All Forum Posts by: Eugene Neal

I am looking for a wholesaler to send me some properties. Thanks.

Steven

[email protected]

As of today (3/28/23) I have city approved and stamped plans with all permits paid but my financing has fallen apart, tryign to get this going

While I have history with rehab projects as well as buy and hold room rental properties generating very high cash flows I do not have new build experience.

I have a general contractor with nearly 20 years of build experience, for both himself and clients, he's worked with me on the project and was going to be on the loan with me but recently due to concerns about tax and legal implications ahs decided he can't be on the loan, I don't hold this against him. 

How can I go about getting this funded?

More project details:

Land owned outright via a cash purchase ($76k purchase 9 months ago)

5200 sq foot duplex with a $650k build cost estimate

Shovel ready plans

Each side is 6 primary bedrooms with their own baths and 2 more bedrooms sharing a bath, this makes it a 16 bed 14 bath duplex.

Valuation estimate of $850k - $950k.

I will have about $100k in cash on hand after the sale of another property and another $100k I can tap into if required. this is ideally to fund project work refunded with draws.

Build time estimate 4 month, but lets assume 8 months to set expectations. 

I would appreciate any advice or connections.

Thank you,

-Dave Edwards

Hello 

I would like to check if it is good strategy to borrow 70% of offer price form hard money (30%: I have cash) so I can offer like 100% cash offer. Once it is closed, I will refinance with 30yr mortgage. Is my understanding ok? Any pros/cons? Obviously, I need to refinancing and will need to go through the same process again but I think this will give more chance to win the multiple offers. Appreciate any feedback.

Hi, my banker said - We are needing a minimum extra $20k in cash flow in order for this to debt service at 1.25x, which is the industry standard lowest it can be to approve loans, your's now is .98x. Is it possible to do the loan under my LLC? I have two rentals under my LLC but can't do the cash out under my name cause of the debt service. Any solutions?

Good Morning. I have a client that is looking for a commercial lender for a $400,000 apartment building (6 unit). We are looking at options for them for financing. It appears most of the traditional local banks here have $1M minimum requirements for borrowing. 

Has anyone used a rockstar lender lately they would like to suggest? Would a DSCR loan here make sense? Borrower has 15-25% down and 800 credit score. Maybe an SBA504 but I don't think they can be used for rental properties?

Hey all,

I'm looking for some advice on which type of lender to use and then looking for referrals for that type of lender in the Columbus area. Some background:

I own a few properties in Columbus and Dayton, OH (a mix of SFR and small MFRs) all of which are financed using traditional Fannie/Freddie lenders. I'm getting close to my 10 loan limit and would also like to work with someone who is more investor friendly and hopefully is less hassle and still has good rates. I currently have a duplex that I'm BRRR-ing and looking to refi in a couple of months. I also want to buy another 20+ units this year, ideally as one building, but it may be split over a couple depending on the deal. I'm looking to cash-out-refi on these too expecting to only get 70% LTV (although if I could get 75% LTV that'd be great). All my properties are cash flow positive and my FICO fluctuates between the high 700s and low 800s.

I'd like to find a lender who can facilitate all my new properties. So my question is, when considering these types of lenders, Commercial, Portfolio, DSCR, or Private which type of lender would be best suited for scaling my portfolio?

Cheers,
Justin

I own a duplex in Portsmouth, VA. Both units are rented. I am open to DSCR, ARM or other terms that keep the APR low (relatively). I have owned it over a year and it's in my LLC. I would like to keep it that way and avoid a ding from a credit pull but I am flexible.

@Raymond Hunce What are the credit qualifications for the business line of credit? Do you mind sharing the financier?

Thanks in advance.

Eric H.

Hi Folks,

Hope to hear advice on possibly doing a cash out refi on one of our rentals here in Texas. Looking to pull out funds to pay off the last of my daughter's tuition. Anyone have any information on the following?

--Are 75% LTV loans possible right now?

--What sort of reserve requirements are out there?

--Rates and points at the present time?

--How long to close?

If you have any info on what things are looking like out there, especially with these sorts of questions, please let me know. If you're a broker, please DM me.

Alfred