All Forum Posts by: Ryan Sykes

@Will C. Will we need 2 years worth of tax return? Because we wold have that until 2021, however, we out right own the property and its been bringing in $800 per month since MaY 2019.

Greetings All!

My brother and I are 2 weeks away from completely renovating our first rental property in Petersburg, Virginia. What’s even better is that we used our own money so we don’t owe anyone. We suspect from the comps the After Repair Value will be between 60k - 70k and rent between $750-$800 per month.

I am anticipating us being turned down by the banks because of our low personal credit scores, however, i am not giving up hope of being able to refinance our first rental to get another property. Any advice of how we should go about using our property as leverage to get loan despite our credit score/history?

Things to know: my brother own!90% and I own 10% of the company (LLC). Both of our names is on the business bank Account and our total investment was 52k. We bought the property December 2018 and started renovating mid January 2019 (it was down to the studs).

@Tarik Turner what is a stated income loan?

@Beau B. Bray. My brother and I just started our LLC trying to invest in rental properties here in central Virginia. We have saved up over 20k and we can’t even get a line of credit or loan. So i most certainly understand your frustration.

@Brian Pulaski My realtor told me that we would close December 11th on December 10th. I haven’t heard anything from her today. Original closing date was December 7th.

@Wayne Brooks I’m hoping they will accept my off at a lower price since we didn’t close on the date of the contract. I just don’t know when the contract is void since the date has already expired.

@Ronald Starusnak I am buying with an agent.

@Ronald Starusnak I do not have a relationship with the seller.

@Mike DeChristopher My realtor told me we didn’t close because the seller still owed money on the house. Nothing was put in writing nor was there a contract extension or any contingencies.

@Wayne Brooks My realtor told me we didn’t close because the seller still owed money on the house. Nothing was put in writing nor was there a contract extension or any contingencies.