All Forum Posts by: Dan K.

Has anyone used Investor Carrot - https://oncarrot.com/ - for lead generation sites? Any thoughts or feedback? 

Hey BP!

I need to lock in some refinances this week for some cash flowing, recently rehabbed rental properties.  Are there any creative lenders who could refinance in the 8-10% range?

-Properties are in WI and MN.
-Property values are $40-$90k.  All loan payoff amounts are less than $75k.

-Three properties have greater than six months seasoning These all have CFD or hard money loans that I want to pay off when refinancing. I am NOT looking for cash out refinancing but I DO want to refinance without putting additional money down (assuming they appraise at 75% LTV).
-Three properties have less than six months and were all cash purchases.  I'm looking to do cash out for some of the value.

-My credit has issues (below 620) but I have a cosigner with 780+ credit.  
-Open to doing some or all loans with the same lender.
-Need to decide this week!

When my credit was higher, I was able to refinance at 4.5%.  I know I need to go higher on the rate because of the seasoning and credit issues.  Happy to do that with someone who can get deals done, move quickly, and close!

Please message me for any additional details and I can send via PM.  

Dan

thank you @ShawnIKRLLC!

Hi there - i'm looking for a property inspector in the Milwaukee area. Any suggestions/recommendations, or any BP members that are working in this area? Pls message me if so. 

hi Reggie - thanks for reaching out. Sending you a message shortly.

I have a SFR under contract in Minneapolis, MN.

Purchase price of $38,000. Estimated repairs - $25,000. Estimated ARV - $92,500 (based on comps and similar properties that I own in the area). I'm going to purchase in cash but would like to move that to a hard money loan shortly after close (June 30th schedule close) so I can get cash out and use this on a future deal. Once rehabbed, the property will rent for $900-$950/month (based on estimates from my property management company and my current rentals in the area).

I hope to refinance and have the place rented in under 5 months.   I would want to have a renter in the property quickly after rehab so I would need to work with a lender/investor who allows occupied projects.

Working on this project with a partner who has solid reserves and credit and this will be the seventh time I've done the hard money/rehab/rent process.

I'd love to work with a hard money lender who can lend at 70% ARV, 3-4 points, and under 14% interest. Are any lenders out there? Please PM me if interested.

I have several properties that I purchased with cash/hard money and am ready to refinance, but my credit isn’t great (I stretched a bit to acquire properties) and conventional mortgage isn’t an option.   

My significant other has great credit and would be willing to cosign. We set up an LLC where I'm 19% owner and he is 81% owner and I would like to refinance. I was told that my credit wouldn't need to be pulled if I am under 19% ownership.

The properties were originally purchased by my LLC that I own 100%. I would like to do a quit claim deed to the LLC that is majority owned by my significant other.

Properties are in MN and WI. Small loan amounts for each property - under 75k - but I have five that are ready to refinance.  Do any BP members have ideas/suggestions, or are there any lenders out there that could make this work?  Please message me if so.

Great post and thanks for sharing!  I'd love to hear more how you structure these projects with your investors. Are they fellow owners? Passive or active participants?  Do you treat them as lenders?  I own ten properties and would love to transition into apartments, and have a few friends willing to invest.  Any advice for approaching this process for the first time?

Does anyone have recommendations on local banks lending to investors in Milwaukee WI? I have one property that I want to refinance - hard money loan, rehabbed, and now fully rented. I'm hoping for lending at 70% LTV, flexible on rate, and hoping to close quickly.

I purchased my first property on auction.com and want to try for some higher priced properties.

I noticed this line of credit product - https://www.auction.com/lp/auction-finance/

Do any BP members have experience using this product, or any similar lines of credit that would help finance auction purchases?