All Forum Posts by: Brian Garrett

@Brian Garrett 8% giving worst case but i believe the rates were between 6%-8% depending on your personal credit. You may want to give them a call and make sure they serve your state as well. 

@Jay Hinrichs @Michaela G. Now that's forward thinking from both you guys. I didn't think that but good points. Ill analyze it from a numbers stand point as far as cash flow and ROI. If it make sense ill weight my option and mybe refi quicker than I expected. Thank you.

 I think they do, but I haven't used them for that, so I don't know. But you'd probably have to put down 25% and that's where you'll be limiting yourself on cash. 

@Brian Garrett I just refinanced some properties with B2r, now Finance of America and while my rate is in the 7-8% range, it allows me to pull out cash, without having to prove my income and keep buying, while the buying is good and keep going.

@Isiah Ferguson

I have just refinanced with B2R, which are now Finance of America. They lend based on assets and their rates are in the 7-8% range.

If you look at the big picture: You can work the next year in a minimum wage job and then refinance your proporty or you can find good enough deals that still give you cash flow after you refinanced at a 7-8% rate and maybe have another 5 or 6 properties in that year that might give you the same cashflow of what the one property without loan would have. 

So, it might be a higher rate, but your cashflow is the same and you now have 5 or 6 appreciating assets, instead of 1 .

@Isiah Ferguson  lima's rate is only too high if you can actually get a loan at a better rate if you cannot.. then at least you have an option to pull cash without waiting you have to analyze lost opportunity costs as it relates to a 5% loan and a 8% loan....

it could be you find a smoking deal and the difference in interest rates are simply the cost of doing business to secure your next great deal.

I'm currently almost in the same siuation as you. I had the funds save up from playing professional sports only for 1 year and released. Initially I was going to banks and trying to get a loan. No bank would give me the loan because l only played for 1 year and I only had 1 year of W2. Most banks reqiure 2 years of W2. I went ahead an cashed out on a duplex for 100k. Probably wasn't the smartest decision but I'm determind to get the ball rolling. I'm looking to refinance to get my cash back out and to start the BRRRR strategy to expand my protfolio. Now, I'm collecting monthly rent for about 7 months up to date and also I started a full time job which is a little above minimum wage, which I've been working for 4 months. Hopefully after 1 year instead of 2 years of working and collecting rent I can refinance, get my cash back at 75% or 80% LTV and start to expand my portfolio. The only other option I knew of was Lima One Captial bank. They will lend to lenders based on their assets they have. Lima One will do a 30Y/F but their interest rates are at 8% in which I asked the BP family and people responded saying that was too high of a rate.

That's what ground floor and others do: They lend on purchase and fix, if your LTV is low enough, so that you don't have to use your cash. And when it's finished you'll refinance and pay off the loan.

What do you think past 2 years of race returns look like? You must have filed and showed something, correct? There has to be some kind of income coming in, and that's what the mortgage broker will ask for (along with other things).

If it's a fixer upper and you're getting a great deal, you could try to go with crowdfunding through Groundfloor or similar platforms. Purchase and fix-up and then you can refinance, while you still have funds in the bank