraging your experience with a lender and utilizing seller financing options. Almost all lenders will allow for seller credit/ financing as long as the seller isn't placing a lien on the property. You'd just need to check with the lenders what they allow up to.
Having experience (completed rehabs in the last 3-years tends to be what most lenders look to qualify as experience) will help you reduced your down payment all the way down to 0% in some cases for extremely experienced investors. Even if you can't get the 100% of purchase + 100% of rehab though, you could still be looking at only needing to cover 5%, 10%, or 15% of the purchase with seller financing as opposed to the more standard 20% down on a DSCR loan.