All Forum Posts by: Carl Crump

@Nick Causa. I can speak on the refi part of this question. Are you able to qualify with your taxes? If so there are several conventional lenders that will get you 80% on a cash out. If it has been the 6 months already I would speak with a local broker to the area and let them shop for the higher LTV. There are portfolio lenders and other institutions that will do this. If you need any help or can't find one I can look into it more for you

Good Luck!

Okay that sounds good. Is it just a cash flow program where rent needs to be higher than pitia?  

@Alex Bekeza Do you have to have 12 months rental history?

There are different portfolio lenders that will allow this and ways around it. You can sometimes get some sort of exception. Rates will usually be a little higher. Just have to find a local broker that knows a lender that can get around the seasoning.  

@Amanda G. thank you for your input.  It does not need much work at all but I will add in some cushion for repairs.

You are right about the details as things like taxes, flood zones, etc can kill a deal.  I did some research and got some help form a local agent on all that info.  I put in the offer so I will wait and see...

Thank you for your advice!

@Darren Lenick thank you.  I know there are a lot of good suburbs an areas adjacent to Orlando also.  Then there is Lakeland which is getting a lot of attention lately.  I emailed Russell yesterday and waiting to hear back.

Thank You.

Hello,  @Aaron Goetsch

There are a couple on the list with stricter terms that others. @Jeremy Wheeler I have used corevestbin the past and they worked well.  Keep in mind with these loans they will be 30 yr am but will be 5-10 yr balloons. That is for most loans of this type. 

For corevest the ltv is 75 the occupancy has to be 90% and dscr 1.25 if under $1m and 1.2 if over. 10 yr balloon with I believe 2.5 % pre pay penalty for first 9-9.5 yrs. All these numbers are off the top of my head but are pretty accurate I believe. 

If anyone has questions on portfolios let me know. I am actually working on another one this week in FL. 

I agree with a lot of the others the cash flow seems very high and unreasonable for the price. Also a personal loan would not ruin your credit but is not allowed for down payment when using banks. 

Run numbers and find local investor to help with remaining down payment. If you find a good contact they can help with both numbers and money. Then it can open the doors for future business. If the deal cash flowed that well you could even get a bridge loan and pay it of in a few months. 

 Hi David,

I am interested in investing in Charlotte area from out of state.  I am looking for partners as well as boots on the ground to build a team.

Are you still looking to invest in that area?  Have you Invested since the last post?

Thanks

Thanks for the advice Jefferson! I will get a realtor to help do some more research on the ARV. Also make sure the repairs are accurate. Then go for it if so!

Thank you.