All Forum Posts by: Erin Francis

@Rik Patel

If this is a long term investment I would replace it. The reason is if you line you are only buying yourself time even that cast iron will cracked and crumble and you will have replace it anyway.

@Jimmy Lieu

I would use a lease from Biggerpockets or it you put your rental on Apartments.com they have a lease that you can use and it is specific to your state laws. If you have any questions let me know I would be happy to help.

@Maricela Chavez

sorry to hear that, try to contact your mortgage company and explain the situation. I now there are a lot of banks offer to waive up to three months payments. It is a shame that governments are doing this to Property investors an landlords, we have families to support also. Good luck.

@Kelsey Mortimore

If you wait to invest when time are hard most banks and lenders are going to be very selective on who they will lend too. If you have no established track record it will be very difficult to convince a lender to work with you. This is coming from a new investor in a time when everyone says money is easy to get right now.

@Alex Bekeza I think I'm going to have to use a commercial loan because my property is in in a LLC.

So I am doing the BRRRR strategy and I was wondering if the seasoning period to refinance only counts to a bank while a tenant is present or if the rehab time counts towards it?

Are there any private money lenders in the St. Louis area doing loans for single-family houses and small multifamily?

Hey Jason sorry to get back to you late. I really appreciate the help, I will definitely give him a call. By the way do you invest in out of state properties?

Hello BP community, I took the 90 day challenge to get a property in 90 days. Well long story short this was back in August and getting an agent and property under contract was easy, but is soon found out that banks do not like to loan on a property that needs rehab. So after having to back out of a deal twice due too financing, I saved up and bought a single family in north St. Louis. What i am looking for now is a good contractor to bring the electric up to code and maybe some of the kitchen remodel. Any recommendations?

Sorry the the late response, this deal fell through and probably for the best. Thanks for the evaluation and being honest about it. I am brand new to investing and there are a lot of expenses that I most likely don't think of, but I appreciate the honest input.