All Forum Posts by: Erin Elam

@Mark J. I invest in SFR in St Louis. I have completed 3 BRRR method rentals in the last 6 months and am working on my 4th (just got it under contract).

The way I do this is through a HML and gap funding lender so that I am $0 out of pocket with a rehab budget as part of the HML. It then takes me about 6-8 weeks to rehab and refinance with a "terms refinance". This is different than a cash-out refinance as I am not getting cash out (though I can get 2% of the loan up to $2k in cash), rather I am refinancing the HML into a 30year fixed rate loan. I end up being about $5-$8k out of pocket after the refinance given a good ARV calculation (the goal is $0 out of pocket, but those are almost impossible to find).

The only caveat to this strategy is that I have to put all these loans and houses in my personal name. After 3 payments though, I quit-claim deed the house to my LLC, then only have the mortgage in my personal name (bank could technically call the loan, but 99.9999% of the time they don't - my bank even told me they wouldn't as long as I was current on payments).

I hope that helps you! Good Luck!

Hi Niki,

DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!

Right now it seems like multi family is overpriced. I just found an off market deal for 2 4plexes for $715K total purchase price.

Total rent is $8k mo. 

Its in a really nice area on the east side. Would this fit into numbers you would consider?

It seems as if new construction may be a better option. Have you tried the brrr stratagy? That is what has been working best for me.

_Derek Blades on facebook

_Looking for hard money lenders ( $50k - $150k | 3-6 Months)

_Looking to buy packages of SFH

Hello BP, 

Has anyone ever used LendingOne to finance any of their deals? In Philadelphia specifically. 

Thanks!

@Erin Elam - we're ATL based, but fund nationwide.  Happy to take a look at your deal.  Portfolio loans do have a minimum property value.  [email protected]

Hey @Erin Elam, hope you are having a great day! What are LTR properties? Thanks!

@Jeff Laing I would put the 401K back save a bit of cash. Get the HELOC and in 6 months use the potential of the 401K and HELOC along with the liquid cash to qualify for a Hard Money loan to rehab the property, then refinance from the hard money into a investment loan