All Forum Posts by: Sohail Kiyani

@Jesse LeBlanc great info. I just purchased a quad where my LLC loaned me the money to purchase and rehab. Soon as I am done with rehab and appraisal comes as expected, I will do a rate and term refi into a conventional Fannie backed loan prior to 6 months. But since I am almost maxed out at 10 conventional loans, I am learning about how to structure future deals that I can refi with companies like Visio etc.

@Terri Wyzkoski if you are more familiar with commercial type loans.  I was told by a lender that if I purchase and rehab with my own cash, I can get back the purchase price + any proven rehab (cost basis).

@Andrew Postell tku for the post.

I'm sorry if this has already been discussed.  If I purchase a duplex for $75K and do $25K rehab after loaning $100k from my llc to myself.  I then try to refi asap.  Lender gets an appraisal to payoff the 100K loan and appraisal is say $120K.  $120K x .70= $84K.  Would the lender go with the lower of 84K?  That wouldn't be enough to payoff the original $100K loan.  Am I missing something? tks  

He was at level one bank but I don’t think he’s there anymore. You can search him on fb Joe Randall. I’m not able to attach his email here which is prob old anyways. 

Did they use the new appraisal instead of lower of purchase price vs appraisal? 

@Trevor Aydelott Huntington bank would not do it since I don’t live in their footprint state. I used Joseph Randall. He does conventional and was great.  

Thank you @Roy Gutierrez

@Account Closed tku for your response.  I am trying to avoid an individual loan from the likes of BOA etc...I was able to find a local lender who will do a portfolio loan with each property being below 50k.  Hoping to close within a month.

I am looking to cash out on 3 SFH in Detroit area. I recently purchased them cash and plan on holding for rental income. It seems like some lenders do not lend in Detroit market. Another hurdle is that each SFR is just below 50K.

My strategy is to reinvest in more rentals in Detroit.  Can someone suggest perhaps a local bank that would do a portfolio loan on all three homes and would refi further additions to the portfolio? tku