All Forum Posts by: Rob Terpilowski

Thank you all, this is a lot of useful information.  I've ordered a new title report and we'll see what it comes back with for starters before deciding how to proceed from here.

I purchased a 1st position NPN where the borrower signed a Deed in Lieu over to the previous lender. The previous lender never recorded the deed with the county. I went ahead and was able to get the DIL recorded with the county. Am I free to sell the property at this point (its vacant), or does the previous lender need to deed the property to me first, since the original DIL was to that lender? The assignment of the mortgage from the previous lender to myself has been recorded with the county, so I'm not sure if that's enough for the chain of title to point to myself as the legal owner of the property.

TIA,

-Rob

@Tyrell Rutledge  What is the minimum seasoning period B of O requires for a cash out refi?

Thanks @Sohail Kiyani, will give them a call today.

Hi @Andrew Postell,

thanks for the response.  This is my first foray into the OKC market, I currently have a couple of rentals in the Seattle area, and a few flips going on in Indianapolis. I have a couple of properties that I'm looking at in OKC at the moment, and have a few HMLs lined up that are willing to fund the acquisition and rehab. 

Yes, I'd plan on holding on to these. Although not ideal, I'd be open to holding the properties under the HML loan for 6 months to let them season in order to refi if I have to. What sort of products do you have access to that may work in this scenario?

Good idea on posting to the OK forum, I'll go ahead and do that.

Thanks,

-Rob

@Andrew Postell

I'm looking to BRRRR single family and small multifamily properties in the Oklahoma City area I'm looking for portfolio lenders that will work with out of state investors. A couple of key constraints in my situation.

- I have no W2 income
- I have only a short history of 1099 self employment income (4 months)
- I have no other significant sources of income

So loans would likely need to be based strictly on the income of the asset.  

Any suggestions of who I could contact in the OKC area would be greatly appreciated.

Anyone have contacts in Indianapolis for doing gap funding? Currently have all my capital tapped out on projects, but starting work on putting together the following deal.

Package deal of vacant lot, SFH, and duplex. Plan is to do new SFH on lot, full gut and remodel on the existing SFH, and rehab the duplex, do a condo conversion and sell individual units (or possibly BRRRR).

Rough numbers at this point are:

Acquisition cost $230k Total Rehab/Construction costs: $540k Total ARV: $1,065,000
Currently talking with a few hard money lenders to get a number on how much they will be willing to fund, but will need gap funds to make up the difference. This will need to be broken up into three separate loans according to the HMLs so I don't necessarily need the same gap funding source for each property.

Tags: Indiana Indianapolis 

Anyone have contacts in Indianapolis for doing gap funding? Currently have all my capital tapped out on projects, but working on putting together the following deal.

Package deal of vacant lot, SFH, and duplex. Plan is to do new SFH on lot, full gut and remodel on the existing SFH, and rehab the duplex, do a condo conversion and sell individual units (or possibly BRRRR).
Rough numbers at this point are: Acquisition cost $230k Total Rehab/Construction costs: $540k Total ARV: $1,065,000
Currently talking with a few hard money lenders to get a number on how much they will be willing to fund, but will need gap funds to make up the difference.
  This will need to be broken up into three separate loans according to the HMLs so I don't necessarily need the same gap funding source for each property. Tags: Indiana Indianapolis 

I'm trying to evaluate an off market property to flip in Anderson Indiana and could use a recommendation for an agent in the area.

thanks,

-Rob

Hi Kristin, the ARV on the property is $110k