All Forum Posts by: Antwan Smith

Do any one know in good source to get unsecured business line of credit. Newly formed LLC need quick cash and don't want to use hardmoney lenders to get into deals. FICo 738

It is in MD, paid $230 comps at 305k loan balance at 197k

I haven't thought about asking for a rate adjustment. That wouldn't throw up a red flag to the bank and force a due on sales clause? If I sell for cash is it best to sell on my own or use a realtor and should I offer at a discount to get cash in this market.

Is it possible to refi a sub-2 property and if so does putting it back on the market with seller finance a good ideal. The sub-2 is about to adjust to 9.25% from 6.25%, I've just purchased last night, the home has approx 160k of equity. Is there a seasoning period to refi a home to get ARV or will I only get actual sells amount. I would try to fix and flip but there is a lot of comp homes in area right now but none seem to be offering any creative financing. I figure offering a owner financing would give me an advantage. I would also like to pull some cash out of the refi, mainly the amount I have invested in the purchase. Any suggestion will be greatly appreciated.

Purchasing an investment home using Home equity loan obtained from my primary residence, does that give me clear title. If so could I open an equity line of credit with the newly purchased investment property.

Yes, you are correct with the numbers. The home only need paint and kitchen and bath upgrades. My contractor said they could get it done within 30 days. The floors are relatively new and in good condition, unfortunatley the owner put in dark blue carpet. I got this property from another investor with a 17.5k assignment fee and the 20k due to owner is not due until 48 months.

Thanks in advance,

I have a townhome that I am buying Sub2 with $1450 PITI loan balance of 190k I have it contracted for 240K, 30k to seller up front and 20k whenever I sell. The ARV is 359k (with about 10-12k fixup cost) and homes are on the mkt in this location btw 30-40 days. I am considering all options such as possible offering seller financing (but I am not sure how that works as far as what to charge), lease options, or rental which I can get about 1800 per month. If anyone could give me a little direction on what to do with this deal or have other options please let me know. I am schedule to close Dec 27.

Thanks,

Antwan

I have a Sub-2 deal that requires a lot of upfront money to get into. I have the captial however, I don't want to tie all of my money up in this one deal. The deal is worth while with at least $80k of equity. $30k to seller, $7500 for transfer taxes/settlement fees, assignment fee 17.5k, approx 12k on fix up. PITI is $1450 per month and rent for the area is about $1800. My question is what are some of the option due I have to come up with at least a portion of the money without tapping my well dry.

Thanks,

Antwan

I have come across 3 houses on 1 lot listed for 209k approx 69k per house. I pull up the tax value for each they are worth about 95k no comps listed for the area. However it is in an up and coming location where the city is revitalizing the area. My question is how will the bank look at this deal. One loan or three different? I will rent these properties.

Thanks,

Antwan

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http://forums.biggerpockets.com/viewtopic.php?p=40644&highlight=#40644
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