All Forum Posts by: Joshua Hammack

Hi All,

I need to make a decision soon on this. I've run into a situation on a historic house renovation I'm in the middle of. 

My hard money lender cannot extend their loan for personal reasons. They said they are more than happy to speak for the good standing of my account. I'm mid project and need around $203k to cover the hard money. I'll refinance in February/March when the project is complete. I can fund the remainder of the rehab out of pocket. My wife makes about 33k a month from a steady income job. I can show retirement accounts for liquid if needed. 

I have one offer on the table from a lender willing to also fund the rest of the project.  See details below.

Property is in Kansas City, MO 64111

The plan is to turn this property into a duplex midterm rental because of its vicinity to KU Medical center. Current state is a 4 bed 2 bath (two units - bottom 2 / 1 - upper 2/1). After renovation it will be a 6/3 (two units - bottom 2 / 1 - upper 4/2).

As is value - 300k

ARV - 575K

So what do you think, is below the best I'm going to get mid project? 

I've used Alpine Property Management for 2 rentals so far - https://www.alpinekansascity.com/
No issues yet. Very responsive to my emails and helpful with screening tenets. They let me "interview" them with my in depth questionnaire for property managers. I was happy with their responses.