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All Forum Posts by: Wesley Weber

Wesley Weber has started 21 posts and replied 49 times.

Post: Looking for refinancing for fix and hold rentals

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3
Originally posted by @Joe Kim:

Hi Wesley,

I'm more than happy to go over our financing options with you.  I have all conventional loans, Non-QM, and HMLs.  As long as we do 300 deals over the next 6 months, my company should easily be able to handle.  If you like I can PM you my information.

 Hey Joe, 300 separate deals in the next 6 months is out of my wheelhouse. Maybe one day!

Post: Looking for refinancing for fix and hold rentals

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3
Originally posted by @Stephanie P.:

@Wesley Weber

Give us a call.  We'd love to do the end financing for your projects.  

  • No income verification.
  • No seasoning on title.
  • Values based on appraised value
  • No seasoning on down payment funds (only source)
  • Minimum middle score of 650
  • 30 year amortizations for better cash flow

Stephanie

 Can you send me a message or request? I'd like to connect with you on this.

Post: Looking for refinancing for fix and hold rentals

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3

I'm looking for a long term lender that i can do a number of deals with ranging between 150-300

Post: Looking for refinancing for fix and hold rentals

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3

I'm looking for more traditional financing for fix and hold properties that are already rented.

Im Looking at 80% LTV, cashout the rest, based on appraisal value.

Would love to chat with you if you have private or conventional financing options for this. 

Post: Looking to network with Tampa area Wholesalers

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3

We are looking to network with Tampa area Wholesalers. Would love to chat!

will portfolio lenders lend up to 80% appraised value? Are there any lenders that can chime in that deal with refinancing flips?

Yes I am trying to line up everything before hand, determining the best lender for my refinance if I decide to buy and hold it.

Originally posted by @Christopher Phillips:

@Wesley Weber

In general, expect up to 75% LTV cash-out refinance. Especially for non owner occupied rentals.

You "might" be able to find a lender that will accept a signed lease to include the rental income in the DTI calculation. They will assume 75% of the rental income towards the DTI, assuming 25% goes towards expenses. I say "might" because it depends on the lender. Most will want two years of steady rental income on tax returns before including any rental income in the calculation. So, you'll have to shop around.

If you use financing to buy and rehab the property, some lenders will want 6-12 months seasoning before doing the cash out refinance. If you buy with cash there shouldn't be any seasoning, but each lender might be different.

Ideally, you should have all this organized before buying anything.

I'm coming around to the idea of BRRRR instead of fix and flip. Have some questions about what to expect on the refinance side.

What is a typical max ltv based on appraisal value after rehab? 

Is conventional refinancing or private financing/portfolio lending a better option if we have a higher DTI ratio initially? Does this change if the property is rented pre refinance (meaning they include my income in my DTI).

Any additional information on the refinance part of this process would be helpful!

Post: Looking for Join Venture Partners for fix & flip projects

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3

I'm looking for a partner(s) for joint venture partnership flipping houses in the Tampa area. 

What we are looking for in a JV partner in financial backing.

We would find the property, put up 10-20% of the purchase price and rehab cost and manage the rehab. The partner would fund the remainder of the deal and carry costs. Profits on sale are split 50/50.

We have experience In rehabs and I am a licensed real estate agent.

Title would be held in all of names of parties involved or we can form a corporation together and purchase the homes through the corporation. We are only interested in deals with atleasy 65% ARV and want to so a minimum of 10 deals a year.

Would love to chat with you to discuss all of the terms details and options!

Post: Looking for private/hard money lender for fix and flips

Wesley WeberPosted
  • New Port Richey, FL
  • Posts 51
  • Votes 3

First some background, I'm a licensed real estate agent, I have experience In multiple phases of construction and have completed a few fix and flips. I have a background in the mortgage industry. I have a great team of people that find and rehab properties. We have been using conventional financing and it's no longer working for us.

We are looking to start working with private money or hard money capital companies. If you are a lender/individual we would love to chat with you to hear about your programs and offers. We are based in the Tampa area. Right now we are looking at 6-10 deals a year, it doesn't matter to us if it's with multiple lenders or the same lender.

We would love to hear from you with your products or offer. We are looking to build long term partners. 

Any recommendations from companies not on here but recommended are also greatly appreciated!