All Forum Posts by: Erin Elam

@Erin Elam I suppose everyone has their own standards when it comes to borrowing. But 6 months doesn't seem out of the question, would I only like to make 3 months of interest payments? Sure. But if the numbers work and it takes that long to get there, I would rather have the deal than not.

Well said - thank you!

1 Vote

Originally posted by @Account Closed:

@Erin Elam

I’ve never heard of them, so I can’t add any perspective.

Most of my deals are joint ventures with other investors or we purchase in cash.

I’ve used Groundfloor for financing before on Ohio deals. You may want to check them out. Good luck on your Euclid purchase!

Hi Joe!

I've also ran across Groundfloor. How long did it take to get your deal funded?

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Cleveland, Ohio

Hello,

I am looking for a portfolio lender in AL for LTR properties in Huntsville and Madison.

Thank you

1 Vote

And do you require 6 month seasoning?

Thank you

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Hi Jeff,

Do you lend in GA, OH, and/or Alabama?

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Originally posted by @Andrew Postell:

@Derek Sperzel it sounds like you purchased this property with cash (if this is not the case please let me know) but I wrote a pretty lengthy article on this subject and it will show you how to do 80% with no seasoning. The article can be found HERE

Feel free to tag me and ask any questions on it. Thanks!

Hi Andrew, this post is so awesome! And unfortunately still a bit over my head ha ha and i do look forward to the day i can understand it, but for now i am going to keep things as simple as i can ha ha. I would like to know how a HML plays into this: if our purchase is made with a HML, would they need to put the money into the bank account of our LLC and then the LLC makes the loan to me personally?

Appreciate all of your knowledge and willingness to share!

Thank you

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Originally posted by @Derek Sperzel:

I'm literally at the closing now. We amended the purchase agreement to state that I am purchasing the property in my name, my LLC will be issuing ne a loan on said property, and I have a promissory note that I will be filing at the County Recorders Office. Once that filing has occurred I will apply for a normal refi with a local mortgage company to get my cash out. Wish me luck, and thanks for all you help!

Hi Derek, how did the cash out work for you?

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Originally posted by @Darrell Bratton:

@Erin Elam, I am interested as well. Please pass along any information that you get. I was just discussing Huntsville yesterday and never thought to ask the question on BP. Also, I have a realtor friend friend here in Baltimore who may be able to research an investor friendly realtor in Huntsville. I hope that we can help each other.

Darrell

Hi Darrell,

Sure I'll DM you the contact I received! Thank you.

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Originally posted by @Martha Nowlan:

I'll ask around for a good agent there for you!

Thanks Martha. It was good talking with you!

1 Vote

Originally posted by @Mike Mefferd:

Does anyone have any recommendations for lenders who will do cash out refinances for single family rentals held in an LLC? The properties are under $110k in value and we are struggling to find someone who can offer long term competitive terms. Ultimately we are searching for products with 30 year ams and relatively competitive rates.

They are located in Toledo and Columbus Ohio. Any suggestions are greatly appreciated!

Hi Mike,

Did you ever get your refinancing completed?

Thank you

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All Forum Posts by: Erin Elam

Erin Elam has started 44 posts and replied 336 times.

Post: Please help me with BRRRR financing

Post: Ohio Hard Money Lenders

Post: Alabama portfolio lender cash out refi

Post: REFINANCE/ Cash out Refi/ LENDER/ Loans

Post: REFINANCE/ Cash out Refi/ LENDER/ Loans

Post: BRRRR cash-out refi hiccup

Post: BRRRR cash-out refi hiccup

Post: Realtor referral needed - Huntsville

Post: Realtor referral needed - Huntsville

Post: Cash out refilender recommendations