All Forum Posts by: LaQuinn Bolling

@John Leavelle thanks for your in depth reply!  The situation currently is that we have a contract on a property that is being financed partially by a business partner and I, the remaining amount of the purchase and rehab is to be financed through a private money lender.  The 3 to 6 month refi clock starts right after the closing, so in about a week or so hopefully.  Rehab is estimated to take 30-45 days.  There will be 40k equity in the property once rehab is complete and rented out.  Cash flow is around $300 after expenses.  We've submitted paper work to the bank but haven't received pre-approval yet, due to holidays.  Should get an answer before closing.

@Jaysen Medhurst Thanks for your reply here and sorry for the latency in response.  I think the uncertainty comes from debt to income ratio possibly coming into question.  Have a nice amount student loan debt and personal mortgage.  I've been approved for a larger amount in the past, but just wanted to know if there was any expert advice from someone who wasn't able to refi and what there action steps were thereafter.

Hello BP,

We're in the beginning stages of completing a contract for our first BRRRR deal and have been wondering about ways to protect ourselves in the event we're not able to refinance. We're using private money on the deal so if we're unable to refi within 3-6 months, the lenders could foreclose. What are some exit strategies that you professionals implement?

Thanks,

Quinn

Thank you both for the quick responses and I apologize for the late reply's.  These posts are helpful and I'll make I incorporate both throughout this process.  

Thanks,

Quinn

Hello,

I'm in the process of purchasing my first deal via wholesaler.  The property is a duplex and already has tenants placed.  We'll be doing a walk through today, during this timeframe what are some other questions I should be asking the owner?  Property's income statement?  Full repair list?  Any and all suggestions are welcome.