All Forum Posts by: David O Smith

I have a property that is free and clear, with no liens. The estimated rehab budget is approximately $40,000. The most recent appraisal values the property at $55,000. I am struggling to find financing for this property and need a rehab loan with reasonable terms. Any suggestions?

1 Vote

Detroit, Michigan

Quote from @Alecia Loveless:

@David O Smith Definitely try for no prepayment penalty.

I just got stuck with a trailing 5 year prepayment penalty on my last conventional mortgage which left a bad taste in my mouth. There were other benefits to the loan and it was more than competitive but I’d rather have that flexibility.

Thanks for the information.

1 Vote

Reno, Nevada

Hi everyone,

I'm currently negotiating a real estate deal and would appreciate some advice on how favorable this offer sounds:

Price: $3,170,000.00
17 units
50% down payment
5% interest rate
Balloon payment in 3 to 5 years
They're open to either interest-only payments or an amortized loan structure

Additionally, I'm trying to secure the best financing option available.

How does this deal compare to the current market? Are there any potential red flags or points I should be cautious about?

Thanks in advance for your insights!

3 Votes

Reno, Nevada

All Forum Posts by: David O Smith

David O Smith has started 2 posts and replied 3 times.

Post: Rehab Loans ?

Post: 50% down at 5% interest with a balloon in 3 to 5 years

Post: 50% down at 5% interest with a balloon in 3 to 5 years