All Forum Posts by: Elwin Green

I seek financing options for the first and third Rs of my first BRRRR project.

I have a 2BR house under contract, and have funds available to close (about $32K).

Of course, the house needs the first R - Rehab.

Is there a lender here who would lend $20K-$25K against a free and clear property for rehab that would raise its value from $34K to $72K (per an appraisal in January)? (My credit score is sub-600; I know that makes it harder.)

After rehab, I anticipate renting it for $1622/month through our county's Section 8 program. After all expenses, I anticipate a monthly NOI of $1275.

That brings us to the third R - Refinance.

Is there a lender here who would make a DSCR loan based on a monthly NOI of $1275? If so, for what amount, and on what terms - especially, with what seasoning requirement? I would need to pay myself back the funds to purchase ($32K) and pay off the rehab financing ($20K-$25K). I would WANT to borrow as much as the property would support, to better position myself for my next deal - I am working toward a $3 million portfolio.

Thanks for the affirmation. Things will work out better this time bc I'm a different person, differently positioned. The vacant land that I'm looking at for possible development starting in 2026 is in North Versailles. I need to do all the front-end research.

 Thanks!!

 Thanks!!

 I'm an ACRE member, and am enjoying getting to know folks there. Thanks for the invite ; don't know when I'll make it to Morgantown. One thing that I've already learned on my second go-round is not to buy more than an hour away :)    - at least, not yet!

EG

Danke! I have zero connections in NC, but if by chance something emerges, I'll let you know!

Hi, all...

Half a lifetime ago, in the late 80s and early 90s, I took a run at real estate investing. I made enough mistakes to cause enough pain so that I crawled into a corner and curled up in the fetal position for 30 years. Now I'm re-entering the game, with the basic goal of assembling a $3 million portfolio of rental properties, with a focus on midterm rentals. I am also exploring the possibility of developing vacant land. 

I look forward to learning a lot here, and to establishing mutually beneficial relationships with fellow members!

I own a property free and clear, that I want to rent out. First, it needs work. Since there's no income yet, I assume that DSCR financing is out of the question.

It needs about $70k of work to bring it to an ARV of $150k. Is there an equity-based product that I could use to pay for that rehab, with the intent of doing a DSCR once it is rehabbed and rented?

Thanks!

Hi Carlos - is a cash out refi doable with a property that is not yet producing income?