All Forum Posts by: Lincoln Coverdale

Kevin - those are very different areas, but both draw investors based on their own merit. PM me if you want to discuss further.

Thanks Will.

Thanks Will. I have called and do have a relationship with one already. But because the property is in an LLC it doesn't qualify for any residential loans. Further, I am being told that under new regulation you can no longer take the property out of an LLC to refi and put it back later. Our local banks are requiring 6 months out of an LLC to consider it for residential loans. I'm not willing to risk 6 months of tenant occupancy on my personal finances.

Unfortunately, moving in is not an option. It is rented for another 13 months.

Still looking for any advice or recommendations. Any and all help appreciated.

Thanks for the reply. That's the problem I'm trying to solve, hence the post in the creative financing section.

I am looking for advice on either getting a cash out refi or line of credit on a SFR investment property that I own out right and have 1 year rental history. The house appraised for $65,000 last year and I am only looking for $40K-$50K cash out. I have searched the forums and contacted 10+ lenders both residential and commercial without success. Any help would be appreciated.

Thanks

LC

Kyle Scholnick - I am happy to help with whatever questions you have. I have lived in a Shaker Hts for 25+ years and my wife and I are residential real estate agents. Are you looking at SFR? Buy and Hold? What type of financing? Feel free to respond here or PM me

Christopher Blanco - that is one of the concerns our community has voiced and so far has fallen on deaf ears. The POS system works, when executed correctly. The extra-ordinary conditions Shaker Hts requires has and does have a negative impact on neighborhoods with homes in these conditions.

Christopher Blanco - unfortunately this is an unavoidable situation in Shaker Hts. You can request reinspections along the way and get some money back as you go, but that is how Shaker Hts works. We live and work (as real estate agents) in Shaker and this is a very common concern with investors. Also, don't forget it is 150% of an approved contractors estimate. So you will have to find someone on Shaker Hts' approved list to give you an estimate. This can be challenging, unless you plan to use that contractor to do the work they tend to not want to do estimates for free. Good luck