All Forum Posts by: Olusola Abitogun
Olusola Abitogun has started 9 posts and replied 35 times.
Post: Finding Inquiring in Barberton, OH
- Perth Amboy, NJ
- Posts 38
- Votes 18
There is debt on the property.
Post: Finding Inquiring in Barberton, OH
- Perth Amboy, NJ
- Posts 38
- Votes 18
Quote from @Paul Crosby II:
Quote from @Olusola Abitogun:
Hello All
We currently have 9 units in Barberton OH. This property needs about $50-$80K renovation. We purchased it for $170K. Estimated ARV is upward of $365 or possibly more. But we need to stabilize it.
What are our options in acquiring funding for this renovation.
We are also open to some form of partnership with a Private lender.
Please advise.
I have a few closings i have done in Barberton.
I can send you some referrals for private funding
HI Pau;. Yes Please I would love the referrals.
Post: Finding Inquiring in Barberton, OH
- Perth Amboy, NJ
- Posts 38
- Votes 18
Hello All
We currently have 9 units in Barberton OH. This property needs about $50-$80K renovation. We purchased it for $170K. Estimated ARV is upward of $365 or possibly more. But we need to stabilize it.
What are our options in acquiring funding for this renovation.
We are also open to some form of partnership with a Private lender.
Please advise.
Post: Soon-to-be wife not on board
- Perth Amboy, NJ
- Posts 38
- Votes 18
I didnt go through the 7 pages of discussion here..
it comes down to how much you believe in this. Based on where you are financially speaking, if you feel like home ownership makes no sense, then communicate that. Show her that you are better of investing now. Numbers don't lie.
More importantly though, marriage will challenge you. The "Wont budge" aspect of your post is problematic "to me". Marriage is about compromise. Perhaps you should worry about that. "My way or No way" is a recipe for marriage problems.
Post: Mortgage Lender Wanted
- Perth Amboy, NJ
- Posts 38
- Votes 18
Thanks a lot. all options are on the table (I'm only in love with my wife :).
I don't want to burst any bubbles...
...but sell these properties.
There are few rules in this business, but here are two:
- Don't ever fall in love with a property
- Do what the numbers tell you to do; it's all a math problem.
In both cases, the numbers are too tight for a conventional or a portfolio lender. On property 1, if your numbers are right, you're sitting at 82% loan to value and on property 2, you're at 79%. That's before closing costs. Keeping them until you refinance them is going to eat you up in carrying costs while you search and then, IF you do find a lender, the fees and interest rate will eat what's left.
Max ltv on a 4 unit for cash out, conventional is 70%. Portfolio cash out max is 80% max, usually 75%.
Unless you're prepared to come to the table with the difference plus closing costs, sell (and why would you refinance when you could make 10's of thousands selling). The eventual cash flow will not offset the amount of money you waste searching for a lender who will accept a 613 score on a high ltv investor property.
Take your profits, do what you have to to get your credit score up and then go get some more.
Get them on the market today. Don't look for a lender. Find a good Realtor.
Stephanie
Post: Mortgage Lender Wanted
- Perth Amboy, NJ
- Posts 38
- Votes 18
Originally posted by @Tarik Turner:
Looking at the situation it is going to be difficult to get over 75% LTV on those properties,
Maybe the rental income will get the appraised value raised a bit higher
Correct....i was thinking about that too
Post: Mortgage Lender Wanted
- Perth Amboy, NJ
- Posts 38
- Votes 18
We have 2 investment properties that we need to refinance.
Credit: 613 (Low mostly because of high Credit Card usage to complete the project.)
Income $140K/yr, No personal mortgage
Location: Phillipsburg, NJ
Property 1:
4 units (fully rented out) including 3 garages that rented separately.
Monthly revenue of $3500
Appraised at 183K but need to refinance at least $150K to cover all the Cost (hard Money & Private investors)
Property 2.
4 Units
Currently Vacant, 99% done with renovation.
Potential Rent revenue of $4800/ month.
Appraised value: $223K 7 months ago or so.
Looking to refinance for $180K
Please message me if you are can work with the credit and income.
Post: Clayton Morris / Morris Invest House of Cards starting to fall.
- Perth Amboy, NJ
- Posts 38
- Votes 18
"Without reading all of these Threads", people are just stupid and I am sure some of these comments are too. This is Business. you are responsible for your freaking self and your money. Clay literally selling you an asset. IT IS YOUR JOB and RESPONSIBILITY to know the investment/asset, research the area, and protect your money. This is annoying. Too many "babies" with no business being in real estate or any business. stay on your freaking 9-5 job. ....And no I don't know him.
Post: Seeking Investors 12% ROI
- Perth Amboy, NJ
- Posts 38
- Votes 18
We currently have a project that we seeking private investors for possible 12% ROI.
Not seeking hard money lender please just Investors looking to invest money.
we offer $1K referral fee as well.
Send me email here I will share the details with you.
Sola
Post: Kitchen Help: This cabinets did not turn out as expected!
- Perth Amboy, NJ
- Posts 38
- Votes 18
Well you are renting this house out and NOT flipping it...So whats with the over analysis? how much ROI will a new cabinet really earn? I will absolutely leave it as is...OR at the most, if it bothers YOU that much, paint it,....rent it and move on to the next investment property.