All Forum Posts by: Erkan Gungor

I bought a 575k four plex here in Tempe Az. Its already in great shape but I am spending 50k to rehab further and realize potential value. Right now I have a hard money loan that funded 460 at closing and is holding 50k of rehab funds in escrow. 

I put down around 120k of my own money, and want to cash out refi as soon and as much as possible. I also currently live near the property and could move into one of the units.

My question is can I refinance the hard money into a personal residence loan right after I am done with rehab? Then can I do a cashout refinance after 6 months at 75% ltv?

Would it be better to not move in and just try and cashout refi immediately as an investor loan and take a 70% ltv cashout?

Thank you for your help. Im flexible on my living situation but just not sure which route would be best.

bought a house with 1800 sq feet 4br 2 bath on MLS and tax records. The garage is enclosed and basically a bedroom, there is HVAC lighting closet , separate door etc, but no window. I want to install a window and have this room permitted as a 5th bedroom. They already count this room in my square footage.

Does anyone know if getting this permitted will allow me to change the listing to a 5br house? Also can they call out other parts of the house for not being to code while they review my addition? Also how is the sq footage determined?, is that done by the latest appraisal, or is that just owner supplied information that always needs to be verified?

thanks so much, these forums have been amazing.

Thanks so much for the advice Kyle. It seems like getting a rate under 5% is going to be impossible and I don't want to be stuck with 11% on a 600k note, the place only brings in 7k best case. Ill try first bank though!

Thank You. If you have any  references for lenders ill take them! 

Thank you. Yes I'm looking for options to get out of the hard money loan. I have 2 houses right now that make about 500 each, one is a vacation rental and the other i live in a unit in the back and rent the other rooms. I have a solid job and have maybe 5k I can save each month. I haven't bought the 7plex yet because I'm worried about getting out of a hard money loan. 

The 7plex makes $4600 a month right now and has around $1000 of monthly expenses. The hard money loan would cost $6500 a month and that would put me in the red quite a bit. The units will all rent for $1000 each after renovation but I still will be in the red. I need a lender to do a refinance at 65% ltv and 4% . Is this possible?

I have a property that I am excited about and I believe will appraise for 1,050,000 after $100k of rehab. I have financing in place but at a high rate of 11%. I will be 750k all in and hopefully this 7plex will appraise at $1 million plus.  

What is the likelihood of a bank refinancing this deal at 75% LTV ? Can someone please recommend a bank to me that can do a reasonable term? its a 7plex in Phoenix and in a ok area.

Any recommendations are appreciated!!