All Forum Posts by: Erin Elam

Hey Mike, shoot me a message and I can give you a contact that we've worked with to do 3 deals under our LLC. They also do refinancing under LLC that we plan to use this year.

Hi Brian,

Does your lender have a 6 month or 1 year seasoning requirement?

Thank you

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@Lee Ripma ok got it! Thank you.

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Originally posted by @Lee Ripma:

@Ryan Keenan Cost is how much you are into the property. Value is what the property is worth. So the loan can be based on the cost, or it can be based on the value. So let’s say you’re all in 200k on a property worth 300k. A loan at 75 LTC would be 200*.75=150k. A loan at 75 LTV would be 300*.75=225k. So if you want all your capital back you’d want the LTV. But then you have no “skin” ask capital in the deal. So bankers often don’t like that since you could just walk away if something goes wrong. So they will do a refi based on cost. Make sense?

Hi Lee,

Sorry if you've already answered, but I just want to clarify: the only reason someone should want to refi on LTC basis is if the bank requires it - is that true? As mentioned, it seems that with an HML, I would want all the money out so i could totally pay off the HML and use the additional funds towards the purchase of my next BRRRR purchase - is this how this works?

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Originally posted by @Ryan Keenan:

Originally posted by @Lee Ripma:

@Ryan Keenan Depends on the commercial lender but with mine this is no seasoning. He will go 85 LTC after rehab is done and 75% of the units are full.

Some make you wait 6 or 12 months to refi based on value. As I said before the holy grail is those who will lend on value without keeping capital in the deal. I have yet to find a lender who will actually do this but I’d love to.

Stupid question, but half to ask. What's the difference between LTC anf LTV? Are commercial lenders the only banks that deal with LTC?

Thank you for this question!!!

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Great thread! Which of these areas are the best for cash flow? Which of these areas have the strong tenant base?

Thanks to everyone providing this insightful information!!

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Huntsville, Alabama

Originally posted by @Rhonda Blue:

@Jake Snavely Congrats on your first investments. I also own 2 LTR in Huntsville and 2 LTR in Madison. I use Detrich to manage them but I discovered that STR here in Gatlinburg/ Pigeon Forge can be extremely lucrative If your looking for great ROI. Message me if your interested in chatting more about it.

Hi Rhonda,

Are there any realtors you would refer in the Huntsville area for LTR? Which areas do you consider B or C+? I look forward to hearing from you.

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Good morning BP,

My husband and I are looking for an investor friendly agent to help us locate rental property in the Huntsville, Alabama area. We'd like at least 3 to 4 options, is there a realtor you've had great experiences with?

We'd love to hear how they helped you and details of your experience (zip code of property, type of property, purchase price, current rent, vacancy experience since you've owned the property, type of tenant).

We look forward to hearing from you!

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Hi BP,

My husband and I are looking to purchase our first rental in the Euclid area. I came across Secured Investment Lending - does anyone have any experience with this company?

Or any experience with any other HML for OH properties? Looking for detailed experiences if possible ( i.e. % of purchase and rehab, loan on cost or value, origination fee?, Points?, closing time, ease of communication, draw fees, etc).

Positive and negative experiences are welcome (we want to know who to avoid as well).

Looking forward to the Intel.

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Cleveland, Ohio

Any more recent experiences with IIP?

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Cleveland, Ohio

Originally posted by @Sean Quinlan:

question on refinance????? if you refinance to get equity out and re invest wont the loan amount due each month go up and take away from the cash flow on the original property you refinance???

Did you ever get an answer on this Sean?

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Cleveland, Ohio

All Forum Posts by: Erin Elam

Erin Elam has started 44 posts and replied 336 times.

Post: Cash out refilender recommendations

Post: Confusion on funding for the BRRRR Method

Post: Confusion on funding for the BRRRR Method

Post: Confusion on funding for the BRRRR Method

Post: Huntsville Alabama Path of Progress

Post: North Alabama Investment Properties

Post: Realtor referral needed - Huntsville

Post: Ohio Hard Money Lenders

Post: IIP Property Management in Cleveland< Ohio

Post: Looking to Refi Dupelx - Need Lender Suggestions