All Forum Posts by: Eric Fernandez

I bought a house for $75,000 in March with a hard money loan. 90% LTC, 100% rehab. All-in my current loan amount is $84,499. The house appraised for $132,000.I'm wrestling with the idea of taking a HELOC out to finance the rehab of the next house. I'd pay closing cost out of pocket, pay for the rehab and use the reimbursement from my lender to repay the HELOC. Then I just have to rent the house out and repeat. Just wondering if anyone has had success with this method or perhaps some missteps.

Hey everyone! I'm looking to close on a house in Birmingham, AL using a DSCR loan. I just got the terms from the lender and they're absolutely atrocious. Now with that said I totally understand that sub $100k DSCR loans typically come with really bad terms, but this just feels straight up abusive. Anybody know a lender who can compete with this? 

My biggest issue is the $8100 closing costs, that just feels like highway robbery to me. The interest rate isn't great either, but I could potentially swallow that and refinance at a lower rate down the line. PP is $75,000.

I see you’re in St. Louis, I’m looking there as well!

Yes, mainly looking in the $30k-$100k range (I know anything under $65k is a bigger project). Right now I'm in Alabama looking at houses. Mainly SFH in the 2-4 bedroom range, open to a duplex if the price is right. I'd love to find some owner financing deals but that's been a grind haha.

Super fired up to join the community and begin my section 8 BRRRR journey! I'm looking currently in the Birmingham/Montgomery market, any suggestions or advice would be much appreciated