All Forum Posts by: Stephanie P.

Thank you sir. As far as appraisal value unfinished, do i need to order an appraisal or is it normal to just go off of nearby recently sold comps, have builders give me quotes and negotiate my purchase price off of that? Or do you typically want to order a new appraisal if interested. I guess that part throws me off, the time it would take to appraise vs snagging the deal without overpaying. 

We are doing a hard money 12 month loan for a fix n flip and our closing costs are over $10,200. Purchase price is $121k. Is this standard for hard money or too high? 

I bought my 1st Investment Property back in June using $99K cash offer from a HELOC. I knew going in that it needed extensive repairs including new roof and foundation work and probably a rewire. I figured a $50k 401K Loan should cover the renovation.

The property is technically zoned as a 2/1 SFH built in 1948. It has a 1 car attached garage that was previously converted to a 1/1 apartment and a detached 2 car garage that has a small efficiency apartment in the rear. The roof has been replaced and the foundation repaired. The rewire is costing far more than projected. I will only be able to rewire the main 2/1 and have enough left over to finish it up, leaving the other 2 units to be renovated at a later date.

Will I run into any problems trying to refinance with only the main unit renovated?

The online home value estimators peg the property value at $155-165K. Looking for a fixed 30yr mortgage, before rates go any higher. The 2/1 will be rented for $1230, but once the other 2 units are renovated, they'll rent for $1080 and $930 respectively. 

Good Afternoon all!   I am a licensed real estate agent in NY and I’m looking for my first investment property.  I saved enough for a nice down payment.  Looking at homes no more than 200k.  Where I live the market is extremely high and will be a no go for investing.  I have looked at different markets from Atlantic City, Hartford, Newburgh, Waterbury, Syracuse.  I am open to all suggestions.   How far should my first rental be from me.  I wanted something close but that seems very far fetched at this point. Thank you in advanced!

@Eliott Elias thanks for this comment. Curious if this is an experience related down payment? Or did you negotiate your DP down?

HI BP,

Im sure this has been covered already but I am looking for some lenders in Ohio who would be willing to do a shorter seasoning period than 6 months on a BRRRR. The property in question is a 12 (possibly 13) unit apt building going through a full renovation. If I can do a refi-cash out in 3 months vs 6 months I will save roughly 7k a month on carrying costs, which would make the deal even better. I have enough budget for at least 6 months of carrying costs but of course if I can cash-out sooner I can move on to another project and save quite a bit of money in carrying costs which will go to my bottom line.

Looking to obviously cash-out from the appraised value after the renovation.  I know there are lenders who will give me a mortgage on the property prior to 6 months, but it will be based on the purchase price and not the appriased value.  

If anyone knows of any lenders in Ohio who would be willing to do a cash-out refi on Appraised value please send me their info so I can reach out and get things moving.

500K should give me about 2.5 Million in real estate. Where should I be looking? I live in California, and 2.5 Million doesn't go very far here. Also any general advice from experience you can lend me so I don't make your mistakes. Wish me luck! 

Does is matter if a mortgage broker is based out of Utah and I’m in Seattle can I still use them ? 

When searching for lenders, is it best to seek a lender that does not sell their loans to a 3rd party lender? Instead, should you find a lender that you can build a strong relationship with for future deals?