All Forum Posts by: Joseph Pytcher

Hi,

I am looking for a new mortgage broker.  I am in the middle GA area if that matters.

I have a duplex that we purchased with cash and paid all rehabs out of pocket.  

I've had the property for over a year now.  

ARV is about 170,000.

Looking to cash out about 120,000.  

credit score is 750+

This is in a pretty rural area.

Let me know if you have any other questions.

I seek financing options for the first and third Rs of my first BRRRR project.

I have a 2BR house under contract, and have funds available to close (about $32K).

Of course, the house needs the first R - Rehab.

Is there a lender here who would lend $20K-$25K against a free and clear property for rehab that would raise its value from $34K to $72K (per an appraisal in January)? (My credit score is sub-600; I know that makes it harder.)

After rehab, I anticipate renting it for $1622/month through our county's Section 8 program. After all expenses, I anticipate a monthly NOI of $1275.

That brings us to the third R - Refinance.

Is there a lender here who would make a DSCR loan based on a monthly NOI of $1275? If so, for what amount, and on what terms - especially, with what seasoning requirement? I would need to pay myself back the funds to purchase ($32K) and pay off the rehab financing ($20K-$25K). I would WANT to borrow as much as the property would support, to better position myself for my next deal - I am working toward a $3 million portfolio.

@Joseph Pytcher @Patrick Roberts

ABSOLUTELY! I joined AAPL many years ago and it has been invaluable to me. They offer a lot of education and assistance to their members. The annual conference is wonderful for networking and learning. Highly recommend!

Bobby

@Joseph Pytcher

Joseph - we make loans on rural properties. Will need to get the details and more info from you.

Bobby