All Forum Posts by: Ashley Cross

Congrats on getting through! Renovations have been tough for everyone but it's always a learning lesson. 

I may be bias because I've been doing so many construction projects that have been a headache but I would buy elsewhere. Material and labor is going up so rapidly and you can get a price one week and next week it could be higher. I'm not familiar with the San Fran area but I'm sure the prices for everything is at the top of the market. Maybe you should consider investing out of state where you can get something relatively turnkey that cashflows. 

We lend in WV, VA, KY, IN, PA, CO, FL, and MI

It shouldn't be an issue if you are a full-time employee and you have the license to show you completed your education.

I'm a conventional lender that lends down to $30k. I work with a team so we have the ability to turn a lot of loans in a month. With smaller loans we are capped at the amount of fees we can charge for conventional financing. My thought is we're building a long term relationship and I'd hope to get you to a place we're you'll be purchasing bigger properties with higher loan amounts. 

Your question depends on the ARV which will be determined by an appraisal. You can work with your real estate agent to get comps to estimate what your ARV will be. Honestly, even with good comps you never know how things will look in the future when its time to do a cash-out refi.

A line of credit is a great tool. With hard money you can use an unsecured line of credit for the down payment unlike conventional loans. Of course, make sure you are running your numbers so you aren't over leveraged. It's a tough market and rehabs are getting more expense. Also, make sure you are sure of the comps for the refinance and you know you'll be able to qualify for the refinance. 

I definitely agree with @Todd Rasmussen. Continue to network and meet up. You'll get a lot of insight from people that are investing and some that are in the same space as you. Also, try to get a mentor. Maybe helping someone with their real estate investing can help you learn some new things in the process. 

You'd have to run the numbers to ensure this is worth it. Your maxed out at 75% LTV for cash-out refinances of a single family investment property, if you are looking for conventional financing. If you find a portfolio lender maybe you can go up to 80%. Either way your rate will be higher and you'd be paying fees but you may be able to pull out your entire down payment.

Try commercial financing. The DSCR program focuses on the performance of the property. If worse comes to worse and the numbers don't work with the high financing costs associated with commercial financing you could sell.