All Forum Posts by: Kate M.

Hello All! Happy New Year to you all!!! I was hoping to get some feedback/advice/planning. Basically, I have a rental property that I am hoping isn't too late to refi (4.62%)... There is a good bit of equity in it. Would it be best to leave the equity in the rental at this point considering the market conditions or shoot for a cash-out refi? The idea was to try and get a new fixer-upper to repair and do BRRR by leveraging the equity in the rental property. Thoughts? Suggestions? Feedback? Any help is greatly appreciated.

Thanks!
   

This is for a short sale which I have under contract.   The terms state I would have the financing within two weeks which will run out end of next week.  I am in the middle of the process of taking out equity in a rental home I have and use that to come to the table for the short sale house. 

The bottom line, the lender who I was working on the refi is falling through and/or not doing what was told and keeps stalling on the dates.  I should mention I am a semi new investor and looking for loans that are no looks or not dependant on W2's.

Could anyone advise on what I could possibly do to save the deal.  There is quite a bit of equity in this short sale home which I dread losing especially due to some of the guidance I received from the parties in play (lender/s and realtor). 

I would be more than willing to provide numbers for further review if/as needed. 

Honestly, I am not even sure of the options at this time.  Just let the contract expire?  Somehow work with a great lendor who can work some magic?  "trade" the deal, go in with someone? 

Any input is greatly appreciated.  At this stage, I've waited for a long time to get through the short sale/bank resolutions and just want to do the right thing and hopefully get something for all the time and effort thus far.

Please let me know if you have any questions or if any additional information is needed...

Many thanks!
   

No, unfortunately, I am trying to figure out how to get this financed some how...  I am getting it at a good price and there is already a good amount of equity there.

Hello

I have three homes...All buy and hold. I am trying to get my next one but having issues on the 4th bringing $ to the table. Could I possibly do a HELOC off my primary? something else? Deal is going to close fairly soon I believe and looking for any and all recommendations on how to continue the deal. Please let me know if I should provide additional details to make it easier on you.

Many Thanks!

Hello all,

I was thinking and looking for a good way to put all your mortgages together in one place and see where you stand on them and the portfolio that you might have.  Ideally synching with the bank/s accounts which hold them.  

Does anyone possibly know if this exists?  I briefly looked through B.P. tools but didn't really see anything which fit great.

ANy help is greatly appreciated...thanks in advance!

Hello,

I am hoping someone may be able to assist in some issues I have going on. Basically, I have a property which is in an LLC. I purchased it as a fixer-upper. I did all the work and now have tenants in there. At this point, I am looking to refi. I've been told the only way to get this refi'd is going commercial loans. So, I have found let's say Vendor A. While what appears to me as being a legit loan ( granted I am probably getting killed in fee's), they just came back and said they can only do the loan for a fraction of what the house has been newly appraised of due to dscr. One other thing to add is that I am currently unemployed with some reserves trying to make this my main gig.

In full disclosure, I bought the place as a bank-owned property for $165K. I put in ~$30K for repairs. The house was newly appraised for $265k.  I get $1800 a month on a two-year lease.  

The intent was to now suck as much cash out to try and do it again.  However, my lender is claiming the dscr exceeded their limits or something.  Basically putting me into an unknown position really...as I am a newbie to this.  I have other properties but this is the first one on the commercial side.

So one of many questions is, do I go with this deal? If so, what about all the equity I am leaving on/in the house? Do I try and find another commercial lender which will go beyond 1.15 DSCR which is what I believe I am at after a special request to the lender. I believe at this rate they bumped the loan amount to $185k.

Is there a better approach/method to this deal?

How do i get all the cash out to rinse and repeat?

Would all this be a non issue if I have a portfolio loan?

Any help is greatly appreciated!

Thanks!!!    

Thank you for your response.  So my best bet would be a commercial loan broker?  could you please possibly point me in the direction of one or two?

thanks!

Hello,

I am looking for some advice and possible contacts. Currently, I have one property in an LLC which was financed as a rehab loan. I have since fixed it up and got tenants in there. I am now currently looking to refi in order to lock in a lower % rate and take some cash out for my next property.

I am having some difficulty in finding a finance company that will offer the LLC a loan. I am currently unemployed and trying to do real estate full time. I do have some cash reserves. I also have two other properties which are not LLC'd currently.

Could anyone possibly provide me some insight on how best to get a loan for this LLC? Contacts for financing or where to look would be great! I was thinking ultimately a portfolio loan but I have 3 single family homes at the moment and was under the impression you need 4?

Any help with this matter would be greatly appreciated.  

Thanks in advance!   

Hello, I am an experienced agent who has taken some time out of the real estate business.  I put my license in escrow but now I've finished my continuing education and I am back in business.  I have a few clients right now but until I get really busy I'd like to offer my services to other agents in my office.  I'll take their clients out on weekends or when their agent is on vacation.  I'll attend their home inspections or write their descriptions for their listings.  I don't want to charge an hourly rate.  I'd rather have a daily rate with a minimum of let's say $500 (for example).  Have you done this in the past?  If so, how much did you charge? Or, if you were the agent hiring a fellow agent to "babysit" your clients, how much did you pay?  Thanks in advance for your help!!