All Forum Posts by: Rob LaRovere

Originally posted by @Jay Hinrichs:

my thoughts are local commercial banks.. or credit unions.  just don't be shocked if they want to see the hud and if you just bought them they will only do a % of what you paid for them.. once you own them a year things get smoother I am thinking

 Ok, sounds good.  Thanks.  

Btw, the Real Dealz episode with Tucker M. sounded good and congrats on your new spot in Vegas.  What made you choose LV instead of Reno?

Originally posted by @Brent Coombs:

@Rob LaRovere, keeping both at this time makes sense to me. First, I suggest: make sure they're both rented! (Once you get the loan, you're still at liberty to sell thereafter, right? If they then call in the loan - so what? It would be very petty of them to call in the whole loan if for example, you later sell just one of the properties. It might pay to establish rapport with Loan Officer/s).

I've heard tell of Lenders who will give less than $50k investment mortgages. Sorry, I don't know which ones, but it might be worth a closer look? Yes, happy holidays!...

 Thanks Brent!

Originally posted by @Jay Hinrichs:

Lenders are out there that do less than 50k  .. however if you just paid 20k your going to be hard pressed to say its worth 50k and take out more than you put in.. you need to own it for a time and probably show some improvements.. cash out refi above basis is very very risky in these low end high risk rental Niche's and lenders know it.

Do you have any suggestions on lenders that do less that 50k that aren't hard money? 

I appreciate the feedback and you bring up a good points.  I am thinking that if I can pull out 25k per property, which would still be below market value, and rent them for 700/mo I would consider that a win.  I would be protected since it would be below market value, I would get a few extra $ to do some minor upgrades (none of the majors need attention), and I would have the opportunity to grow my personal portfolio. What are your thoughts on that for a refi?  Thanks!

Originally posted by @Anthony Walker:

Check with a local Fifth 3rd bank. They gave me a loan on a rental I financed with them for 38k.

 Thanks for the pointer, I will reach out to them!  

Hey BP!

I recently purchased a SFR in Indy with the intention of reselling it; however, I like the pocket it's located in so I am considering making it a personal rental instead.

1. Do you know of any companies that will refi on homes worth <50k? I purchased the home for ~20k, it's value is closer to 40-45k, and it will rent for 700-725/mo.

2. Are there any companies that don't won't require seasoning since I have 100% equity? Is my equity really relevant in this?

3. Do you have any other suggestions that I should consider?

I reached out to Lima One, but it looks like the minimum they lend is 50k. In order to break through the 50k threshold, there is a second house that I am reselling that I am considering keeping instead. The numbers are similar to the property above, therefore I believe it will qualify for Lima One's portfolio loan assuming I meet any season requirements.

Thanks in advance and Happy Holidays!

-Rob

I agree with Frank Grigus Jr . Hop on Airbnb and use the map feature to search the area around your prop.

@jerry shen bitcoin was recently used to buy a house in Austin, TX. Might be worth it to call up the brokerage and find out which title company facilitated the transaction. It does seem like the crypto market would still get rocked if the seller does do a mass conversion though... but, it’s probably a good time to move BTC, considering LTC is where it’s at! ;-) https://www.google.com/amp/s/futurism.com/bitcoin-was-just-used-to-pay-for-a-new-home-in-texas/amp/

Check out Home Advisors.

Originally posted by @Damien Dupee:

@Rob LaRovere Awesomeness!!!!! I will try that out I currently have callrail so all I would have to do is build it out in in podio and set up the automation via globiflow.

 Awesome, then I definitely recommend sticking with Call Rail.  I made an error, it's actually Zapier you need to integrate with podio, but it will be able to automatically track the caller to a campaign based on the call rail number they dial.  Good luck! 

Damien Dupee Vumber might also be a good option for you... I think it’s $9 a month for 2 numbers but it’s possible to integrate with podio. It’s not as “clean” as Call Rail though, but it is cheaper if you’re just getting started.