All Forum Posts by: Hector Lewis

Thank you for responding. I keep going back and forth concerning this property. I kept the rent low because the tenant was there for a long time. Now they have moved out, I put it on the market for what is the market value for a rental.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. This started my thought process that maybe I should sell. Then on the other hand I am worried that I may be leaving some money on the table if the value going to go up in that market.

As for numbers, I currently owe $86,151 on the mortgage, and on Zillow it is listed at $143,600 but the numbers seem to be inflated on that site.

I hope I added a little more clarity, I know that even in this post I am going back and forth.

Thank you.

0 Votes

Jacksonville, Florida

Hello,

My tenant recently moved out of my investment property which is a single-family 3 bed 1 1/2 bath home. There was quite a bit of work to do which I completed. I put it back on the market to rent.

Now I am having second thoughts about renting it back out and now I am thinking about selling it.

I would greatly appreciate your thoughts and insight about these options.

Thanks,

Hector Lewis

1 Vote

Jacksonville, Florida

@Tom Markey

Hi Tom,

As Greg and you agreed with, I will seek the advice of an attorney. It’s also good to know that not one size fits all.

Hector

0 Votes

@Greg Scott

Hi Greg,

Thanks for the advice. I will seek an advice of an attorney.

Hector

0 Votes

Hello,

I am going to start a LLC but I am not sure what state I should 'open' it in. Do I open it in the state of where I live in or in one of the states of one of the properties that I own?

Thanks,

Hector

0 Votes

Quote from @Dennis Muno:

Quote from @Hector Lewis:

Hello,

I found a multi family property that is under $100k. I am already approved for $130k. When I told my lender about the property, they stated they could not finance if it is under $100k.

Does anyone have any suggestions for trying to get this property financed?

Thank you.

Hello Hector, while low purchase price(resulting in low loans) may be a problem, there may be a few local/ national lenders that may be willing to help you. It'd be an issue of finding them. Keep in mind, some lenders may be willing to do this but maybe not in an LLC. Your rate may be slightly higher too because from a lender perspective low loan amounts under 100K could be a little risky especially if it happens that they have to foreclose on.

Hi Dennis,

Thank you for the information. I ended up finding a local lender and I am good to go.

0 Votes

Quote from @Matt Miller:

Hey @Hector Lewis,

I have a DSCR but it also starts at a $75k minimum loan amount.
typically I advise folks that are coming a little less to do a fix & flip, then DSCR cash out at $75k. That way you can acquire, renovate, and either sell off or rent.
the fix & flip is a 90% ltv + 100% renovation.

ex. pp: $72k

Loan 90%ltv: $64,800 + $11k reno= $75,800- that's the minimum loan amount met and we can close. Then you can refinance at $75k in 3 months as long as the ARV is $108k+

Hi Matt,

Thank you for the information. This was really helpful.

0 Votes

Quote from @Nick Rutkowski:

@Hector Lewis

What kind of lender did you use and have you tried the local credit union? I was able to buy a 4 unit for 75k through my credit union in Upstate NY

Hi Nick,

I went through Rocket Mortgage. I am going to go check on the local credit unions.

Thanks,

Hector

0 Votes

Quote from @Ana Kehoe:

Hello! Most of the lenders have a minimum of 50k per door and 100k minimum of as-is value limit for rental purchase. However, you can inquire about a non-DSCR or commercial loan with the higher rate, but 50k minimum loan amount. If property needs a light rehab, fix & flip loan will be a good way to acquire this property since the loan minimum is also 50k.

Hi Ana,

Thank you responding. The property I am looking at is under 100k. Thank you for the information.

0 Votes

Quote from @Trevor Schmitt:

Quote from @Hector Lewis:

Hello,

I found a multi family property that is under $100k. I am already approved for $130k. When I told my lender about the property, they stated they could not finance if it is under $100k.

Does anyone have any suggestions for trying to get this property financed?

Thank you.

Hi Hector, great job finding a potential property!

Start talking to other lenders, plain and simple... you preapproval does not hold you obligated to anything. Talk with local banks, regional banks, credit unions, mortgage brokers, etc... keep having conversations with lenders until someone is willing/able and excited to help you through this exciting journey!

Thank you for the idea. I will reach out to local bank and credit unions.

0 Votes

All Forum Posts by: Hector Lewis

Hector Lewis has started 14 posts and replied 37 times.

Post: Sell or Continuing Renting out Single Family Home

Post: Sell or Continuing Renting out Single Family Home

Post: Starting a LLC but own properties in multiple states

Post: Starting a LLC but own properties in multiple states

Post: Starting a LLC but own properties in multiple states

Post: Lender will not approve purchase due to the price is too low

Post: Lender will not approve purchase due to the price is too low

Post: Lender will not approve purchase due to the price is too low

Post: Lender will not approve purchase due to the price is too low

Post: Lender will not approve purchase due to the price is too low