All Forum Posts by: AJ Exner

Hey everyone! Looking to connect with hard money lenders in the Winston-Salem area. Feel free to reach out

Hello REI friends! 

Currently i am remodeling my investing propery to hold and rent, I am planing to start with BRRRR method.

I own the property 100% (paid cash) over the property ill be looking for home equity loan to buy and purchase another property, repeat the process and start the BRRRR method.

What type of private lending financing do you recomend me?  As a foregin investor and under my llc  I am able to only apply for private lending..     comments on this? 

I read you. Thanks! 

They stated that the “market rent” came lower than expected and tried to tell me that market rents in the area justify $1300, which that’s just what I “accepted” on paper from the tenant. There’s no way, it’s at least $1900 which I’m going up on rent to that amount next year and the tenant knows. For the record, I get $1600/month for the property.

I’m experiencing a slight problem that I didn’t know existed until now and it may just be regional. (Mobile, Al) The two banks I tried to see what the numbers would be regarding a cash-out refinance, they only do 75% of the purchase price + construction cost and not 75% of appraised value that I’m used to.

I did try a DSCR refi, and after several paperwork being submitted, credit score ran, appraisal bought, only to have my numbers change before signing the docs for closing-so that was a dud.

My question, who do you know that’s a reputable Union or bank that’s doing at least 75% of appraised value?

I just bought a property to flip with a Hard money lender, and started working on it and supposed to sell in 6 months. Do I really need to wait the 6 months? The house will be ready to sell in 3 months. Can I refinance? Or how long after can I refinance? I have to pay $2000 a month on interest only.

Do I need to get permits for all the work needed in it? What about if I don’t get permits?
any advice will be welcome please!

I'm currently weighing my options between using cash from my HELOC or getting a private money loan for the purchase and rehab of a property. Both options would require me to refinance and pull cash out later. I've discovered that most private lenders prefer borrowers with some experience, which I'm working on building now.

My main focus is on my exit strategy. I'm particularly concerned about improving the property enough to ensure it appraises at the necessary value to recoup my entire investment. This is a crucial step for me, as it will determine the success of my investment and allow me to move forward with future projects. any thoughts on how to improve property value?

Recently purchased a first property with a friend - fix and slip near our personal properties. We are completing the work ourselves. Our goal is a 6month turnaround time.

House (foreclosed) was listed for $90k originally, was able to purchase and close outright for $50k cash. Goal is to put $40-50k back into the house. Great/safe first property with the major work being a new kitchen and 2 bathrooms. 

We've been discussing lending options with local banks in the area to obtain $80-90k of funding.  Most banks say this is too small of a loan or we need to own location for 6months. Is hard money lending a better route to obtain lending? Any lenders out there or other resources to obtain the funding? Thanks!

I have a condo as a rental with minimal loan balance in San Diego.  I bought the unit about 10 years ago and it has appreciated nicely.  ROE is not that impressive with around 3.6-3.8%.  Basically the equity is generating return worse than the T-bill.

What should I do with the equity on paper?  I have 3 options.

1) Cash out refinance with above 7% interest rate. Use the cash out as down payment to buy another property in San Diego.  

2) Sell the property to do 1031 into a bigger and nicer San Diego property.  10% of proceeds will go to renovation, agent fees and etc. Losing the low property tax. But compare to Option 1, it will allow more funds on the next property.

3) Stay put.  The housing price is so high compare to the rent.  The cash flow of the new property from Option 1 and 2 will  most likely be negative, unless putting a big down payment.  The 3-4% ROE is just the way it is in San Diego. But with Option 1 and 2, can use the deprecation to offset some rental income.  Would need the deprecation to offset the income after the loan is paid off.

Would appreciate your comments. 

 Can you please let me know of a lender that can do $60-$80k loans on properties selling for $75-$90k?

Hello BiggerPockets!!

I am interested in the BRRRR method and am a rookie investor. I will soon have some funds (hoping between $100k-$150k) to be able to purchase my first rental property. I would love to hear your advice on what you may look for when using the BRRRR method. I am still educating myself on how to calculate the numbers. This part does not come easy for me but I am trying my best to figure how to spot a good deal.

Any advice is much appreciated!