SEEKING $145K REFINANCE @ 54.4%LTV on 3 Great properties in Rochester, NY

[Dustin Long]

Hello, and thank you for considering this project.

Here is a detailed description of what I'm looking for:

$145,000 requested to pay off current lender and close for 1058-60 & 1062-64 Clinton Ave S. and I'm offering 23 Raymond St. as well as additional collateral to reach a LTV of 54.4%. against a total value of $266,593. 

I'm profitable and your equity is protected, either I succeed and you make a great percentage or I fail and you almost double your money in a short period of time. There is a 1st position currently on 23 Raymond, but only for $5,000. That could stay and you could take a 2nd, being that the LTV and in the event of forclosure would only cost $5,000 to satisify (making the total investment only 56.3% LTV if and only if a default occurred), or I can pay it off with your loan and leave you as a first and only position. The only reason I'd ask to leave it as the other lender has an additional $150K with me and has been satisfactorily paid for 18 months, and can give him a certain level of comfort being on the one more property.

In addition to show my current strength as a potential mortgagee, inclusive of the current properties, my total holdings are $1.04M with $270K in equity and I profit $5,500/month. Thank you again for taking the time to look this over, I hope we can make a deal and put something together soon.

Here's what I have for collateral:

1058-60 Clinton Ave S.
Rochester, NY 14620

Purchased 11/14/13 for $60,000

zillow.com - $82,204
trulia.com - $82,000
realtor.com - $78,268

Average = $80,824

1060-62 Clinton Ave S.
Rochester, NY 14620

Purchased 11/14/13 for $100,000

zillow.com - $122,606
trulia.com - $106,000
realtor.com - $110,535

Average = $113,047

23 Raymond St. Rochester, NY 14620 (2 blocks from other 2)

Purchased 01/22/14 for $44,000

zillow.com - $73,583
trulia.com - $69,000
realtor.com - $75,583 

Average: $72,722

Average for all 3 properties:

total value of $266,593

Since I purchased the homes I've done the following work:
1058
new bathtub/enclosure: $1000 refinished all hardwoods in 3 rooms $750 1 new high efficiency window $200
redid kitchen floor $350 new wall and trim paint throughout $300 new refrigerator $500 new stove $400 new faucets $150

1060

New Bathroom tiles and shower enclosure: $1550 (done by a professional plumber) new kitchen floor and dining room floor to sub floor $1400 new refrigerator $500 new wall and trim paint throughout $300 roof repair around plumbing exhaust pipe $800

1062

no work needed

1064

new closet doors $100 bathroom renovation to accommodate a wheelchair $800 new wall and trim paint throughout $300

23

New front porch $800

new shower faucet $150

new kitchen faucet $300

 new washer and drier $900

The monthly income for the properties are as follows:

1058 - $675
1060 - $800
1062 - $750
1064 - $800
23 - $1005
parking lot rented to Restaurant next - $175

Total rents received: $4,205

Taxes: 1058-60 = $984.52/year county $2657.60/year city total = $3,642.12 or $303.51/month

1062-64 = 1064.97/year county 2757.58/year city total = $3,822.55 or $318.55

23 Raymond

$750.03/year county

$1,820.91/year city

Total = $2,570.94/year or $214.24/month

Insurance =$360/year or $30/month

TOTAL TAX = $836.30/month
Insurance for all houses $1,060/year or $88.33/month

Mortgage (upon your approval): $145,000 interest only @10% = $1,272.48 monthly

INCOME..........................................................$4,205.00 - EXPENSES.....................................................$2,198.78 = $2,006.22 profit monthly


I also have ALL the redated abstracts, title work, surveys and insurance ready to go, as a lender had committed to me but was unable to come up with the funds, so I can close ASAP! If you have any other questions or need any further information feel free to contact me!