All Forum Posts by: Ike Stephens

 Oh wow. That's not good because I was planning on using PenFed for a few of my deals. How'd they find out about the 3 without mortgages?

Ike

Dude! 2.5% is awesome! I'd love to get a rate that low. It's crazy how much it varies based on the area.

I'm not for sure on the market in Boston but I can guarantee you that if you find anyone in Cleveland, OH doing it that low it's either a scam or some poor soul that has no clue what on earth it is they're doing and the entire experience will be a train wreck from hell.

10% is about the best you'll find in this market unless you get 10-15 doors and then the rates may go down but nowhere near that amount.

Excellent write up! I asked this exact question in THIS THREAD but this post answered that question exactly and so much more.

Thanks a million @Andrew Postell!

I found THIS POST by @Andrew Postell which I believe addresses the exact scenario I had posted above. 



 

Nice write up. Thanks for sharing!

My wife and I own a few other business, one of which is an LLC that has a lot of available funds. Would it be possible to basically become my own hard money lender by using funds from the LLC to purchase properties (using BRRRR strategy).

Basically we would take a loan from the company just like we would from an HLM. We'd draw up a loan agreement and everything but it'd save a lot of time and hassle since I'm essentially the one approving the loan to myself. 

We'd proceed through the BRRRR strategy the same as we would if using an HLM.  Rehab the property and refinance ASAP. I'd repay the loan I took from my LLC and then move on to the next property.

The beauty of this is it won't be a hit on my credit so my DTI won't be impacted at all and I can give myself a better interest rate than a HML would.


Would a bank or lender have an issue with the source of funds used to acquire the property when I go to refinance? (I plan to use the DFE.)


Thanks in advance!

 
Even W of 77 (Newburgh Heights area)? I'm not really interested in Slavic Village.

I'm trying to find the most creative solutions possible so I can fund more deals. Here's a possibility I've been pondering.


My wife and I own another company completely unrelated to our real estate business. Through that company I have an unused line of credit of $100,000. I was trying to see if I could use that (along with cash of my own) to purchase a property and rehab it for a long term hold and pull the equity out of it using a delayed finance exception. Probably properties in the 30-60k range (before repairs).

I'm just curious how a lender would view the source of these funds. To be clear, we would be purchasing the property ourselves (not through the LLC) and it would fall under FMFM guidelines etc.


This idea is only half baked right now but I'm trying to find as many solutions as I can. If this is a viable option it would give me more flexibility.


Any comments/concerns/feedback is greatly appreciated! Hopefully I was able to clearly convey the situation. 

 Sounds great! It's a small world!

Hey folks,


We're an out of state investor looking to make some connections in the Cleveland market. Mainly agents and contractors. I think we have a good line on a PM company but that may change as things progress.

We plan to operate on the BRRR strategy and are looking for distressed properties to force equity into through rehabbing. Cash flow is king.

Our areas of interest based on research are: 44109, 44144, 44107, 44105, 44113, 44111 & 44102.  If there's other areas that you think would fit our strategy, please feel free to let us know. We're trying to learn all we can and any advice is greatly appreciated!


We've gained a lot of knowledge through BP already and hopefully soon we can return the favor!