Do you lend 150% of appraised value?

I'm particularly passionate about Creative Financing with $0 cash.Outside of real estate, I am a Certified Real Estate Appraiser and I enjoy cooking, travel, and water sports.Excited to learn and connect with you all!

The same tenant is still in it and has paid over $70,000 in rent and the property appraised at $105,000 this year.

Some DSCR lenders will allow the proposed income to qualify, but needs to be able to pass an appraisal.

But the language they used is “ The current tenant leaves on 7/31 so closing can happen on 8/7 or later…” I prefer to close towards the end of August so I can get inspections and then appraisal in that order.” 

The unit is now considered non habitable and will pass a FHA appraisal. 

More issues arising with insurance, underwriting, appraisals, and more.

At the very least, you’ll have a point of contact lined up to contact when you’re wrapping up the rehab and ready to start the refinance.In order to use your appraised value, there are lenders with requirements ranging from ‘no seasoning’ to 6-month seasoning.

I actually just did a dscr loan to pay off the hard money I borrowed on the second property (where we live and rent the actual house) I estimate the appraisal to come in around $215-280K which if I were to take out 80% would barley give me enough to buy anything in the FL market and have cash left over for renovations.Not sure if im missing a step here or if it might be best to buy an auction home with that cash to flip and have more capital to have more deal options. 

Issue is I have property actively leased at $1500 but appraisal came in with $1215 because they said they couldn’t find any good comps.