All Forum Posts by: Ricky Harris

Thank you all for the input.

It sounds like a rework would be the best course of action.

Thanks, I haven't looked into it. I've had a hard time in the past hard with a second mortgage from a lender if they are in the second position...

We have a multi-family property that we bought in 2019(it's our primary residence) with a private lender(family) 2.74%. 3bdx1.5br(fully renovated), 2bdx1br, converted studio garage(not permitted but fully renovated). We owe $689,000 on the mortgage, we recently had the property assessed, and the number we got back $1.275M-$1.35M(studio counted as office space). Talking to a few realtors and doing our own research that's about spot on.

The property cash flows well. Grossing around $8.5k per month. Netting about $3k

We are trying to get about $100K to renovate the 2bd and do some stuff on another property we just purchased.

The issue is our interest rate and the flexibility with the private loan is something we aren't trying to refi out of. Our credit is in the 620-640 range.

We were thinking a HELOC would be the way to go but I've spoken to a few lenders and none was willing to even look outside of a credit pull or they want to push us into a refi...

Just lost in terms of where to go from here. Do I keep trying different lenders? Do I look at getting some other form of financing for the project?

Any insight would be helpful

@Jaysen Medhurst we've been having some trouble with a HELOC because it's a private loan... Either with the CLTV they are looking at or the cash reserves some places have been requiring.

Hello:

I have closed on a multi-family in San Diego CA in June of 2019.

I got a great deal on the property about $50k below market value.

We used a private money loan at 2.74% (intra-family loan)

We renovated the 3br. Live in the 2br and need to do some more reno to make the studio something I'd be comfortable renting out.

According to comps and our real estate agent, we have a minimum of $100k (def. more just being conservative) in equity and want to use that to really finish the studio the way we want (for Airbnb) and look to invest in another property.

The issues we're bumping into is a cashout refi hasn't worked because lenders haven't been able to even get close to our interest rate (understandable) but also there are very few lenders willing to lend in the second position to an outside loan...

That's the short story If anyone has any ideas we're all ears

Thanks