All Forum Posts by: Michael Hayes

Hello all.  Looking for some advice.  I have a prospective house that is currently occupied and cash flowing that I am thinking of purchasing with hard-money.  The thing is, I would want to immediately refinance it for a lower interest rate, and pull out any money that I've put into it (pay off loan, repairs).

The banks that I have called require that rental properties be seasoned, or owned for 6 months if I'm not mistaken, before they will do a refi. Some of the alternative lenders like LimaOne, require a minimum of $45,000 to refi based on 75% or 80% LTV.

The house that I'm interested in has an ARV of around $45,000, but I would not be in it for that much. Less than $30,000. Any suggestions? Any companies that will do an immediate refi of less than $45,000? Thanks for any information.

Rehab deal in Memphis, TN still available!  3160 Standard Dr.  3bd, 1.5ba, 1350sf, brick, covered parking.  Rehab was started but unfinished on the inside.  Needs new roof, cosmetic upgrades, and covered parking needs work done.

Have a look at the link for more details, picture set, and property walkthrough.

http://www.hayesinvestmentdeals.com/#!blank/c1giw

Please call or email me for further questions and offers.

901-830-8468, [email protected]

No problem.  Sending it over to you now.  Thanks.

@Alex Craig hey thanks for the input.  Good to know for future reference in this area from one of the pros.  Do you guys pickup in the area?

3160 Standard Dr. Memphis, Tn 38111

Great deal on a 3bd 1.5ba brick home in Memphis, TN with covered parking. Rehab was started on the interior but unfinished. Investors can collect up to $700 in rent a month. Great ROI. ARV $41k.

For more information and pictures, please visit www.HayesInvestmentDeals.com or give me a call at 1-901-830-8468. 

Thanks,

Michael Hayes

Hayes Investment Deals LLC

[email protected]

@Michael Greene thanks for the response.  I finally got in contact with them and got approved.  That's what was so baffling to me.  I've read so many positive experiences, and even after calling a couple of times, it seems my file was still being pushed to the side.  One of the heads of Lima One saw this post and made everything happen next day.  I'm going to guess the underwriter was just backed-up with work.

Hello everyone.  I'm preparing to pickup some properties for my own portfolio and decided to check with Lima One Capital since it seems like they have a pretty good fix and flip loan program, as well as a great long term hold loan program.  Problem is, they are taking forever to get back to me.  I turned in all of my information to be pre-approved, and I have no doubts that I qualify, but I still haven't heard anything back from the underwriter handling my file, or the loan officer working with me.  I checked with them a couple of times, only to be told they would "get back to me as soon as possible."  It's going on 3 weeks now.  Has anyone else experienced slow turn around with Lima One pre-approval, or is this long wait to be expected.  I'm thinking of just contacting Lendinghome.  They seem to be comparable, but reviews say that they may be slow as well.

Thanks.

Great.  Good to hear it went well.  It becomes second nature after the first deal.

That's just my politically correct response though....I'm all for the building a buyer's list first team though. :) 

@Tracy Caywood to say that someone's methods are "WRONG"... I would disagree.  This is more so an apples and oranges debate.  If you can make money with it, go for it.  To build a buyers list first or to find motivated sellers first depends on how its implemented and how the person makes it work.  Truthfully, both sides have their pros and cons.  @Alex Holt that's just one of those debates you should probably view some forum posts on firsts before jumping in the deep end. Building your buyers list is as simple as contacting some local turnkeys, or networking at your REIA. I respect the negotiating a great deal approach first as well. However, I personally wouldn't jump in the pool if I didn't know how to swim first without a lifeguard around. Again, these are just personal preferences. Money is to be made on both sides.