All Forum Posts by: Darian Richardson

Thanks everyone for the recommendations and pointers.

Update, shortly after this post, an offer was submitted, and accepted. The house is now sold!!!

@Devin Peterson and @Andrew Zamboroski, good points, I did not know that. I'll make sure I make this adjustment.

Hey @Jay Hurst, thanks for the input, if you know any, feel free to share. 

Hey Bp,

I wanted to share my situation with the hope of recommendations or suggestions. I currently have a home in Augusta, Ga listed for sale. Originally this was supposed to be fix and flip, but I am pivoting this to a BRRRR. I am planning to rent out the home refinance, and pull out some of my cash from the deal.

I am looking for a 80% DSCR LTV loan for this deal.

Here is some quick stats of the deal: 

Purchase Date August 11th, 2023 
Purchase Price: 80K
Renovation Cost: 60K
All - In : 140K
Estimated ARV: 180k
Estimated Rental Rate: $1,400 - $1,600
Current Loan Balance: $111,000

My Stats:
- 720 + credit score

Here is a link to the property for more information. 
https://www.zillow.com/homedetails/2730-Antler-Dr-W-Augusta-...

Does anyone know any lenders or small banks in the area that will lend up to that LTV for a cash-out refi?

Following up to this a few later to my younger self, and if anyone else is ever in this situation. Here's what happened:

The duplex appraised for 360k, and I was able to pull out roughly 90k of equity. I raised the rent at the duplex ( each side) to cover the increase in the monthly mortgage. 

I used that 90k to purchase a 4 unit property in Augusta. The loan product that was the solution was a hard money loan for the acquisition and DSCR loan for the refi.

@Brenden Mitchum , that would be huge, ill reach out asap. 

Does anyone have any recommendations for an Atlanta-based attorney that has experience setting up partnerships?

Understood, it seems like all signs are pointing to Non- Qualifying Loan products. There are a few loan products and lenders that offer them. I am speaking with a few lenders and the terms seem very straightforward. A 20% down payment if purchasing, on average 75% to 25% LTV for a re-fi, with a prepayment penalty for at least 3 years for refinancing. Still in the early stages but planning to get started with the process after comparing different offers.

Thanks, for the suggestions @Nicole Heasley Beitenman 

@Nicole Heasley Beitenman Thanks for letting me know. I read through your post, and how did things turn out for you? 

Were you able to move forward with a portfolio loan? 

Hey BP,

I am in the early stages of preparing/planning for my 3rd property to purchase in Q1 in 2022. I plan to cash out Re-Fi my duplex; currently, I owe 159k with an estimated appraisal amount of 290k. I plan to use the cash-out refi capital for a down payment for another property in metro Atlanta. 

I am facing one hiccup that slows me from refinancing. In 2020 I became debt-free and decided to leave my W-2 job and work for myself. This was a significant goal of mine, especially since financial freedom is at the forefront of it all.

However, I am noticing that finding a lender that will refinance my properties in my situation is hard to find.

Has anyone ever faced a situation similar to this, and how did you overcome to refi or purchase a property?

Also, many online resources have pointed me to "asset-based loans," and " portfolio lending," Has anyone ever dealt with any of these loan products, and what companies do you recommend?

Thank you,