All Forum Posts by: Nathan Harden

My advice would be to make your offer contingent on either the property be delivered to you at market value rent or vacant. This will save you a headache in the long run. Let current landlord work with the current tenant and if all goes well, you have a tenant paying market rent when you take possession. If not, then you still win because the unit is vacant and now you can place your own tenant. 

I live about an hour south of Seattle and $50 per sqft for a heavy rehab seems cheap. I invest in Ohio and I have a heavy rehab going on over there right now and the rehab is costing me $40 a sqft. 

Hi Katie,

Not sure where you are located in WA state but I'm from Pierce County and we had our best luck with BECU.

Hey Clayton,

I'm down here in Pierce County so am close to you but not close enough to know what that specific market is doing. The question that I will ask, how close is the triplex to Western University? As for selling the property, it all depends on what your plans are next. If you have a ton of equity in the property and are still wanting to invest, you can always do a 1031 exchange.  

I am from the Seattle area as well and haven't heard of them. 

Isaac,

When it comes to the Tacoma market, it truly varies by street and neighborhood. Don't get me wrong, there are still some really nice parts of Tacoma, as there are in every city/town. You will find cheaper deals in the Tacoma area for the most part, another great area to consider is Puyallup. Very close to Puyallup but a lot more put together. I am local Realtor here in Pierce County and would love to answer any questions that you may have about the area!

Puyallup is a strong market. Close to the freeways, hospitals and public transportation. It's a lot more bang for your buck, also helps that it's Pierce County and not King.

Hey Everyone,

I am trying to get in touch with a Portfolio Lender that will do a cash out refinance on my 3 properties in Ohio. I have exhausted all other options as far as different types of lending that would lend on $75-$85k a door. Looks like I am going to have to bundle multiple properties into one loan, which is fine because it looks like that is my best option to have a chance of getting a cash out refinance on these properties. I have personally never done this type of loan so I was looking for some advice, referrals or any personal experiences would be greatly appreciated. Thank you!

No real way of getting them up to $100k, none of the comps support that high of an ARV. I will look into the portfolio lenders some more, haven't had any luck yet but I will keep trying. Do you have any relationships with portfolio lenders by chance?

Hey everyone! I have run into my first problem as a real estate investor and was wondering if any of you had a possible solution. My wife and I bought our first 3 rental properties, and we are going to BRRRR them. After we do a little bit of rehab on them, they will bring in $900+ a month. The problem is that when I do a CMA on these properties, they ARV will probably be somewhere around $80k, give or take.

My question is that, is it possible to refinance these properties with a low ARV like this? I have contacted multiple DSCR lenders to see if they will refinance these after the seasoning period, but they all want a minimum of $100k a door after the ARV. Is there a way to jumble multiple properties into 1 loan so that it gives the lender more incentive to lend on these? Just trying to figure out how I can get my equity out of these properties so that I am able to keep doing this process over and over. Thank you!