All Forum Posts by: Elenis Camargo

@Russell Brazil I have one other property with equity but not sure if I would be over leveraging myself if I used the equity of one house and a HML for the same deal...?

@Rich Hupper Yes I've been looking for deals like that as well. Different strategy than this post. Here I was wondering if HML lend on appraisal value or purchase price. It seems to be purchase price only. Unless you know of any that do appraisal value?

Thanks @Tarik Turner !

@Jason D. If you don't mind me asking, they lend you 100% of the renovation costs? Then you refinance the property? I saw you did your first BRRRR in May, congrats!! That's my next goal as well. I live in New York but am originally from Florida and invest in Jacksonville. Haven't been able to find a property that a BRRRR would work for. Do you purchase foreclosures? Or you purchase off the MLS?

Thanks @Rich Hupper !

@Jason D. I've found properties that appraise for higher than the wholesaler is asking, so if the lender did LTV based on appraisal, then I would not have to put anything down. When I called them they said 80% LTV on purchase price so for that I just use a bank with a lower interest rate and do 20% down. Have you found any that would do based on appraisal in Florida?

@Tarik Turner Got it. Have you ever worked with any that focus on appraisal price no matter what the purchase price is?

Hi BP! I called several hard money lenders a few months ago and they all said they would lend 80% LTV but that their LTV is based on purchase price. Listening to BP podcasts and reading Brandon Turner’s book on investing with little to no money, I was under the impression hard money lenders would lend based on appraisal value, not purchase price. Does this not exist anymore? Thanks in advance!

@Brett M. I agree. You'll have to replace it eventually. Imagine the next tenant continues the damage then they get hit with the hole fix charge and complain about it. Better to deal with it now. Good luck!!

That's awesome @Paul Stone !!!