All Forum Posts by: Stephanie P.

Good morning all, I have my first deal that I am working on and I am trying to figure out the best exit strategies:

1. Fix and sell

2. Fix, rent, refinance

This is a single family home - 2/1 but I may be able to make it a 3/1. I have a purchase price of $35k, ARV of $80-$90k, I am thinking about $15k worth of repairs, maybe $20k if I can add a room. There isn't much wrong with it, it needs interior paint, flooring, updating in the kitchen and bathrooms - it was a rental and the owner is sick of getting bad tenants. The only major issue I have seen is that the living room floor is sagging but I didn't see any major issues from the basement. I'm working on getting an inspector in there to investigate that and make sure the foundation is fine, lets assume it is for this conversation.

I am bouncing between using hard money to purchase, rehab, and take my profit or using a conventional loan plus doing a light rehab, rent it out, then refinance. I guess I wasn't super excited about keeping it as a rental as I was hoping to target multi-family homes, but I also think I'll be into it at a decent price point that it wouldn't be bad to hold on to for a while. I have been flipping mobile homes for a while now so I have a little experience with finding qualified tenants and contractors but nothing in buy and hold rentals so maybe I'm just not thinking about it the right way.

Does anyone else have any thoughts? Anything else that I should be looking at? Like I said, I'm not an expert, I've been successful with mobiles and am looking to step over into flips and holds so that I can scale.

Hey everyone,

If i get a income property and it covers the mortgage how soon and i ask the bank for another loan? If i come up with 25% down do i have to wait 2 years and show on taxes or something?

Thanks

Hi - Looking at a Mixed use property (5 apartment units and 2 retail spaces). Looking for my options in terms of financing? Is a commercial loan the only option since there is retail? 

Looking for some thoughts on buying a flip using your own cash, versus getting a hard money loan. What do you think are the advantages/disadvantages of both, and which would you likely prefer to use. Personally, I have always been a fan of using OPM (other people's money), but is it worth the added expense if you have plenty of cash to fund it yourself? Would love to know what everyone thinks!

Have equity that I would like to pull out of my rental property.  Quotes rates of 6.76-7.25. 

The lower rates are ARM and will give me 80% LTV. The higher rate is conventional at 70% LTV, estimated closing costs around 16k depending on lender.

Wanted to check with the smart people here to see if these rates are reasonable.

The property will still cash flow, not worried about that.

Thanks.

Sue

Any recommendations for a good lender to buy my first rental property? 

Also has anyone ever worked with One Brokerage? If so, what was your experience like? Pros and cons?

If I have a property in a primary residence 30-year conventional loan and I am now using it as a rental property, can I refinance it in the same primary residence loan, or would I get higher investment property rates?

We recently built 2 single story apartment buildings. Each building is 7 doors. We need to borrow against the buildings to invest in our next property that we have run low on cash flow to finish due to all the inflation. What is the best avenue to take?

I spoke with a HML & DSCR lender today and they explained some information to me, I am understand the 9.99% however, I don't clearly understand the 1 pt. They will be able to do a HML for 6 months then I will refinance to a DSCR or Conventional Loan for long term.