All Forum Posts by: Jim Haney

@Jeffrey Boyce - how about you - were you able to find a direction?

@Luke Terry - I am in the same boat - well, nearing it.  I am rehabbing my 5th and 6th in the Cleveland area and will be hitting the limit.  Have you found anything more on your quest for different financing?

@Keli Coleman - who is Alex mentioned above?

@Andrew Uyghur - how did your auction.com property turn out?

@Carla Hill-Brady - how did your auction.com transaction go?  I'll be going down the same road shortly...

Thanks @Chris Mason - What about this - and maybe I am getting too far ahead of myself... Let's say I get to 10, and then peel 8 of them off into an LLC and get it refinanced into some sort of commercial lending product. If I have to personally guarantee that loan, do those 8 still count as "financed property?"

Could someone help me with the definition of the 10 loan limit? I have a 30-year loan and a HELOC on my primary residence. For my rentals, I have a HELOC on one property that is otherwise paid off, and then three 30-year loans on three other properties. Does that mean that I have 4 loans towards my limit (only the 30-year loans), or 6 (counting the HELOCs) when it comes to getting to the 10 loan limit?

@Sarah Brown - yes, I think that is what I will do

@Andy Webb - I was hoping for it to appraise at $110,000 and it appraised for $77,000.  At 75%, this sets the loan at $57,750.  I am into it for just over $80k and don't want to leave the $22k in it.

@Mike McCarthy - The bank won't allow a second appraisal without cancelling the loan and trying again in a couple weeks.  I have reviewed the appraisal and it SEEMS like the appraiser just chose the worst possible comps!  Not that they were bad - I understand that is how the game is played.  However I had another property appraised in the same week, a half mile away with similar finishes that appraised for $106,000.  I understand that's just the way it goes, I am just trying to figure out my next step.

@Kimberly Smith - thanks - I think that is what I will do too.

@Jason D. - Thanks Jason, I agree.  I am just debating whether to use the same lender.  And I may do that because they already have all of my paperwork.

I am doing a BRRRR and the appraisal came in well below what I think the property is worth. I did the Appraisal Rebuttal and got no movement. My options are 1) to go with the current appraisal and leave more skin in the game than I wanted to, 2) cancel out the loan app and resubmit in a couple weeks or 3) start from scratch with a different lender.

What would you do?

The tenant moved out 6 months ago, I transferred management responsibility to a different property manager, and they still have not closed out my account and sent me the balance.  Terrible...