All Forum Posts by: Sean Blomquist

@Adam Rothweiler oh, I thought the property was in CO.  We aren't able to lend in St Louis.  Best of luck!

@Adam Rothweiler reach out to @Travis Sperr or @Justin Cooper to get info on getting this financed.  They will be able to help you out or point you in the right direction.

You may want to check with your refinance lender to see if it affects the timeline. The last I heard, Fannie Mae can't refinance you for at least 24 months if you use an Inc. If you use an LLC, they can do the refinance immediately if you are direct to Fannie Mae. If the refinance lender isn't direct to Fannie Mae, they may say you need to hold it longer as well.

As @Curt Davis mentioned though, if you are using your personal name to purchase/refinance and then doing a quit claim into either LLC or Inc it really doesn't matter.

It doesn't "add" value to your house, but if you didn't have it done and tried to sell, you would most likely lose value since it is something that needs to be repaired.  Putting maintenance free siding on the home may add some value, but it won't add enough to cover the cost of doing it.

@Peter Ulstad send me an email and I'll shoot over the contact.

@Jason Smith you are missing a couple things.

1. It depends on the HML, but some will fund all the purchase and rehab. Many will want to see that you are pre-qualified with the long term lender for the refinance before they will lend on the property.

2. HML may go up to to 70% of ARV. Take out lender may lend up to 75% of ARV (depends on how many properties you have), so you are just doing a rate and term refinance to cover the HML and cover some or most of the closing costs on the back end. This isn't a cash out refi.

You've built the equity into the property with the rehab, so you aren't having to bring 25-30% down like a turn key rental with conventional financing.

This is a great strategy that many of our clients do using HML and refinancing out.

You aren't doing this to pull cash back out on each, you can just keep using the same strategy to build a portfolio of property with not as much of your own money in each one.  The cash flow from each will build up your liquid reserves and eventually you could do it with your own cash, but doing this strategy keeps you liquid and not having to tie up your funds in each property.

Good luck!

@Rashad K. I'll email you a good one.

@Andrew Mickelson @Marcus Johnson reach out to me directly and I'll send you the link to our group.  We have a meeting tomorrow evening, so don't wait.

Pine Financial Group had a fantastic January! We funded more deals in January 2018 than we have the last couple. That is a great sign for 2018 and I want to help you get your deals funded in any of these markets: Twin Cities Metro, Rochester and St Cloud.

As always, we have our standard fix and flip or fix and hold loan:

• 100% of your cost up to 70% of ARV (no money down is a possibility!)
• we fund purchase and repairs
• 4 points origination
• 15% annual on a 9 month term
• ARV based on appraisal
• 2-3 week close time

Don't forget about our new 90% acquisition loan:

• 90% of purchase price
• repairs are funded by you
• 2 points origination
• 15% annual on a 9 month term
• ARV based on 3 solid comps
• 1 week close

If you have any of the following, we can fund it:

• Single Family House up to 4 units
• Condo's
• Townhouses
• New construction
• Bridge Loans for Commercial property

WHO'S GOT A DEAL I CAN LOOK AT...

Call or email me today!

[email protected]

612-655-4765

@Jeremy Karja shoot me an email directly and I'll pass along a few contacts for you on your questions.