All Forum Posts by: Eric Armstrong

@Chris bounds. Thanks. That info was helpful. 2 questions.....1) can I get a traditional mortgage when I buy a property use private $ (or own funds) to rehab, get a tenant, and then go back to bank and refi? Or do I need to own free and clear? 2) What would be another option I would have if a scenario is that the property cost + rehab cost + interest/points are more than what the bank will refi(more than 75-80%)? I wouldn't have enough to payback investor. I need another option if I can't get the property discounted enough.

I'm interested in learning different ways to fund the purchase of rental properties. The way I'm familiar with is to borrow the entire amount to cover the price of the property and rehab costs. Get the prop ready and rented and after 6 months, go to the bank and get a mortgage and payback the private money investor with the agreed interest. Banks around me are loaning 75-80% LTV. I'm not sure how to handle a situation if when I go to the bank and get the mortgage on the property, the amount I get wont cover the payback amount plus interest? Hence, why I'm looking for other options. Thanks

Eric

What would you do?? Rehabbing a home that is 4 bd 3 ba 1250 sq ft ranch home. Home has finished basement w/out egress that would add about 1000 sq ft living space and additional bedroom but only 1/2 can be counted. Master bedroom is only 12x11ish and bedroom next to it is 8x8. Would you take wall out to make master about 20x11 and drop down to 3bd/3ba or leave as is? If dropped to to a 3/3, not sure if it will appraise for what we are looking to get. Not in budget to add egress.

Much appreciated @Account Closed

Hey Folks- Newer investor from northern DE. Currently have 2 rentals and looking to move into rehab and sell field. Is anyone willing to share an excel type template to use when going through a potential project or something to use to evaluate a deal? I've seen posts on BP that recommend people to go to a "forms" area, but I can't seem that area. Can someone help? Thanks and I hope to build relationships with you.

Eric

Check out DELREIA.com and come to a meeting when ur back in DE.