All Forum Posts by: Nicholas Reyes

Congrats @Ismael Reyes! I would like to hear how the deal works out for you and your team. I am in the beginning phases of stepping into the multi-family world! I've got my eye on a apartment complex around the corner from me that I want! Look forward to hearing about your journey!

Thank you all for the replies! I appreciate the input, good and bad. It's a business and I'm glad to receive great constructive criticism, I may have to sell and start over if the exit strategy will not work. I appreciate all the input and will use everyone's advice to make the final decision on this property. Thank you all once again!

Thank you for your recommendation Robert, and your perspective. If I can't qualify for the refi then I would be in a tight spot, I will definitely look into that before I take a short term loan. Also I do have the ability to do some of the work myself but I feel it would take nearly a year to save up enough and work in my spare time, which isn't the end of the world but longer than I would like to complete it. But you have gotten the juices flowing, thank you for that, I have more to ponder about!

Hi Anna, my issue is credit worthiness. I'm mid 600's and did try for a personal loan over the summer for 30k with no luck. I dont think I could get that much on credit cards either. I am also going to see what else I can do to cut rehab costs down so maybe I can do them on CC's but the amount of work needed is making it difficult

Thank you all for the responses. I have looked into private lenders but have not had much luck finding a decent one. I understand it is a smaller loan I have to start somewhere haha. I will keep digging hopefully I will come out on top with the right answer to my situation. Thank you all!

Hello everyone,

So far I have reached out to a few HMLs and have had zero success, I recently purchased a property cash in Cleveland, OH. Every time I speak with a HML they say the loan is too small. Take a look at the numbers below and let me know if anyone knows of a lender that would help me out on this. I am planning to BRRR this property. Thank you all!

Purchase price    10k

Rehab cost         30k

ARV 60k

Market rent       800

Hello everyone,

As the title states, I purchased my first property! Very excited and eager to get the ball rolling. I have read on the forums and listened to many podcasts for months before I made this purchase, only I didn't research enough for my current situation. So I purchased the property at auction for cash, I drove by and know the area it is in pretty well, I paid 10k for the home, ARV of 60k, needing 20k in rehab work. My crossroads is in funding the rehab, I was leaning towards a commercial LOC with the home as collateral; or refi the home as is; or use hard money rehab loan, then refi into a long term mortgage. The loans must be in the name of the LLC, I do not want to transfer the home out of the entity (I made the mistake of purchasing in my personal name, had squatters in the property which trashed the exterior. Neighbors complained and the city wrote me several citations before I even had possession of the property. If you're like me, having those citations on your personal record is nerve wrecking and defeats the entire purpose of forming the entity, but that's another part of learning). Long story short, I'm looking for advice/recommendations from those of you whom have experience with commercial lending or know of any other creative ideas to get funding for the rehab. Thank you in advance, I appreciate any/all opinons!

Thanks Kyle I appreciate the input, I am going to pay the balance down today. Hopefully that does it and I can get my score back to 700. If not I will have to figure out another to increase the score or find some other method to finance my deals, hopefully with decent terms for a low credit score.

Thanks Matt, I am in process of contacting the companies to try and have them removed. I also stumbled across writing the companies a good will letter to try and have the accounts removed. Hopefully I can get this resolved asap because I am ready to start purchasing rental property but this makes it a little more difficult.

I will continue to pay the mortage and the credit cards off. I just don't understand I had the collections on the report when I financed the mortgage and almost had a 700 score, 100 points negative just doesn't seem to add up to me. These credit agencies won't help me at all and couldn't tell me why it had such a huge swing. Thanks for your time and replies.