All Forum Posts by: Rudy Munoz

Okay I'm moving forward with a property that I'm purchasing with a hard money loan. It's the ideal rental in my market, 15 minutes from Ft Bliss, it needs about 5k in work, I got it at 70% ARV. I want to BRRRR this property but how am I supposed to refi with no income + poor credit. I just took out a loan for my vehicle this month and started my LLC in February if either of those matter.

@Jesse LeBlanc sounds like something I’d be interested in working with, let’s chat!

@Dave Spooner

Creditworthiness won’t allow me to refi, also there’s a rule here in Texas that won’t allow or either.

@Jesse LeBlanc

Purchase price: $118,000

ARV: $171,000

Borrowed: $22,000 (closing costs, remodel, utilities, mortgage)

Financing: Hard money (11.99%, 6-mo no interest)

Bought my first flip in March, tenant didn’t move out til April, began remodel and just finished. Home is ready to be sold. I kind of want to hold on to the property, but I need to pay back my investor, can’t cash out refi, credit isn’t there.. what can I do????

I posted this on a Facebook group before digging through forums here on BP and coming across your strategy..

So what you're saying is I can order an appraisal, and pull out a loan for 75% ARV, pay back my private lenders, and begin renting out the property?

Purchase price: $118,000

ARV: $171,000

Borrowed: $22,000 (closing costs, remodel, utilities, mortgage)

Financing: Hard money (11.99%, 6-mo no interest)

Bought my first flip in March, tenant didn’t move out til April, began remodel and just finished. Home is ready to be sold. I kind of want to hold on to the property, but I need to pay back my investor, can’t cash out refi, credit isn’t there.. what can I do????

@Jesse LeBlanc I have a couple of questions if you have a minute

@Richard Stephens let’s talk!

If I close on this flip with a hard money loan through my LLC will that disqualify me from getting a fha in the future

@William S.

How’s it going bud quick question

If I close on this flip with a hard money loan through my LLC will that disqualify me from getting a fha in the future

Investment Info:

Single-family residence fix & flip investment in El Paso.

Purchase price: $50,000

Sale price: $65,000

Purchased my first home cash, from a family member and sold it without making any repairs!

What made you interested in investing in this type of deal?

The timing was perfect, fell into my lap, and my hardwork/learning paid off.

How did you find this deal and how did you negotiate it?

I'm a licensed agent and gained a lead from my sphere which was not to hard. Did some digging and research and realized what was at stake.

How did you finance this deal?

Cash

How did you add value to the deal?

Put money in my families pockets, moved a deal to a solid cash investor, made no repairs and the home was needing about 15,000 in repairs.