All Forum Posts by: Account Closed

@Caroline Gerardo Hi Caroline I will PM you.

@Brandon Sturgill my rehab lender did a post renovation appraisal prior to closing and that came back at $515k in December 2020. The house is in Franklin Park in Columbus.

@Michael C. I have not checked out Visio but will certainly do so. Thanks Michael!

@Chase Fisher thanks for the response Chase. Renting it out for a month is definitely a possibility, but I'm not sure I can get the same DSCR off a one month lease or a long term lease as I can with Airbnb...or even close, quite frankly.

I have a 70% LTV option right now where I would just need to show a one month lease agreement then what I do moving forward is up to me, but I'm really looking for 75%-80% LTV so I can pay my initial cash investors back and still get some cash out of the deal on my end. With the ARV even just that 5%-10% can be a deal breaker.

As @Remington Lyman mentioned let us know if you’re aware of an option for this service in Columbus!

@Fred Shatzoff Hi Fred. I’ve owned the property for 3 months. Will be 4 months (roughly) by the time rehab is complete.

@Kevin Romines thanks for the tip Kevin. I have spoken with multiple lenders that do not require income verification but either the LTV % has been too low or they require a long seasoning period, which isn't really an option for me.

I realize I may be looking for a unicorn but figured it’s worth a shot.

Please note that I’ve pursued multiple options and have been either denied, told I need to re-fi in my girlfriends name (who has a W2), or the LTC has been too low...thus why I am trying to get creative. Thanks!!

Hi everyone! Any help with this cash out refinance scenario would be much appreciated.

I’m currently on the back end of a rehab on a property and I’m looking to see if there are any creative ways I can cash out refinance to hold onto this property vs. selling/flipping as it’s in a great up and coming area.

Details are as follows:

- ARV: $515k

- Loan Payback: $276k

- Estimated Monthly Rent (via short term rent): $3k

- Looking for at least 80% Loan to Cost

- ~700 credit score

- In the Columbus, Ohio market

Here’s where it gets tricky...

- The property is under my LLC

- I do not currently have W2 income or 2 years of self employment income verification (rehabbing houses full time)

- I would like to keep the property under my LLC if possible, worst case in my personal name

Thanks everyone and please let me know if I need to provide any more info for suggestions.

@Stephanie P. Very helpful thanks for the feedback Stephanie!!

@Santi Anso thanks Santi!!