All Forum Posts by: Darian Richardson

 Thanks for the input Michael, 
We are getting creative on the lending solutions, and making some great progress. 
We are planning to rent out the basement as well, so we are attempting to use that as income to help with the D.T.I. 

 It is a personal preference, this will be my second primary residence and we like the close proximity to the airport. 

 Thank you Lateefah, looking forward to connecting with you!!

Hey Investors,

I’m in the process of purchasing another primary residence in metro atlanta and need some solid teammates to help me navigate this. I’m looking for a lender who can be creative with financing solutions, as my goal is to keep the down payment as low as possible.

I’m self-employed and an investor, so my tax returns from the past few years reflect a strategy focused on minimizing taxes and maximizing legal write-offs. Given this, I’m exploring options like a bank statement loan or other investor-friendly lending solutions that work with my circumstances.

In addition, I’m also looking for an experienced realtor in the Metro Atlanta area who can help me find the right property.

We’re targeting properties in or near the Douglasville area with the following criteria:

• Finished basement with a kitchen, living room, and at least one bedroom

• Garage

• Yard space

• Open-concept design

The location should be west of I-285 and relatively close to the airport.

If you know of any lenders or realtors who can work with investors and self-employed buyers, I’d love to hear your recommendations! Thanks in advance for your help.

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.