All Forum Posts by: Andrew Garcia

Hi @Nicole Romain, if they have an NMLS identification lender, they are licensed to lend. That is the easiest way to tell if a lender is legitimate. However, many hard and private money lenders are not licensed so it can be tough.

You can look up their reviews online. You can ask for references. You can do other suggestions from this thread.

Hope this helps! Let me know if I can be of any assistance.

Hi @Steven Brown, I know a great HELOC lender. Myself!

Feel free to shoot me a message with a bit more information to discuss your scenario in more detail.

Hi @Emon Thompson, I would refinance the house to rent. You still capture the upside potential of this hot market while possibly cash flowing. You also save $1,700 a month.

Since you say that you plan on holding the property in the future, I would refinance now and take part in all the upsides of REI.

Then, when the next recession inevitably comes, rates will drop and you can refinance into a lower rate.

Hope this helps! Let me know if I can be of any assistance.

Hi @Christine I., it really comes down to what you would put the proceeds into. 

If you are going to buy another condo at a similar price point with similar rent, it does not make sense since you are paying selling fees and closing costs.

If you are going to buy a single-family home without an HOA that rents for a similar amount and costs approximately the same, it could be worth it.

Alternatively, you could take out some of your equity and do both. You can get a HELOC or do a cash-out refinance to access some of the equity and use that as a down payment on a new investment property.

HI @Jonathan Davis, welcome to the community! If you have any questions about lending or financing, feel free to message me.

Always happy to help!

@James Maguire, I do! I have a program for ITIN borrowers. Shoot me a message and we can discuss further details in private.

Hi @Jordan Ray, you are correct in that you cannot refinance the ADU itself.

However, you can refinance the entire property. At that point, you run into the issue of getting a higher rate. 

The best way that I can see you doing it is to HELOC and then do a HELOAN at the end. It would be a fully amortizing, fixed-rate second lien that does not pay off the first lien so you keep the low rate. Granted, you would need enough equity for this.

That would be my suggestion. Let me know if I can be of any assistance.

Hi @Teddy Smith, the subdivision could be a costly and time-consuming practice. Especially if the area is not zoned for multi-family.

If you were to do it, the conventional for the triplex and Fannie Mae Homestyle would be a great way to get the garage apartment completed. Those loans do come with higher rates so be aware of that.

Hey @Jordan Scroggins, welcome to the community! Richmond is a great area that is starting to gain some more traction with investors. You are in the right place!

Let me know if I can ever be of assistance to you.

Hi @Michelle Dong, congratulations on getting into commercial real estate! I am sure the BP community can help you out!