All Forum Posts by: Issac San Miguel

Should be easy enough to accomplish depending on a few factors.

Fix and Flip is still profitable in Austin, Texas - seeing a lot of deals with 20%-30% (very conservative) cash on cash returns in 120-150 days.

I think the biggest question I would ask right now, or when vetting - is what are the real rates, points, and timeline to close?

I've taken no less than four calls in the last day from folks whose rate jumped a day or two before closing.

 Area is fantastic and both neighbors are in great condition, it is a home run. Have fun!

You will not find what you're looking for, unfortunately.

Cash outs on bridge (where there is no prepayment) are super rare these days, if this is still being offered, I am not aware of it.

Cash out on long term debt is up to 75% with most DSCR lenders right now. But there is a PPP of at least a year. You will pay for it in IR though.

How much do you own on the property?

I saw this deal - I think you could do this rehab for $115,000 - around $75/ft.

If financing the property without the seller, you're likely looking at 20%-25% down with 100% of the rehab funded.

I think your ARV is conservative - which should only help you when the appraisal is completed.

Feel Free to reach out.

I am assuming the income is STR?

Light DOC DSCR will likely give you some credit for that income beyond the 1007 market rent.

Any lender should be able to get this done as an investment in an LLC at 20% - especially with your FICO

 Curious about this - did you ultimately cash out at the 60% or did you shop elsewhere?

What rate did they end up offering at 60%?

Quit claim it to an LLC that your father has an interest in - then refinance it to a bridge w/rehab.

Once rehab complete, refinance it to long term debt.

With the current leverage should be a no brainer for any hard money company.

Assuming a $475k final valuation - you should have enough equity at 75% to pay off off rehab loan and get your father the $50k he needs once cash out refi is complete.