All Forum Posts by: Welington Nunez

Hello, My name is welington. I'm from NY and new to the BP community. I have listened to the podcasts and watched the YouTube videos as well, and I'm very excited to become a real estate investor. I'm in the process of getting prequalified to invest in a rental property in PA. Upon contacting the loan officer, I communicated my intent to refinance the property later once rehabbed and then repeat the process to buy other properties. I asked about LTV and if they could do a refinance once the property has been rehabbed. However, this is what the loan officer suggested "I think what you really need is a commercial lender who can give you a business line of credit to use/reuse, etc. We are one property at a time lenders and PA is a high closing cost state which would make it cost-prohibitive to keep refinancing". I originally applied for a 30-yr fixed conventional loan for a single-family. Does anyone have any suggestions as far as how I should proceed? I really appreciate any help you can provide.