All Forum Posts by: Percy N.

Is the current mortgage only supposed to be used for primary residence?

How is this real estate related?

@Assi S., if you can't find comps for a 1/1, you could try getting an appraisal or BPO.

Not sure about your market, but in ours 1/1 don't sell or rent well.

Jay Patel also ask them if they need a min amount of liquidity (3-6 months of payments typically)

Assi Siles , what is the property actually worth once rehabbed/updated? Stay within the 70% ARV - all costs and you should be OK. If you want to wholesale it, make it 65%

@Todd Goings, have you vetted the lender?

Typically those to do not require seasoning are commercial lenders or hard money lenders and they do not like to fund under $100K.

Make sure its a legitimate lender and not someone of the internet (including BP, sadly enough).

@Mike B., I may know someone.

Send me the contact details of your friend and I can forward it to this contractor.

Joseph Duenas you could look at a commercial loan with slightly higher rates but no seasoning required

Joshua D. not clear on your question. Did the bank already refinance the property or are you asking what if the appraisal is above what you believe to be the true ARV? If the bank is appraising the property much higher, you will have to pay them back at some point. If what you can sell it for is lower than the mortgage, then you will be upside down. It may work if you believe the property will appreciate and you are holding for a long time, but there is no guarantee that it will.

Not sure about Chicago (coincidentally I am typing this while waiting for my flight at O'Hare), but in PA anyone can add it but the person making the person requesting it would have to sign it