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All Forum Posts by: Ashley Wynn

Ashley Wynn has started 17 posts and replied 60 times.

Post: Any local banks in Birmingham currently doing HELOC despite COVID

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

We just got one through Pentagon Federal Credit Union about 3 weeks ago for one of our rental properties. 80% LTV

Post: VA Owned Property/Foreclosure

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

Thanks for the replies!!

Post: VA Owned Property/Foreclosure

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

Has anyone ever purchased a VA owned property/foreclosure? Pro and cons? Are there restrictions when selling or is it treated like any other foreclosed property? Thanks.

Post: Refinance Question - HELOC - EQUITY - BANKS

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

I just opened a HELOC using PenFed. They will do up to 80% LTV on non-owner occupied investment properties. It was a pretty quick and easy process. I was very satisfied.

Post: Affect on Appraisal having Window AC Units

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

@Greg Scott thanks for the reply. It would be a 5+ unit apartment. We're using the BRRRR strategy so the refinance piece is vital to the appraisal.

Post: Affect on Appraisal having Window AC Units

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

Does anyone have any experience with rehabbing apartments without installing central heating and air? I'm wondering how the appraisal may be affected if there's window units. The area where the property is located have homes with both central and window units just depending on what street you're on. Thanks. 

Post: Fix&Flip into a Long Term Loan

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

Our strategy would be to ensure the purchase and rehab would not exceed 70% of ARV so that there's equity already in the property for the refinance. We've found a few lenders that would do purchase plus rehab but usually around 80% of total cost. We're needing at least 90% for a particular deal we've been eyeing. They also have 20-30 year loans for the refinance so branching out from 1-4 units to commercial loans does't bother us. In fact, that's what we prefer since we will hold these properties in our LLC.

Post: Fix&Flip into a Long Term Loan

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

My husband and I are looking to expand into the multifamily (5+ units) realm of investing utilizing the BRRRR strategy. Has anyone successfully used a fix and flip loan then refinanced into a long term loan? We've searched for hard money lenders and only a few had loan products for purchase plus rehab then refinance. In addition, most required at least 20% down. I've noticed most fix and flip loans would loan up to 90% so would it be feasible to use a fix and flip loan then refinance with another lender to avoid having to put more money down? Thanks for any replies in advance.

Post: Montgomery AL OPEX (yard maintenance included?)

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

We don't provide yard maintenance but we do maintain the yearly termite contract. 

Post: Recommendations for business credit cards

Ashley WynnPosted
  • Rental Property Investor
  • Montgomery, AL
  • Posts 62
  • Votes 17

@Bryce Deeney, thanks!