All Forum Posts by: Dallas Sauer

Is it possible to get a DSCR loan for a SFH that you rent for 1 year and then be able to sell it and take the profit to reinvest?

How do you finance Buy and Hold real estate under $85,000.00? What If I am able to get them tenants stabilize, will they lend for me to renovate them? I've used hard money for larger flips, but for stuff that makes sense for a buy and hold. How do I get the long-term financing and the money to renovate to make Tenant ready? can anyone recommend a lender?

Hi BP!

I have only used hard money 1 time, and don’t remember the specifics of what their requirements were of my personal finances, if any.

I’m curious, how many hard money loans could I take out at a time? For instance… could I fund 10 flips at once if I had the deals lined up?

Thanks!

Hi,

I won a condo at auction. The contract ratification took 4 months,  now it is clear to close. now, I have to purchase it in less than a month. I was told by the Trustee, I could finance the condo instead of buying it with all cash.

However, since this is auction property and doesn't allow someone to do inspection from inside most of the lender are suggesting that get a hard money loan instead of conventional investment loan.

hard money loans are expensive (12% to 13% + origination fees).

Does anyone has done this before with conventional investment loan where you don't do the inside appraisal.

or any recommendations for lender who can help achieve this?

Also, FYI the condo is FHA approved.

I'm trying to get the ball moving a little faster than what it is and with not being able to cash out or Heloc for another 6 months, im wondering if it would be worth it to go to a hard money lender? I only have one property and it's got around 80k in equity that I can't use until mid July but make decent income from that rent, my plan was to use the initial cash out refinance to do a fix and flip or 2 to pay back the refinance and use profits to go towards another rental but the waiting period I feel is making me miss out on a lot of opportunities. Any HML able and willing to lend in VA or anyone with any other ideas?

I recently discussed with a fellow investor who claims he is getting his hard money loans secured for only 10% down. Everywhere I have looked has always been 20% minimum. I didn't dive too much into who he uses as the conversation was brief. Has anyone else done a deal with hard money with only 10% down? If so do you mind sharing who you used? That would be a game changer for future deals for me. 

(spare me the "hard money is dangerous" advice") 

Hi all, 

New investor here with some questions on the refinance portion of the BRRRR strategy. Most banks that carry Fannie/Freddie loans have a seasoning period of 6 months which is a long when you have carrying costs. Any ways around this? I've found a couple of options, but not sure how legit they are:

-Delayed financing prior to 6 months, but only based on purchase price and closing costs, not ARV which isn't ideal.

-Cash out Refi with a private lender who has higher rates/fees

-One of my friends buys a property in the name of his LLC, rehabs it, then sells it to his spouse. Which apparently is a way around the seasoning period

Thoughts? Thanks!

Trying to keep this short and sweet. We were presented with an opportunity to purchase a home direct from seller before his home is foreclosed on. It is set to be taken by the bank on March 7th. We would be getting a 25-30% discount on the purchase compared to what the market value is so we would like to get this done. The home is in good shape and would not necessarily be a good BRRRR because rental comps wouldn't cover the refinanced PITI (plus expenses).

I am looking for advice on how to get this done in a short timeframe. I have reached out to credit unions, "quick" close FHA companies and I am waiting to hear back.

Thanks in advance for the help!