All Forum Posts by: Devin Peterson

 So far I have found this website below from CMG Home loans. I actually met with a lender who offers this product. 

https://www.allinoneloan.com/

Is it advantageous to cash out a refinanced loan and use that money to pay down the loan?

I am trying to close on my second Duplex in OH. I have an Ohio LLC which is pass through to my Wyoming LLC. This second duplex lender says they cannot close on my Ohio LLC with this structure. I did not have any problems when I brought a duplex last year.

Have the rules changed in the last year?

I have my rehab complete and my renter moved in to my first BRRRR. I'm excited to start the cash out refinance so I can get moving on my next property. Looking for some advice. Should I go through my current mortgage lender for the refinance or shop around? Also is there anything I can do to try to help with the appraisal process so it appraised for what I'm thinking it should?

What is the procedure of changing your investment property to a LLC to protect you ?

Hello,

I am looking for hard money lenders recommendations in Illinois to fund future fix n flip or BRRRR projects. I tried to use find lenders option in bigger pockets but didn't able to get thru the lenders contact page as not able to receive the phone codes.

Havan

I own a 12 unit property in Ohio purchased in December that I'm looking at refinancing. Anyone have good lenders with low seasoning requirements (6 months)? 

I have a condo in Florida I use for Airbnb. It was down most of 2023 due to Hurricane Ian in 2022. I had a tax return loss of 21k including all expenses PITI+HOA in 2023. In 2024 I reported 30k profit after all expenses. YTD this year I had made 25k so far after all expenses.

Situation is this:

I applied for a HELOC on my primary home. They calculated the rental income as $1400/mo. But then they added the PITI+HOA to my DTI calculation (which was $3400 a month) causing the Airbnb to be a net negative of $2700 to my DTI (50% of rental income being $700, then them subtracting $3400)

Is this correct? I filled the Fannie Mae Rental worksheet using my 24' data and it had it as $6500 before PITI+HOA, $3200 after, I'm not sure how they came up with this. But it's affecting my ability to open the full line I was looking for. Anyone have advice on this?

Any cash out refinancing options that would not requiring seasoning?

From my own research this is unlikely. At best I've seen 6 month seasoning periods. 

I am targeting properties that have been on the MLS for longer than the average. Hopefully purchase for a discounted price. I'd mortgage them. Do a light rehab to increase ARV. Refinance and pull my down payment back out to start the next. Pretty much a classic BRRR.

I'm hoping not to have my down payments tied up for a 6 months to a year before I can repeat the process.

Any help and advice is truly appreciated.

I'm considering buying a rental-ready, off-market property. It'll likely appraise around $385K, but I may be able to purchase it for $270K–$300K. Since it doesn't need any work to rent, I'm exploring DSCR loan options and ideally looking for 80% LTV based on the appraised value, and not just the purchase price. So it'll function more like a BRRRR without needing a rehab.

Has anyone structured a deal like this successfully? Any lenders you'd recommend who do this? Would love to hear your experience or suggestions. 

Thanks ahead!