All Forum Posts by: Shaniqua Dupree

Ok so i just finished speaking with a hard money lender and was told that they would fund my rehab of 50k. With 3k down. They will actually give me 90% of 130k (ARV) but i do but need it all. Ill have to pay it back in 6 to 8 months. So what i am thinking is, get the rehab done. Wait the 6 months it takes to get a refinance on the home and refinance when the 6 month wait period is up. Pay back the hard money lender what they let me borrow with the refinance money and now i have a conventional loan for 30 years.

QUESTIONS:

Does this seem like a legit plan? 

will the money most likely be due monthly or all at once?

Is there a way that i could consolidate all of my loans and pay it off over a period of 15 years? 

How can i finance a rental property for 15 to 30 years using a commercial loan or conversational loan?

 No i havent had a change of mind. Just 5hinking if exit strategies. I really really want to keep it but i im not trying to make any dumb mistakes.

I just checked the county records but It  doesn't say. Maybe its on the deed. I definitely keep you posted.

I will definitely speak to some lenders now that this seems like a more permanent deal. Also my exit strategy is to wholesale it. If the bank says yes to my 15k offer that's 15k below the latest asking price of 30k it started out as REO 60k. I should atleast be able to wholesale it for 20k.

Mrs. Lois,

Thanks a lot. I am quite nervous because as someone else mentioned I may not get the financing I need to complete the project. I may have to use a partner or live in it for a while so that I can use a 203k loan or cash out refinance. Ill figure it out prior to closing.  I hope your new search is going well.

 I am not sure what PP means. The house went on the market over 200 days ago and never sold for its asking so i am giving a very very low bid and hopefully snag it. Its a good bit of work required to get it rented out. It needs a new roof or maybe a bit of patch work. Im not sure but i rather replace it than worry later. 

I dont intend on selling it. But renting it. There are homes nearby that rent well and fast. I am not quite understaning number 2. Are you saying spend as little as possible on rehab and just collect rent and pay mortgage? I would take the rest of the refinanced money and put it towards another property. 

I understand number 3 completely. However some things i considered. How much will i spend fixing two different units. Both need new kitchens and bathrooms. If i keep it two units will the tenants complain about the tenants above or below making to much noise. I dont like that possibility at all. I personally dont think that the property is made for two different families but for an exteded family if that makes sense. The area has mostly homeowners and single families. I think a single family home is more appealing.

Here are my thoughts. Am I on the right track? Am i missing anything. Do i need a realtor? I have a title company.

Well i have a plan for this home i want to purchase. I submitted my offer today for 15k and was told that ill get an answer in a day or so.  Its ultimately going to be a rental. I am getting an inspector to look at it tomorrow. If they come back and say that to much is jacked up then i wont get it. If they say that only a few things need to be fixed then ill get it assessed and see how much its worth and then get a few bids for rehab costs. I have until Aug 12th to pay back the 20k with no charge. So if i decide not to get it ill be ok. If the assessment comes back to be above 90k in worth then ill purchase the property and get a refinanced loan and pay back the 20k and use the rest to fix it. Most refinanced loans are 70%-90% of ARV so itll be 60k to 80k they would refinance for me. The county assessment record for 2015 says that the property was assessed for over 100k but i want to be on the safe side and budget low. The property is going to be a rental so i wont need to do much to it. I can even do some things myself. Like painting and laying tile and even putting in floor boards and crown molding. Id give myself a 30k budget but i really dont think ill need that much. Im not trying to be really fancy. The home is in a good area but not amazing. I intend on putting a section 8 renter in there or a tenant who would take a 2 year or more term. The home is a 2 unit home but i want to convert it to a single family because the block is no longer being utilized as multifamily homes. Mostly single family. Its a nice block close to baltimore county line near forest park.

If things seem out of order please let me know. I am pretty excited to have my first rental. Thanks in advance. 

I think the same thing and think it would work if it was an area that was literally next to a block that had good profits. Going somewhere like sandtown to me would not work. Its a block of shells in the middle of a bad area. To bad most if not all of the block of shells are in bad areas. A good location in my opinion would be on broadway the same road as kennedy krieger institute. I think there are actually some shells over there. Its broadway and north ave. Its best to build up the established neighborhood imo and then g ok to the vacan blocks.

Hello everyone,

I am seeking financing for a 2 unit property in baltimore maryland 21216. I contacted the bank about this property and asked in may if they would take 10k they said no so i waited some more and asked if they would take 15k i was then told that he would put in the offer if it was cash. I need the cash asap to put in the offer before it goes to auction. Its more likely for my offer to get accepted prior to auction because it went to auction before and did not sell. I plan on paying off the loan when i refinance. Now im not sure if hard money lenders will go for this because i am not planning to keep the loan for months on end. This will be my first property. I am looking for a win win situation here. No hidden fees, no upfront fees, low interest or flat fee is better. Ive never used hard money before but i know others who have and before we do buisness i will be verifying to see if the info given is correct. Just trying to do things right the first time. Also if there are any other types of financing that may seem like a better fit please let me know. I do plan on getting a personal loan if possible to purchase the property if i can not get anything from here. Thanks in advance.

 I got transferred here for my Job. Im from here originally though. I really miss san diego. It would have been nice to invest there but waaaay to expensive. I am hoping to close on my first deal soon. I was just told that the property im interested in is going to go to auction on the 8th of July so hopefully they accept my offer.