Rental Property Investor · Fort Wayne, IN · Member since 2019 · 7 posts · 2 votes
Hello BP family,
I am looking to network with private or hard money lenders to help me finance my first deal. What are other ways I could finance my first deal? I am looking to buy a small MF (2-4 units) I have an average credit score and I don't have a massive amount of Capital. Could I get some feedback please?
Investor · Fort Wayne, IN · Member since 2013 · 152 posts · 126 votes
6y
What's your exit strategy for this small multi-family property? I don't know too many hard money lenders that are worth borrowing money from if you plan on using this as a long-term rental or refinancing the property once it's rehabbed?
Investor · Fort Wayne, IN · Member since 2013 · 152 posts · 126 votes
6y
What's your exit strategy for this small multi-family property? I don't know too many hard money lenders that are worth borrowing money from if you plan on using this as a long-term rental or refinancing the property once it's rehabbed?
Rental Property Investor · Fort Wayne, IN · Member since 2019 · 7 posts · 2 votes
6y
@Peter Fennig I'm interested in liquidating my multifamily investments by refinancing and recapitalization. I don't want to completely "exit" from my investments. I would recoup the cash, put in while retaining income stream and potentially for future appreciation and tax breaks. I would refinance at better rates and use equity to reinvest in new projects. My goal is to keep benefiting from a growing multifamily portfolio.
Rental Property Investor · NY · Member since 2018 · 571 posts · 332 votes
6y
Try reaching out to Bippus bank. I haven't really used it but they mentioned to me before something about 1 year loan at purchase where you can bring in a contractor and appraiser, have the appraiser do an appraisal based on what contractor envisions as appropriate rehab (including what materials he/she will use). Then they loan you based on that appraised value and then refi you into a conventional loan after 1 year. you will still need an upfront down payment if the appraisal doesn't support your purchase + rehab cost. Bippus usually does 70% LTV for multi families.