All Forum Posts by: Julie Phan

Hello! Can someone please recommend a good property management company in the Columbus area? I appreciate your help. Thanks in advance!

Hi @Dolly La Salle - I just closed a loan at 4.875% with some points paid about $1800 to lower it to that rate just 2 weeks ago. 30 year fixed with 25% down, investment property, conventional loan. I went with Shawn Huss @ Chemical Bank. His team is awesome! Rates did go up a little, but I don't think in the 6%. Maybe you are using a commercial lender?

Hello BP friends!

I have a property that I'm looking at - and interested in the applying the BRRRR strategy.

The property is currently listed at $40K, and an approx a gut rehab comes to be $40k. The ARV/comps in the area is $140k. The rent in the area is $1100-$1200.

I have 2 options:

1) Purchase the property cash (hopefully for a lower price) - lets say $35k and then fund the rehab ($40K) cash - so my all in is $75k + closing fees. My current lender will only lend 75% ARV (max purchase price) after I close on the property. So with that, I leave most of my rehab cash in the property (40k) for the next 6 months.

 or

2) Purchase the property using private/HML - lets say at 40K and $40K rehab - total all in is $80k (not including lender fees + closing fees). In this scenario, I put 10% down with 7.5% interest only with 2-3 points. So my money vested in the property is approx $8k + closing + lender fees.

Both options require 6 months to season to pull out 75% ARV.

I would like to purchase cash for a quicker closing/better price, but I do not want to leave $40k in rehab money in property for 6 months.  

I also read somewhere about having your LLC lend you the money to get around this, anyone have experience with this?

Would really appreciate your feedback on this, thank you!

Hello Michael, I was recently provided a quote with a rep with VisioLending, and was quoted 8.2% interest rate (30 year fixed) and my credit score is 820. This is a huge difference especially with my excellent credit score. Did the rates change?

@Jason G. where can I find "Reviews & Feedback"? thanks!