All Forum Posts by: Ben Chung

As-is approx $300k, no payoff, assuming 75% LTV hoping to get 225,000

I have a mixed used property in philadelphia, 1st floor is retail, 2nd floor is a 3/1 apartment. Any recommendations for a cash-out refi lender? The ones I typically use only do residential. 

I'm not sure if this varies state to state, but I'm an investor that primarily works in the greater Philadelphia area. One of the avenues I use to buy properties is through sheriff sale mortgage foreclosure auctions, which require all cash to close. That's a substantial amount of money that you have to tie up into a property. Is it possible to cash-out refinance immediately after closing with the sheriff? I see that many HM lenders require a seasoning period, are there any that don't? Let me know your thoughts BP Community!

I know some people don't like sharing this information, but if you're willing, I'm a real estate investor in philadelphia looking for a good General Contractor. Up until this point I generally just shopped around myself for the right subs, but it's time I pass this on to someone else. I don't work with anything glamorous, most of the houses I buy are in the $150-275k ARV range. So I guess I'm looking for a specific kind of GC that can work with some really old houses in philadelphia without saying this house just needs to be be torn down and rebuilt costing $200k+ in construction costs. Obviously someone trust worthy that doesn't try to bait and switch you, by selling you with a low number knowing full well it's going to cost more. While I'm saying all this, I understand that this is what every real estate investor is looking for. But if you have anyone you know, I'm all ears! If it's anyone good, I can promise A LOT of work coming their way.

Anyone have any good title search companies they'd recommend? I evaluate many properties but when it comes to doing a title search, the companies I use just charge too much. It's inefficient the way I'm doing it. I imagine there may be an internet company that can do this quickly and for cheap. Let me know your thoughts BP community!

@Doug Smith who are these conventional lenders that are doing DSCR's? Do you have any names?

I just found out that in PA it's illegal for a lender to have a DSCR loan under $301k with a prepayment penalty. Since most DSCR lenders require a prepayment penalty it's been difficult to find refinancing options for my rental properties because they are under that $301k loan amount.

So with that said, does anyone know of any DSCR lenders that have lending programs without a prepayment penalty?

What's your opinion on the best Hard Money Lenders for fix and flips? Let's say for a beginner flipper (only 1 completed deal in the last 3 years)

Looking for: Best rates, lowest points, highest ARV LTV, highest LTC, etc

I know many HML have different incentives/perks for more experienced flippers but who do you think is the best for the beginner. (Not first time, just beginner)

I have a SFH rental that I own outright (no mortgage), I want to refinance and cash-out the existing equity in that property. Current tenant's rent is $1200/mo, yr to yr. House is worth approx $150k, and assuming a standard 70-75% LTV would put the loan amount between $105-112k. As a self-employed real estate investor that's taken time off all throughout covid (recently getting back into the game), my income on paper is very minimal. Anyone have any recommendations for the best Cash-out Refi lenders? (Best rates, lowest points, no income verification)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $77,000
Cash invested: $45,000
Sale price: $217,000

Rinse and Repeat