All Forum Posts by: Frank Lewis

Property is located in the heart of the aerospace industry located north of LA. Current tenants work in that field. 4 bed 2 bath. 

Hey Daniel,

I have been doing just what you described in the Antelope Valley and it has been working wonderfully so far. In the short time I have been renting out rooms, (6 months) there has been a high turn over rate, but anytime I put an add up on craigslist I have at least 3 people coming to look at it the same day. Depending on what part of the AV you are looking at, your entire property could be marketed easily. But either way you go should fair well. If you have any questions feel free to reach out!

Thanks for the replies @Chris Mason !! If I remember correctly B2R does have a reasonably short seasoning period compared to most of the lenders that I deal with currently. 

@Jo-Ann Lapin thanks for reaching out! I will be in touch!

Hello BP! I recently spoke to a loan officer at B2R Finance (I believe they have an ad here on BP) and they offer many options for investors. However, they do not finance properties in California. Does anyone know of lenders that focus on investors and service California? Specifically I am looking for a lender that would be able to refinance a rehabbed rental in 90 days. Most places want 6 months to 1 year before they will honor a new appraisal. Thanks!!

Welcome to the forums Quintina! I am also relatively new to forums. I just began House-Hacking in Lancaster. Looking forward to meeting you as well as others investors in the AV!

@Marcus Martinez well good luck to you, definitely look up and explore all possible options. Be sure to post your journey!

@Marcus Martinez Would it be too personal to ask why time isn't on your side? If time is short, than a hard money lender may be your best option. Then you may be able to work on your personal finances and refinance the hard money loan to a conventional loan before any balloon payments (if that is included in your terms. I have heard of some hard money loans that are amortized over 30 years). There are options, you just have to explore them and see what works best for you. Finding a partner is another option, or even wholesaling this property so that you have some cash for your next property.

You may also want to look into other financing options. You mentioned owner-financing, have you looked into hard money lenders to see if that would be an option for you? I would agree with the previous posters that tackling some of your debt is also a great idea.

@Brendan M. Thanks for the reply! I think I will write it up as a projection like you said, and then make adjustments as things become more concrete.