All Forum Posts by: Jestin Sorenson

I've got a four unit apartment building that I would be open to partnering on. I've already rehabbed and rented the property out. Rents are $4,485 per month. I used credit card and personal loans to finance the rehab. Was wondering if someone would be interested in partnering on the property. I'm having trouble refinancing at a reasonable rate and would be open to partnering on the property. I'm not sure what that would look like. I've got over $200,000 in equity in the property and would like to pull the cash out. I cash flow $2,000 a month currently. I would manage the property as I have been. If anyone has a suggestion on how to structure a partnership or would be interested in partnering in a deal like this, feel free to weigh in. I need someone with good enough credit to do a cash out refi and get a good interest rate and low/no origination fees.

My credit score is around 640. I need to do a cash out refinance on a four plex that I renovated. Property value is $500,000. I owe ~290k on it. Looking to do as high cash out refi as possible so that I can pay down the accrued debt. Conventional/commercial would work. I used credit cards and personal loans to finance rehab. Email me jestin dot sorenson at gmail dot com if you have products that would work. TIA

I've got a four unit apartment building that I would be open to partnering on. I've already rehabbed and rented the property out. Rents are $4,485 per month. I used credit card and personal loans to finance the rehab. Was wondering if someone would be interested in partnering on the property. I'm having trouble refinancing at a reasonable rate and would be open to partnering on the property. I'm not sure what that would look like. I've got over $200,000 in equity in the property and would like to pull the cash out. I cash flow $2,000 a month currently. I would manage the property as I have been. If anyone has a suggestion on how to structure a partnership or would be interested in partnering in a deal like this, feel free to weigh in. I need someone with good enough credit to do a cash out refi and get a good interest rate and low/no origination fees.

@Armin Nazarinia I did talk to Tim already. He is more residential, I believe. He could help me out at a higher interest rate, but I'm not desperate at the moment. I'm cash flowing 2000 per month at a 5% interest rate. If I can't find anything, I will try to pay down some of my debt and get my credit score higher.

@Rashad K. PM me some contacts. Always interested in seeing what other people have to offer. Thanks!

@Daniel Kurkowski Thanks Daniel! I'll email you.

@Doran Summers 

@Tarik Turner

Because my credit score is at a 640 currently. Will I be paying more origination fees then if I was a 700 or more? I've heard that you get hammered with this penalty and that penalty and my origination could be 10k. Whereas, if I wait to refinance, I could improve my credit score and my origination could be half as much. I know it will vary from lender to lender how much these fees vary, but does every lender have these fees? How much do the fees vary from lender to lender? Thanks guys! I appreciate all your input!

I'm looking to do a cash out refi on a four plex. I bought under an illegal contract for deed subject to the existing financing. I put $5000 down and put $122k into the property so far. I've converted all the units from 2 to 3 beds. The cash flow currently is $2000 per month. I've accrued quite a bit of debt bringing this property up. I believe it to be worth 480k to 520k. My credit score is low because of the debt. Around 740. Do I have any chance to refi with a 5-6% interest rate and 70% loan to value cash out? Any recommendations for lenders in the twin cities, minnesota? I can't do a residential loan because I don't have the employment history of 2 years. Any help or advice on this would be much appreciated. Thanks

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $170,000
Cash invested: $70,000
Sale price: $325,000

Purchased this property under a contract for deed with $48,000 down and paid off on or before a year later so that we didn't have to pay a hard money lender

What made you interested in investing in this type of deal?

Huge profit margin on this deal.

How did you find this deal and how did you negotiate it?

Direct mail marketing

How did you finance this deal?

Contract for deed. Cash downpayment

How did you add value to the deal?

By putting in over $70,000 in renovation

What was the outcome?

Just listed on the market.

Lessons learned? Challenges?

Went over budget. A lot more costs than anticipated, but we had a huge margin for error as well. Need to estimate costs better next time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

A attorney to draft the contract.

@Andy Mirza 100% correct. I didn't realize that when I wrote this, but have since realized. Thanks for clarifying! Yes, backup strategies include selling off the property after rehab. Essentially a flip and partnering on the deal with someone that will qualify for financing. I currently won't qualify, because I don't have $75k in equity or down payment and I have only been self employed in this industry for less than 6 months. Thanks for replying!

I have a property under contract for $300k. I will be assuming the mortgage of around 274k, and the rest will be under a contract for deed. The title company doesn't seem to be as familiar with these types of transactions. Is it just me or do I need a new title company? I'm a wholesaler and have used them for other transactions. Do anyone know how the assumption of a mortgage would work or how it would play out? I know theres the due on sale clause. I want to put it into a trust. Have the previous owners as the beneficiaries, so if the lender asks to see who the owner is, they can show them that, but I would have another contract assigning the beneficial interest to myself. Any thoughts on this strategy or what to do? It's a deal I don't want to pass up. Im only putting $5k down. The property appraised at $360k in 2015 I believe because the owners refinanced at $288k. I'm assuming that they took out a max of 80% of the value of the property. Another 4 unit a few miles away, in worse condition, sold for $337k, so I know theres some equity in this one already. I haven't done an assumption of a loan before or subject to the existing mortgage. Any help on this would be appreciated!

I've got a 4 plex that I'm trying to figure out the ARV for. I think this project would be perfect for the BRRRR strategy. I'm having trouble finding other comps. There were two 4 plexes sold. One in 2015 and one in 2016, but the market has gotten really hot right now and prices aren't what they used to be. Can I use single family houses and try to do a price per square foot or what is the best approach? Should I use the value of the 4 plexes sold in 2015 and 2016 and add appreciation for the area? How would an appraiser evaluate this property? Any help would be appreciated!