All Forum Posts by: ShaRae Kalian

I truly appreciate all of the valuable insights! To address some of the questions, we have a 750+ credit score, the original payoff amount is $301,000, and the 2k a month is the projected rent. Based on the collective feedback, selling may be the best course of action. We’ve relisted the home at the appraised value of $385,000—while we may not walk away with a significant profit, at least it prevents further financial strain. Again, thank you all for your guidance!

Hi everyone,

We’re facing a tough decision with our investment property in Chandler, AZ, and would love some insight from experienced investors.

Here’s our situation:

• Purchased with a Hard Money Loan – Current balance: $300,000
• Recent Appraisal: $385,000
• Already Invested: $97,000 in renovations
• Rent: $2,000/month, which isn’t covering refinance requirements
• Refinance Roadblock: A DSCR lender is requiring $34,000 cash to close to refinance.
• Listing for Sale: We’ve relisted at $385,000, hoping to exit cleanly.

Our Dilemma:

• Should we keep pushing for a refinance with another DSCR lender or sell and move on?
• Are there any alternative financing options (private lenders, or portfolio loans) that might work better?
• What’s the best way to attract buyers quickly without losing more money if we sell?

And yes, we recognize that our rehab decisions may not have been ideal - our initial intent was to sell the home, and not rent - so we kindly ask for constructive advice only. 

We appreciate any advice, especially from those who’ve been in a similar situation!

Thanks in advance!

ShaRae K.