All Forum Posts by: Miranda Holland

@Allen Collins

There are no seasoning requirements with the loans I offer. After the renovations are complete, you can refi right away. I will like to discuss this with you in more detail

@Jason Capalad

well you can probably get a HELOC on your primary residence and use those funds to upgrade your investment property. There's also the option of getting a hard money loan for rehab only. That's useful if you plan on selling the house after upgrading. If you're holding the property however, you have to determine whether or not hard money loan for upgrades are worth it in this specific situation being that you will likely be refinancing for a higher rate when renovations are done.

@Alexandra Beard

Hi Alexandra. There's very good advice in this thread. But when it comes to sourcing properties, my 2 favorite leads are from probate and code violations. It typically takes more work to get them so there's rarely competition in these areas plus the response rates are higher and sellers are more motivated to sell.

@Tim Callahan

You can save a lot of your personal cash by just using a Private lender for the whole deal. Lenders will do rehab only loans if the deal is profitable enough to give them confidence they're going to get paid. But using all of your cash reduces the strength of the deal from the lenders point of view. I would love to explain this in more detail and break down the numbers for you.

@Olga Kostrova

The interest only is to help investors with smaller payments while renovations are ongoing. After renovations are complete you can find a lender who will refinance the property for a lower interest rate and longer term with no prepayment penalty.

@Samantha Baker

The main factor to consider when applying for hard money is are you dealing with a real company who does business professionally and lawfully. If that's the case, the best way of finding out what your expenses would be is to submit a deal to them and they will draw up a loan estimate. I wouldn't worry too much knowing what every expence would be if it's your first deal because a good company who's open to first time borrowers and new investors will tell you. Private/hard money lenders have systems in place to help you succeed so you don't foreclose on the loan.

Code enforcement definitely asked me why I wanted the list and tried to discourage me from asking.  I told them why and eventually they came around and started being more supportive. That was probably after they called my landlord to find out more about me. It took about a week to get the list. As far as other problems, I'm not sure. I wasn't looking for multifamily properties at the time. Kind of stumbled across them by accident 

Hi Nick. Have you joined the Syracuse REIA?

I know you posted this a while ago. Not sure if you're still interested. But I'm in the Cortland area and I accidentally came across several landlords of student rentals who wanted to sell.  You'll be surprised how many landlords want to get out of the business, sell their properties and move to a warmer climate after last winter.

I went to the code enforcement office and asked for a list of residential properties that had code violations.  I sent letters to all 30 of them.  Most of the people who called were landlords. 

Code violation list was not as easy to get as it should be. They act like they have no clue what you're asking and might even pretend it's harder to get than it is. But with persistence, you'll get it.

Also, people not on the list might want to sell. My own landlord found out I was at the code enforcement office and offered to sell some of his student rentals to me. I suggest you take down all the addresses of the rentals you would like to own, find out the mailing addresses through the tax assessors and mail letters to owners. I believe you'll definitely will get calls.

Hi Greg. I'm in Cortland County.  If I come across something you might be interested in, I'll let you know.