All Forum Posts by: Roger G.

I started my business in California flipping about 5 years ago.

I started keeping some properties as rentals under my corporation with hard money loans.

I'm cash flowing even with these hard money loans but I'm trying to refinance so I can use the equity and get rid of the high interest rates but it's been impossible to do.  I have been to 5 different banks including a local credit union bank and none of them have been able to help me. The reasons they have given me are that, I don't show enough income, the houses are in the corporations name or they just plain don't call back. One lender told me that I couldn't get any cash out of these properties because they were in the corps name. That I needed to have them in my name personally for at least six months before they would look at taking cash out. I'm getting really frustrated with these people so I'm looking for answers to my situation because I know there's someone out there that has gone through this

1st  property  owe $27,000 -worth $200k residential 

2nd property owe $100k worth $230k duplex

3rd property owe $67k worth $200k residential 

4th property owe $90k worth $220k duplex

These are all fully rehab properties that I have rented and have equity .

I have a two unit house one house in the front of property and second on back of property all fence together. The tenant in the front owns a dog The tenant in the back open the gate to get in the property after work and was bitten by the dog. Now the tenant is asking for my insurance to cover for damages My question is am I liable she is claiming that she missed two days of work. Or is the tenant owner of dog liable??

I have 3 properties that I bought with hard cash money 9 months ago under my corp s. I would like to refinance them with a fixed rate but I been having a hard time with the banks. Any suggestions on this subject ? 1st property I owe $30k It's current value right now $170k It rents for $1,450 2nd property I owe $100k It's current value $180k Front unit rents for $850 Back unit rents for $600 3rd property I owe $64k It's current value $160k It rents for $900

thanks so much for the info Justin 

I really appreciate your input, I been learning so much about this business the last couple years

And that's what keeps me going because there's always something new to learn 

Thanks guy for the post, I totally agree, from now on that is going to be my approach. It's not the first time this has happen to me. I'm flipping in the Central Valley in California And lately this year due to home prices rising most of the buyers are FHA.

It was 2 appraisals one that I paid for myself Before I put the property on the market. The second appraisal was sent by the bank. I now have the house listed for $194k and only accepting conventional or cash The FHA appraisal sticks to the property for 6 months if I want to go FHA again

I was selling my flip property for $199k I had the property appraised at $205k. Once I had the property in contract with an FHA buyer, the bank sent an appraiser and she came in at $185k In her appraisal she wrote that part of the house (the bathroom) was not done with permits and no permits were on file at the city. However in the county records show the exact square footage that the house is. I never added anything just upgraded. She even states that the work was completed in "good workman-like" manner. She recommended that a licensed contractor inspect the bathroom. However as soon as the lender read what she had wrote they basically refused to move forward even with the letter from the contractor, stating that the bathroom was up to code. Which the buyers had paid for. Everyone wanted this deal to go through but the appraiser killed the deal for everyone. Now my house is back on the market and the buyers are basically homeless. All because of an appraiser's wording in her report. Feeling frustrated with FHA loans and appraisers