All Forum Posts by: Joseph Pytcher

Is there a lender here who would lend $20K-$25K against a free and clear property for rehab that would raise its value from $34K to $72K (per an appraisal in January)? (My credit score is sub-600; I know that makes it harder.)

After rehab, I anticipate renting it for $1622/month through our county's Section 8 program. After all expenses, I anticipate a monthly NOI of $1275.

That brings us to the third R - Refinance.

Is there a lender here who would make a DSCR loan based on a monthly NOI of $1275? If so, for what amount, and on what terms - especially, with what seasoning requirement? I would need to pay myself back the funds to purchase ($32K) and pay off the rehab financing ($20K-$25K). I would WANT to borrow as much as the property would support, to better position myself for my next deal - I am working toward a $3 million portfolio.

I think your best option is to do a short-term bridge loan for the amount that you need and then we can refinance once it's completed. If you can DM me, I can get details from you and help you get this funded.

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Quote from @Bobby Feinman:

@Joseph Pytcher @Patrick Roberts

ABSOLUTELY! I joined AAPL many years ago and it has been invaluable to me. They offer a lot of education and assistance to their members. The annual conference is wonderful for networking and learning. Highly recommend!

Bobby

Thanks Bobby, appreciate the feedback. The dues aren't crazy so I'll just join. If you go to the conference this year in Nov, would love to meet in person.

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Do you find it valuable to be a member of the AAPL as a private lender/broker? I'm considering joining them but I'm curious what benefits you've found by being a member of their association.

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Are you referring to bringing in private investors to fund your deals or working with hard money lenders?

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Hey send me a DM, I have a closed ended second lien option for you that's a DSCR but I have to send you a questionnaire to make sure we can do it.

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Columbia, South Carolina

Quote from @Bobby Feinman:

@Joseph Pytcher

Joseph - we make loans on rural properties. Will need to get the details and more info from you.

Bobby

Can you DM me? I'll send you my email address to send over the info.

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I'm a broker so I'm looking for a direct lender to work with on this one. I have a borrower that is needing a GUC loan for a property in rural Idaho, located 15 minutes from West Yellowstone. It's a great project with beautiful scenery. Plenty of comps nearby. Exit is to refinance once completed. Looking for suggestions on this one to make it happen. Borrower has great credit and lots of experience.

Joseph

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I'm not a wholesale lender (broker and correspondent) but I do have relationships with funders who will do this loan. Send me a PM and we can get the convo started.

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Miami, Florida

Jumping back to this conversation. Has anyone been able to get anything from this guy? He deserves to be in prison. I hope someone's doing something about it.

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Providence, Rhode Island

Quote from @Jay Hinrichs:

Quote from @Joseph Pytcher:

Quote from @Jay Hinrichs:

Quote from @Erik Estrada:

Quote from @Chris Seveney:

@Wyatt Ferm

Most of those lenders will want an appraisal done. There are not a lot that will do it without an appraisal or BPO

Kiavi does a virtual inspection. You still need access to the property to do it, but it's a bit faster than doing a normal appraisal.

ROC does a normal appraisal, but they can close very quickly if you place the loan on a rush

Joseph when I did those deals with you in Dallas I think I used Kiavi and for me they did not do appraisals but that was what 6 or 7 years ago.. Kiavi is forever contacting me to bring them deals.. I have used LIma one on my personal new builds .. ONLY last resort when my bank LOC's were maxed and I had a deal I did not want to miss they can be frustrating to work with I found. But then again every lender that is not my commercial banks I find frustrating. :)..

Good luck with it I am sure you will do very well since your experience is at both ends being a flipper and a lender.

I don't think Kiavi does a white glove funding. I think it's just brokering loans to them.

ya I dont know for sure.. kind of lost touch when Peer st went under.. there is another one like peer st.. Realty shares co founder started when he left RS . it but I cant recall his name.. you could google for it and see if they are still operating.

Doesn't look like they're around anymore.

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All Forum Posts by: Joseph Pytcher

Joseph Pytcher has started 54 posts and replied 231 times.

Post: Iso Rehab, Refinance Funding

Post: American Association of Private Lenders

Post: American Association of Private Lenders

Post: Hello BiggerPockets Community!

Post: 1yr BRRRR/Value Add = $1,440,600 in portfolio equity but no money in the bank, HELP

Post: Needing a Direct Lender for a Ground Up Construction in Rural ID (Near Yellowstone)

Post: Needing a Direct Lender for a Ground Up Construction in Rural ID (Near Yellowstone)

Post: 4.8mill refi 5 unit STR property

Post: Has anyone done business with this company or person

Post: Starting a HML Company here in DFW - Seeking Advice