All Forum Posts by: Quinton Foster

My partner and I purchased a single family home through our LLC (commercial loan) in October of 2020. At that time, we paid $55k for the home and it appraised for $72k. Since then the market has increased and we put some work into the home. We also own another home that is free and clear of any mortgages. However, this home was appraised in April of 2021 for $60k. Between the two homes, we owe about $36k and they are worth at least $130-140k between the two. Both homes have tenants with 2 year leases with a combined gross income of $2000/month. We have been calling different lenders and are getting very different responses. One lender was not willing to combine the two homes into one mortgage. Another one was willing to combine the two homes into one mortgage but they had a a low LTV of 50%. Does anyone know of any type of Commercial Cashout Refi options? Both homes are in Flint, MI TYIA 

P.S We tried to do this last year and found a lender willing to work with us, but later found out that one of the two homes had to appraise for at least $75k and our appraiser (from a different area) appraised the home for the same value it appraised for at our original time of purchase ($72k). With that being said, we were not able to complete the transaction. Thank you! 

Updated 10 months ago

My partner and I purchased a single family home through our LLC (commercial loan) in October of 2020. At that time, we paid $55k for the home and it appraised for $72k. Since then the market has increased and we put some work into the home. We also own another home that is free and clear of any mortgages. However, this home may be worth about 30k-40k. Between the two homes, we owe about $40k and they are worth at least $100k-110k between the two. Both homes have tenants with 2 year leases with a combined gross income of $2000/month. We have been calling different lenders and are getting very different responses. One lender was not willing to combine the two homes into one mortgage. Another one was willing to combine the two homes into one mortgage but they had an LTV of 50% (which is not worth it to us). Does anyone know of any type of Commercial Cashout Refi options with a higher LTV amount? Thank you in advance!

See I have lived in or around the Flint area all my life and did not know that. That is very good to know! Thanks Brian

Hello BP community, my name is Quinton Foster. I recently got my real estate license after going through a headache when purchasing my first property last year. As they talk about on the podcast, there is a serious need for agents that understand investments, and that is my true passion. I love sharing and showing the power of real estate and setting foundations of lasting wealth. I am eager to meet and talk with all of you about how we can all get better, make a difference in the community and continually learn and change the sad stereotype that our business has to the public eye. So glad to be hear 

I am currently working on a deal with an investor friend of mine. He owns the property out right in Flint, MI near Kettering University. I have not seen the property yet but he has told me that it does need some work. The deal in works would involve me being the project manager ,in turn, I would take half ownership of the property. We would split the cap ex and all the current owner wants is $300/month. Anything over that amount, I get to keep. It has been sitting vacant for a while and with the notorious Flint water issue, there has been problems with vacancy. The water pipe system is being taken care of as we speak. But I am tossing around the idea of converting the property to student housing. Rent per room as opposed to renting the property as a whole. It is within a few blocks of a university and the current rents seem to be hovering around $800 a month for properties up to par. It is a 3 bedroom, but my thought is if I could get at least $300 room I would have a little wiggle room if there is a problem getting tenants. Would love some feedback!