All Forum Posts by: Christine Barker

Thanks Jacob. 

@Jacob Sherman Yes

@Owen Rosen It was dated for today though.

@Owen Rosen Thanks for taking the time to reply. I actually I did call and they said they couldn't tell me anything unless I was added as an authorized user or additional insured.

I have a contractor who is going to be doing demo and Rehab on one of my units. He has given me a copy of his Accord form for his liability insurance but I'm not an authorized user or additional insured.

He is telling me that I am still covered and that he will call the insurance company on speakerphone so that I can verify coverage. He said it will take $30 and 3 days of delay for him to add me which would show down progress.

We finally came to terms at the end of last week so he hasn't had much time to get me added and we were going to go ahead and start asap. I'm skeptical or is this reasonable?

Hi All, 

I'm looking for recommendations for lenders who can do a quick turnaround with no/little early payoff penalty so I can get my contractor on the rehab asap! I would like to get a cash out fix&flip loan on my triplex. I own the multifamily condo building outright. I'm in New Hampshire.

My net worth is pretty good because I own this and another STR condo outright but I'm low on cash flow due to prior rehab and just coming out of the slow season. I'd pay the loan payments with the proceeds if my STR cash flow isn't enough to cover it but just until I can sell each of the units next year.

Thanks for reading my post and any recommendations who you've had good luck with! Christine

Hi, this is my first post. Since we need a creative financing solution for our rehab I figured this is the best place to ask for help. The BP community is always so friendly, generous and helpful!

Following the BRRRR strategy, we're seeking financing for rehabs to our 2 'unicorn' short term rental properties we recently purchased just down the street from my other STR's. Previously, they were low-income rentals but in a prime vacation location on the Lake! Just need updating and adjustments to attract high rate STR guests in the 5 rental units.

When buying these we were initially approved by 3 mortgage co's for conventional mortgages, just to be later rejected because these are multifamily bldgs with land deeded to each bldg while also being within the grounds of the condo assoc. That's what makes them unicorns, so underwriters can't find comps to value it. So, we ended up purchasing one with cash but had time to find a portfolio mtg on the other one. 

How do I "sell" us to a lender for the rehab loan? Is there a specific type of lender I should be looking for considering this type of property? So far those that I've spoken with weren't very encouraging. If all else fails, we'll be able to self-finance the rehab but that's not our first choice.

Any advice is very appreciated! 

Christine