All Forum Posts by: Dhanush Kondoth

Hello Fellow BP-ians,

does the banks always go with 75 ot 80% of the purchase price on contract or is there a way to get 75 to 80% of the actual appraised value, even though the contract purchase price is only 75% of actual value? or is there a smart and legal way to put a contract together which will let the lenders provide me with 75% of the appraised value rather than the contract value?

Any help/thoughts/ideas will be appreciated 

Dhanush

welcome Ryan,

I took the dive in April after few months feeding on BP . I am an Engineer by day too. Looks like you have a good plan. I do not have a lot of experience like the many here but I think I am much closer to the newbie mindset that you could be in right now,so give me a shout out and I will try to help with all that I know so far.

Got it!  thanks @Percy N.

Hello @Percy N. Whats an LTC? please forgive my ignorance. 

Will do. Thank you @Account Closed

Hello all,

I have an SFR that I bought 3 months back (cash) and I want to do a cash out -refi on this property, so that I can re-invest. The property is located in Columbus Ohio and is currently rented out with a one year lease. I do know that there is a 6 month seasoning period for traditional banks.I have tried with few small banks and mortgage companies and got burnt with multiple credit pulls and non attentive bankers taking 30 days to come back and tell me they wont do loans for investment properties (even after I had clearly mentioned it in the application). Most of them seem to be stuck with some formula based software that doesn't let me pass their criteria.

The property retails around 75k (official appraisal 69k, Zillow estimate 82K and other comps between 70 and 80k) and I would like to withdraw 50k which is less than 70%LTV.

I would like to know if anyone in this community might know someone or some group with "Common sense" underwriting process and who might be able to help me with this situation. I am willing to pay slightly higher rates than conventional, but not the kind of rates that a hard money lending would require. 

Any help would be greatly appreciated.

Thanks 

Dhanush

@Ryan Bodenhorn Congratulations! I am starting my rehab on my first property here in Columbus. Good look to you. Lets keep in touch. 

I am also looking for a CPA with some real estate background. if you are interested in providing CPA service, let me know

Hello @Youssef Elmaragy

I am not a super experienced investor but I have pulled the trigger on one and ready to fire at my 2nd. You can still find deals from MLS or hudhomestores.com I found mine from MLS.

REO and HUD are the route I am taking. The competition is high so you will need cash to put down cash offers. Setup a automated MLS listing via your Agent (Make sure you have an agent who is ideally an investor and a property manager themselves)

BP members and PODcasts has plenty of info on how to and where to get money/deal/contractors and the whole thing. 

Let me know if you need any help. 

Dhanush

hello @Shauna Hancock

I just bought a property in North Linden last month. There is a section of Linden which is quite lucrative to investors (at the moment). For example anything south of N Broadway starts to become a bit challenging to handle as the neighborhood starts to transition from C to D very quickly. 

I have also seen that east of Cleveland Ave is also sometimesomething a bit rough but has some pockets that you will have to do some driving for dollars.

@Dan T and @Shauna Hancock you guys are more than welcome to stop by my property and discuss. I am starting rehab next week.

Dhanush

Hello David,

Sell is the plan A and hold is plan B. 

My plan is as follows

1) Locate the land to build on- already did

2) Talk to an architect/engineer, show them the lot and do a feasibility study of my idea - in the process

3) Show the plans and lot to a Builder (haven't found one yet)

4) Buy the land (available for next to nothing)

5) I have some fundings but looking for more.

6) Pull permits start building- mean while have my agents advertise and get a buyer locked in before the construction is complete

7) complete construction and either put it on market or sell if someone is already lined up

8) If not sold within 3 months with few reduction in price/throwing in more features, will start renting it out, refi return money to investors.