All Forum Posts by: Celso Cardano

I have an off market 3-flat for sale in the booming Austin, Chicago area.

5518 West Augusta Blvd. Chicago, IL, 60651

The property is a fixer. Recently fully vacant and ready to be rehabbed.

Sale Price $255k

Repairs vary on finishes

ARV $510k

Message me if interested, serious buyers only.

Hi, I am also located in the San Fernando Valley and would like to connect. Pls reach out to me, thanks...

I have a property rented close by and have an ADU on its way. I tested the market by putting an ad to see if there would be any interest and I got a ton of inquires.

Yes, it is a 8-unit mixed use property in Tucson, AZ.

Hi, looking to do a Cash Out Refinance for a Mixed Use property in Arizona.  I would like a low interest rate and fixed loan to hold for 5-15 years.  Please PM if you can recommend a lending program to assist us.

Thanks...

Hi BP,

I am looking to do a cash out refinance for a Mixed-Use property in Arizona.  It is 100% rented and we have owned it for over 12 months.  If anyone has completed something similar, can you please refer me to the any local banks, lenders and/or mortgage brokers who can get it done?

Thanks...

Large institutional banks like Wells Fargo require the property to be seasoned for 12 months because when they underwrite the loan, they have to establish its value with an appraisal. If the property is seasoned for 12 months or more than the appraiser can use the new value that the property is producing. If the property is not seasoned for 12 months, the appraiser will use the value of the property when you purchased it.

For more clarity, if you are looking for a "cash out" refinance, a bank like Wells Fargo requires the 12 months seasoning.  If it's less than 12 months they can refinance up to your purchase price only.

There are many other local credit unions or small financial institutions who can do it without the long seasoning...

Hello fellow BP's I am currently seeking a private money partner to finance a portion of the rehab. The property is already purchased and we are midway thru completing our rehab.

Once fully rehabbed and rented, the property will bring in $6,000 per month. This would be more than enough to cover your investments payments and the expenses of the property.

This is short term financing for 30K at 15% interest only payments. I will have the ability to refinance in 6 months. Or if you prefer more payments, we can do a cash out refinance in 12 months.

We have a 10-unit apartment in Albuquerque New Mexico. Total cost into it is $300k, we are looking to refinance it for $450k. We will be able to start renting the units in 2-3 weeks.

PM me if interested. I can provide the property analysis upon request. Thank you in advance for taking the time to view this posting.

Respectfully,

CEL