All Forum Posts by: Devin Peterson

I recently bought a duplex that I plan to convert to a fourplex. I used a hard money loan to purchase this off market deal.

I rehabbed the upper two units within two and a half weeks and have a renter already lined up for one unit. I believe after the holidays the other unit will go quickly.

What is the rule to refi into conventional loan? If I secure renters and show a lease agreement and deposit can I get into lower interest rate mortgage?

I wasn't planning on going this big for my first investment but the deal, location and potential to value add was too good to not go for it.

Thank you!

Hi,

We are looking to buying investment property ,Townhouse/Condo in Connecticut(Hartford). We looker at few houses/Condo under $200k-$250k and saw few online in that range. Is Conneticut a good market in terms ease of rental and appreciation?. We basically want property to generate some cash flow and long term appreciation. Are there any others in CT which can fulfill these requirements?

Thanks

I am looking for recommendations of lenders who offer a HELOC on a cash flowing rental property in Burien, WA. I was surprised to find that most major banks do not offer this.

Thank you in advance for your feedback.

Hello!

I am a real estate agent and investor in Orlando, FL. I have a buyer looking at purchasing a commercial building and I'm investigating their options for commercial funding available (either via private funding or commercial loans). I've never done a commercial deal before so I'm open to advice, lender contacts, etc. Here to learn and network! 

- Abby 

Looking at purchasing a foreclosure cash (with help from parents), and then financing the home shortly after renovations are made. 

3 questions: 

Are their issues with them giving me funds to assist with purchase?  

Will I only be able to mortgage the purchase price and costs, or will I be able to do a full cash out refinance and tap into some of the added equity of renovations? I do not want to wait 6 months-1 year to repay them. 

Can I leave them off of the original purchase since they are gifting me the money (6 figures) or do they need to be on the original deed and then when I get the mortgage remove them?

They would not be recording a lien or anything, just giving me the funds to purchase cash. I will have no problem getting the mortgage afterwards, I just have some other projects rolling at the moment that tie up cash.

Thanks!

Hello All,

 I am looking to purchase gas station property. I need help finding reliable lender or lender broker. Greatly appreciate sharing info of good lenders. Thank you very much! 

My current LTV is 58% right now. Current FHA loan is 225k and appraisal is 385k. Remodeled all the units and brought gross income from $30k to $43,500. The lender I'm talking with is planning on 75%, I just want to make sure their isn't anything with the FHA loan that says I cannot refinance and move to a LLC without consequences.

Bought a 4 plex with an FHA loan under my personal name. Closed on it January 19th 2024. After renovating, I'm ready to refinance and push the property to my LLC. Am I going to run into any issues with this if I close before a full year? Any taxes or other issues that I may run into down the line?

The goal is to pull the 60k worth of equity out and free up my FHA & DTI so I can rinse and repeat. Just want to double check I'm not going to run into any issues. Thank you!