All Forum Posts by: Joshua Joseph

@Michael Glist thanks for this info, I reached out to a local bank today and they told me they might be able to work with me.

@Jason Shackleton Awsome! Yea I need to connect

@Wale Lawal good stuff Wale! You are right. I’m going to have to find you on other social media platforms as I see you are in my market.

@Bruce C. Thanks Bruce! Will do

@Kristopher Kyzar oh wow! Thanks for input. This gives me great hope!

@Lee Hampton Good stuff! Thanks

@Mike Baxter that is a really good way to look at that Mike, I really appreciate that. I know for sure now that I definitely been looking at the bank from the wrong point of view. I will be looking more at the smaller banks in my market

I am a new investor that made some newbie mistakes on my first deal. At this point I'm trying to learn from it and move forward but I have been spinning wheels as of late. I purchased a rental property in a small city outside of Houston Tx using hard money. My rehab is complete and my tenant is lined up but finding a lender that will refinance me has been a struggle. I have this property in a LLC and will need to keep it in a LLC because my DTI is a bit high and my personal name will not qualify for another mortgage. The biggest issue I have been running into is most lenders will not refinance a property with less than 100k balance. Here are my numbers, I know they are not great at all but I'm sure my next deal will be better. Any help or anyone that can point me in the right direction would be greatly appreciated!

96k Purchase price

85k hard money loan balance

120k Appraisal

@Nate Sanow oh wow! That’s a fast turnaround, something I really need. If you don’t mind me asking, what was the price range for 17 windows installed? I’m getting quoted $4,600 for 11 double pane lifetime warranty windows installed. 

@Jonathan R McLaughlin yes it might be the sad reality, I will find out for sure soon. Thanks for input!