All Forum Posts by: Connor Hibbs

Hi @Ryan Theys,

There are plenty of lenders out there who will be able to help you here. One thing to keep in mind is that the majority of lenders will be basing the loan terms they offer in regard to your experience in the last 3-years. The way that they confirm experience is that you'd need to have your name or the name of an LLC that you belong to on title for when the property was purchased and rehabbed. Unfortunately, having done the rehab work yourself or being a GC doesn't necessarily qualify as experience with lenders, so you'll want to keep that in mind as you get started.

Having said that, if this is your first one with being on title, then you should expect about 75% of the purchase + 100% of the rehab as long as there is decent value added from the rehab work.

If you'd like some rough pricing as an example, I'd be happy to help.

 From there you have a few options. 

1. You'd be able to get some financing for future properties, but would still need a downpayment by using hard money options.

2. You could refinance one of your existing properties with a cash-out refi to get some extra liquidity for future properties.

3. you could use a HELOC for extra cash.

4. I wouldn't recommend this, but you could seek an unsecured loan. This would have a high cost to use but gives you liquidity.

Hi Dennis,

I work with several lenders and would be happy to show you the options that are out there for you. Are you looking to put all of your properties into one portfolio loan and consolidate into one monthly loan payment? Or are you looking to finance them individually to keep a bit more flexibility with your properties?

Hi Ivan,

Ryan Deasy would be able to help you here. I'd be happy to connect you if you're still looking for financing on this one.

I don't believe it would clear it, but you should check with the title company to confirm. This could be something that varies state to state or county to county.

Welcome Scott,

There's a ton of useful resources here on Bigger Pockets from calculators designed to show profit/loss to seasoned investors giving advice. Best of luck with your investing and hopefully you find all of the advice or answers your look for in here!

If they're a cosigner then they'll be on title, and if this is closing under and LLC then they should also be on the operating agreement.

If it's for a rate/term then you should be able to refi out, especially if you did rehab on the property. I know a few lenders that would be able to help here for investment properties.

If you did not do any work on it and just are trying to switch lenders then I'd check to see if you have a prepayment penalty period. you probably still could refi but it may not be worth it in this case.

Hi Raquel,

You should consider closing these as two separate transactions to eliminate a potential partial release fee in the future. You can also utilize a rate/term refinance option which allows for higher LTV typically and can be designed to include the closing costs, so you don't need to go out of pocket at closing.

I'd also highly recommend looking to get your FICO to a 680 as most lenders will adjust terms and rates in intervals of 20's so getting to the 680 mark will help your terms significantly.

Hi Ido,

Welcome to Bigger Pockets. There's lots of tools and experienced people here so if you run into anything there should be an answer somewhere in here.