All Forum Posts by: Robert Rutledge

Got offered a storage facility...16 units with a small 1/1 attached (w/ 2 car garage).
Seller asking $60k, projects ~$1,200/mo. income.

Looking for a lender to cover the highest LTV...longest term...and lowest rate available.

Any unicorns out there tonight??

Open to hearing any creative ideas someone might have to throw my way!

Ended up going with a company called FlipX. 
Things were more good than not, and at the end of the day a good deal got done.
However, the loan officer I worked with moved on, and I'm not likely to revisit the same company again.

 Hi Lydia, thanks for the thoughtful response.
$100k is our MINIMUM purchase price, can go up from there.
I guess what I'm looking for is areas where rehab has the greatest impact on ARV.

I am in a couple markets in the Midwest, as well as Coastal South Carolina.
I personally live in Southern California, so I'm familiar with all of those.

Looking to familiarize myself with any areas outside of those that may provide good opportunity. Also open to any suggestions for the best way to get in touch with good wholesalers.

So I've got a lender who has some great programs to help me get into rehab projects with little down, finance the project, then refi out into a more conventional product afterwards.
I've got great people infrastructure in a couple of markets, and I trust that with the right property I could make all this work with relative ease.

However, the criteria I'm looking for is making property difficult to find...so I figured I'd post on here and see if it shook anything loose.

Purchase Price (min. ~$100k) + Rehab Price = ~70% ARV
(Bonus Points if 1yr. Rent = 10% ARV)

Where are people seeing opportunities like this pop up most frequently?

I'm fairly certain I'm far more likely to find properties that meet this criteria off market rather than MLS...which begs the next question:
What is the best way to find off markets/wholesales in these areas?

I'm spending the week in Tulsa, and trying to multitask my time.

Interested in exploring the area for BRRRR potential.
Any suggestions on contacts to speak with?
Would love to engage with a couple solid realtors who are tuned into the local investment market.

Please PM your suggestions, or feel free to drop in the comments - thanks!

 Original terms were as follows:

Really appreciate the response.
Not having done one of these yet, I don't have great context, so this helps build some confidence.
Thanks!

I've been in touch with a lender for a DSCR cash out throughout the rehab process on a purchase through an LLC.
We are now ready to move forward, but the terms have now changed.
Before proceeding, I wanted to check in on here and see if there's any suggestions of lenders people have had a good experience with.

Details:
- MFH
- Memphis, TN
- DSCR ~1.5
- Est. Appraised Value = $180k

Being offered 70% LTV cash out at 7.5% and 2% origination for 30 year fixed, with a 5yr. prepayment penalty structure.

We have not completed one of these loans yet, so trying to learn as much as I can - any help/insight is greatly appreciated!

I've been in touch with a lender for a DSCR cash out throughout the rehab process on a purchase through an LLC.
We are now ready to move forward, but the terms have now changed.
Before proceeding, I wanted to check in on here and see if there's any suggestions of lenders people have had a good experience with.

Details:
- MFH
- Memphis, TN
- DSCR ~1.5
- Est. Appraised Value = $180k

Being offered 70% LTV cash out at 7.5% and 2% origination for 30 year fixed, with a 5yr. prepayment penalty structure.

We have not completed one of these loans yet, so trying to learn as much as I can - any help/insight is greatly appreciated!