All Forum Posts by: Samuel M.

@Nate Monson ahhh. I got it now. The switch finally turned on lol. Thanks

@Nate Monson @Patrice Penda thank you both. Now here is another question. If for example I took out a purchase-rehab loan for $150k ( $75k purchase price and $75k for repair) and lets say the after repair value is $220k. I understand that if the purchase price was paid all cash how I could get most if not all of my money back with the refinance, but how would I get my money back if it was from a loan? When I refinance isn't the bank just going to the pay the other bank off? How would I get the money to repeat?

Hey everyone. Newbie here. I just wanted to know in regards to the BRRRR strategy when it comes to the refinancing part I am a little confused. Is this only worth doing for cash deals? I feel like if I would do this with a purchase-rehab loan I am going to pay closing cost for the original loan then closing cost again for the refinance and it is possible that the rate might be higher than the original rate. Am I missing something?

Getting a little frustrated. I have spoken with several lenders already ( Local banks, Primelending, movement.com etc...) and what I am pretty much being told is if I do not plan on living in one of the units I will not find a lender. Even if I just plan to purchase a 2 family home with no need for any repairs or construction loan I will not be eligible for a loan unless I plan on living in one of the units. I am being told the only way around this is a Hard Money Loan 

Yes 25% is required either way but they will not do the purchase/rehab if the property is not owner occupied. Is my only choice a HML?

@Matt Caven, @Will McGuire I spoke with a gentleman with primelending but he said that they do not offer purchase/ rehabs for multifamily 4 units or less unless it is owner occupied. 

@Frank Gucciardo Yes I believe they are HML's. looking for banks.

@Will McGuire, @Frank Gucciardo, @Matt Caven thanks guys for your reply. I will definitely look into your suggestions. I called a couple of lenders who said they do offer what I'm looking for but they were asking for 25% down, 3.5 points and interest rates of 10 to 12% which all I thought were quite high. Especially since my credit fico score is in the 800s. In your experience are these normal rates for these kind of loans?  

I am interested in purchasing residential multi-family homes in the Hudson Valley and am looking for homes that are in complete need of rehab. Can anyone recommend any Lenders here in the Hudson Valley region that offers purchase and repair loans?