All Forum Posts by: Alexander Sheridan

Any suggestions for getting a bit more money to wrap up rehab of a house I purchased with cash?

ARV: $200k

No mortgage on the house. Typical credit score of ~800 but currently 630ish due to very high credit utilization. I’ve been paying for contractors with cash and material on cards.

I was hoping to wrap up the house like this, but had a rental get wrecked and had to pump quite a bit of money back into fixing it up.

Any creative ideas to finance the remainder? Self employed with 11 units on my own with around $1m in available equity across them. 18 additional units in mixed use properties with a business partner.

Thanks in advance!

@Stone Jin thanks for the info! What LTV were they willing to go to? Would you mind sharing which bank that was with?

Hi All! Here are a few facts about my situation. Hoping some of you could help guide me in the right direction.

I'm in central Ohio, in a county of ~65k. I'm self employed, so my DTI doesn't show well.

I own 7 rentals (9 units) and have mortgages on 6 of them- totaling $240k. Estimated value of all 7 properties is ~$700k, ranging in price from $90k-$110ish.

My credit scores are 742, 731, & 716 as of a couple weeks ago.

It appears that many private lenders don't have an appetite for houses under $100k of value, unless the total loan exceeds $1m. One lender I spoke to was willing to loan on them, but only up 65% LTV since the home values weren't over $100k. They also had $29k in fees for a 30 year fixed at 5.9% interest. The fees seem excessive, but maybe that's standard for these type of loans?

I'm looking to pull out as much equity as possible to be in a position to purchase one of a few 18-50 unit complexes a partner and I are looking at.

Any insight or suggestions would be appreciated!

Thanks!

Hi All! Here are a few facts about my situation. Hoping some of you could help guide me in the right direction.

I'm in central Ohio, in a county of ~65k. I'm self employed, so my DTI doesn't show well.

I own 7 rentals (9 units) and have mortgages on 6 of them- totaling $240k. Estimated value of all 7 properties is ~$700k, ranging in price from $90k-$110ish.

My credit scores are 742, 731, & 716 as of a couple weeks ago.

It appears that many private lenders don't have an appetite for houses under $100k of value, unless the total loan exceeds $1m. One lender I spoke to was willing to loan on them, but only up 65% LTV since the home values weren't over $100k. They also had $29k in fees for a 30 year fixed at 5.9% interest. The fees seem excessive, but maybe that's standard for these type of loans?

I'm looking to pull out as much equity as possible to be in a position to purchase one of a few 18-50 unit complexes a partner and I are looking at.

Any insight or suggestions would be appreciated!

Thanks!

@Remington Lyman that’d be great, thanks!

Thanks for the thoughts! Are these available through traditional banks, or are there specific lenders that offer this product?

Hi All!

I'm in central Ohio. Looking for a little advice on the best way to pull around $200-300k of equity out of my rentals to purchase an 18 to 30 unit complex with a partner. I got into rentals about 7 years ago and have done well with the 9 residential units I currently own them. My DTI doesn't show well on paper because I'm self employed and have been spending the last 2 years of time and money leading development of 8 commercial properties in my downtown in a partnership LLC.

The local bank I typically deal with was willing to re-fi my properties which would save me about $700/mo, but wasn't interested in offering a cash out along with that. If I take their re-fi deal, I should be able to use 3 properties as collateral against that, and own 4 properties free and clear.

Any suggestions of where to look for something like this? Do portfolio lenders have appetites for this, or should I explore the world of hard money lenders, or somewhere else?

Thanks!