Our firm always liked the area and a value add deal fell into our lap in 2023.

If you can afford to hang on to it, do some value add and be okay with less than ideal cash flow for the first few years, you should still do fine, but most people want that instant cash flow.

Then determine what the properties are currently worth, find out what the after repair value (ARV) could be, and then start getting bids from contractors to do the work. 

Many DSCR lenders are capped at a minimum value of $75k and a minimum loan amount of $55k

Looking forward to both receiving and adding value.

Some lenders can refinance a hard money loan after 3 months of seasoning / waiting and use the new appraised value if the borrower is looking to pull cash out for a new project. 

This preference for city living has fueled demand for urban condos, lofts, and apartments, driving revitalization efforts in downtown areas and contributing to the development of mixed-use communities that combine residential, retail, and commercial spaces.Emphasis on Sustainability and Energy Efficiency: Millennials are more environmentally conscious than previous generations, placing a high value on sustainability, energy efficiency, and eco-friendly features when choosing a home.

Most hard money works like this Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

I designed a 2 bed 1 bath stacked triplex that fits on a 30' wide lot with 3' side yards and we can build it for $174 a sq ft hard cost. we do them where the land is 10% of after repaired asset value which in our market is 50k approx. we study multifamily trends and stay with it.

Hey Everyone,Just wanted to get some feedback from anyone that has used lower.com to get a HELOC - They seem to have good reviews online but wanted to hear from BP folks on their experiences.Thanks!