All Forum Posts by: Jeffrey De Los Santos

@Dan Gamache I'm about 80% sure. Thats what the appraisal come up to, but I have a 3br but they put it as a 2br on the appraisal.

@Dennis Wasilewski so I can get this loan on a rental property? I thought those loans were only for primary homes?

@Tom S. Thanks Tom

Hi,

I am on my first investment property and am almost ready to have it fully rehabbed to then lease it to a tenant. I am trying to do the BRRRR strategy with this property so at this point, I am looking for a local bank to refi the property with. However, I have 2 issues:

1. I haven't been employed in 6 months, so I'm currently driving for Uber.

2. This home appraises for about $65k, so the loan would be about $50k, which is less then what alot of bank lend out for.

I am wondering if I can refi this property and if so, what bank should I use to do a refi. I've been calling local banks, but they all keep telling me no, because of my current employment status.

Please help!!!

@Mark Durham Hi Mark, thanks for your response. Would you be able to explain how to structure a private money deal? How much is someone typically charged and is it amoritized?

Hi, my name is Jeffrey. I am a new investor. I just closed on my first door and am already looking for another deal.

My first deal I did it with creative financing, so I'm looking to do the same on my second deal. However, I would like to use private money this time around.

My question is, if I do find a family member or friend that is willing to loan me the money, hoe do I go about setting up the financing? Do I write up a contract and have the person sign it? And if so, is there a standard contract im able to use for this kind of financing?

Your answers are greatly appreciated!!