All Forum Posts by: Dave Shellenberger

looks good, however your kitchen designer/supplier forgot to finish the interior of those glass cabinets..

Sorry I'm a kitchen designer.

Just purchased a 3 bedroom with a rather large basement. 3 bedroom would catch about 1100 a month, however if I added a 4th bedroom in the basement, I'll get @ 1300 a month in rent.

The basement takes on water, needs to be partially finished, (walls/floor/outlets/lights/ etc) plus an egress window needs to be installed.

Rough numbers when all is said and done will be 9-10k, with the waterproofing eating up most of that estimate. This is a place I plan on holding for a while, but want to hear others opinions on what they would do and why.

Is the house rehabbed already? Do you have a lease in place.?

Call every bank in your area, and find the ones activity looking to lend. As soon our rehabs are complete, lease signed , deed recorded with the county, I order appraisal and can cash out up to 75% of the appraised value, no matter what I purchased the house at or how much cash is in the rehab.

Obliviously I'm buying with cash and refiing to get my money out and move on.

contact the kitchen cabinet supplier- typically there is matching baseboard molding available that could be used in conjunction with quarter or scribe molding to conceal the gap.

bill, in the book they mention 5-6 banks that they used. They even give specfic bankers names to ask for. Lol

Each lender is different.. Call every bank in the area and ask those questions. Some will only let you refi 70-75% of your cash in amount, while others will do 70-75% of the appraisal.

However it can be done.. Here is an example on one of my deals I just closed (refi) on

12/5/2013- cash purchase- 39k

Rehab 15k

Tenant moved in 2/1/2014--$1100 per month

Take lease to bank, order appraisal

Appraisal comes in at 70k

Bank lends me 52,500 at 5/20 --5.25 % on 3/20/2014

Need to go on commercial side for the lending , otherwise your going to wait 6 months for seasoning.

No limit to the amount of mortgages

Pat, nice meeting you today.! Great site and a wealth of knowledge here.

Good luck !!

Sure. Contact your smaller community banks/credit union and ask for their business lending department

Phil c it went great..

Township kicked them out, I did the rehab and it's now a 4 bedroom section 8 money maker.!

I rip out every oil tank in any property I purchase. Not worth the time or energy of priming when it's ran dry, most people can't afford the oil either.. My homes are typically more appealing to tenants because of the gas heat too.. Just something to think about... But I do not know your rights to winterized the property .....