All Forum Posts by: Matt P.

Hello everyone,

I rehabbed and rented a sfh in WV. I have a signed year lease and now I am looking to cash out refi using the new appraised value. Loan amount will be around 65K. Can anyone recommend a lender for this? Thanks! 

You have water coming in through the basement walls twice in 90 days when it rains heavy and you think that is a minor water issue? Id start with grading out the soil along the house to make sure it is all pitched away from the walls and isn't pooling anywhere. If that fails then you need to have a professional waterproofing outfit come out and dig your outside walls, seal them and install a drain system around your house to move the water away. This will only get worse and will eventually ruin your foundation. 

Nice to see another new poster from Columbus! I am closing on my first investment property Aug 1st. Good luck and let me know if you have any questions or just want to kick some ideas around.

Sorry to hear that man. This guy has been messaging me today about a deal I'm trying to fund. Thanks for the heads up. Good luck getting this resolved. 

Bump

Im in contract for 27K and need to close on or before Aug 1st. My partners and i have funds in our business account for the rehab and holding costs. Just need to get the financing. Plan is refi in a year as ARV will be in the 70s. Rent will be between $775-675 unless we go section 8 which pays $825 a month for a 4 bedroom which is what this is.

I just emailed you Justin.

Hey guys thanks for reading. I have a great deal in the works that i am looking for a lender for. The seller is very motivated and the property is in WV. I will be all in with this deal and it will still be way below 50% LTV after my rehab. The loan amount is going to be in the high twenties with a conservative arv of 73. I have a comprehensive rehab budget that came up with a little less than $3500 to get it ready to rent.

I have funds in place for a 20% down payment and well over 6 months of holding funds as well as the rehab funds. These are all in my bank account and can be verified. I am just having trouble securing the mortgage since it will be around $25/29,000. This is a cant miss if i can get a lender to give me a mortgage.

Exit plan is to rent it and have it refid in a year to pull some equity out to do it again. Rents around the area will support 650/775 and if you go the section 8 route even more.

My question is does the collective knowledge of the biggerpockets community have any suggestions or recommendations of someone you have worked with that would be able to close a deal like this? Thanks again!