All Forum Posts by: Eddie Marcano

@Dell Schlabach 

Great Advise. Thanks

@Michael Evans 

Thank you for your response. can you send me some information on this program. You must be talking about hard money. Is this the only way to get financing for flipping or buying properties in need of repairs? Thanks

Hello BP

I have a Question when it comes to purchasing distressed or properties in need of rehab.

We currently own a 5 unit in Schenectady,NY. The property is free and clear. Originally, our first approach was to refinance the property and use the funds to purchase another. Refinancing seem to be the way to go.

My question is: Is hard money or private lenders the only way to purchase properties in need of some rehab or are there any institutions that will lend to ARV with conventional rates?

We want to buy and hold but the area we are interested in the properties are in need of some repairs.

Thank you all in advance.

Hello BP 

I have a Question when it comes to purchasing distressed or properties in need of rehab.

We currently own a 5 unit in Schenectady,NY. The property is free and clear. Originally, our first approach was to refinance the property and use the funds to purchase another. Refinancing seem to be the way to go.

My question is: Is hard money or private lenders the only way to purchase properties in need of some rehab or are there any institutions that will lend to ARV with traditional rates?

Thank you all in advance.

MODERATOR:  REQUESTS FOR LENDERS MUST GO INTO THE MARKETPLACE, NOT HERE.

Thanks @Brandon Turner  i will do that.

@Elizabeth Colegrove 

I understand. Didn't think of it that way because lenders usually charge penalties and fees for balloon and early payments. I will look into it. Thank You. 

@Elizabeth Colegrove 

we are not looking for a 30 year mortgage. we like the idea of owning the properties free and clear. we are looking for around 60k for 10  years , that is resonable for us.  I never thought about a mortgage broker, I will look into that. Thanks.

@Dmitriy Fomichenko  Thanks for the vote and now i know how to bring people into the forum. I'm currently reading the beginner guide and listening to podcast.Thank You.

Elizabeth

Thank you for joining.

We can turn it into a 4 unit if we chose to and a mortgage would give us more leverage but we are still working on our credit. Im not sure i understand the refinancing part. there was no bank financing in the first place. we pay cash, can we go the refinancing route? How would refinancing apply. we can probably go for a HEL OR HELOC, but then they'll be looking for good credit. This is why we are leaning towards private lenders and HML. Thank you for your time.

Gerald

Thank you for your prompt response. When you say in exchange for cash flow, what exactly that consist of, are you saying to offer them part of the rent flow on top of the monthly payments? How do I go about finding a private lender. Thank You.