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Refinanace after purchase

Posted on: Tue, 02/01/2011 - 01:02
Refinanace after purchase

Hello - I am just starting in the REI and have found a property in Austin, TX (bank foreclosure -Fannie Mae) - property tax roll is at 161 and I'm purchasing for 117.5 - property appraised at 157.5 - used hard money w/a private investor for down. I have a prospective tenant for a year and want to sell property after the year. I would like to refinance property after closing for 137.5 - (credit is poor)- where do I start looking for lenders to be able to do this? Any help would be greatly appreciated.

thanks in advance - Oscar

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Posted on: Tue, 02/01/2011 - 01:23 #1
refi

did you ever find someone to refi your property


Posted on: Tue, 02/01/2011 - 01:27 #2
Refinance

I would start with the smaller local banks and credit unions. They would be the best for a no title seasoning refinance. Talk to as many as possible to see what options they would have for you.

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Posted on: Tue, 02/01/2011 - 01:48 #3
austin...

what a great place!

Oscar,

I think that you are going to have to do some searching due to poor credit...

Have your thought of putting property in an LLC, and try to get finance for the LLC instead of your own?

Wishing you great success,

Valerie

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Posted on: Tue, 02/01/2011 - 03:43 #4
No not yet - haven't

No not yet - haven't refinanced

Thank you all for your help - you guys really make. Starting out very doable!!!


Posted on: Wed, 02/02/2011 - 01:27 #5
thank you

I want to thank those of you who provided suggestions - I believe that I found someone to purchase the property for 141k - this really works - you just need to get out there and get motivated and put thought into action and make sure you have a good team in place.

thanks again,

Oscar


Posted on: Wed, 02/02/2011 - 01:48 #6
Oscar

Assign it if you already have the buyer then you won't need to put it in your name. Get your assignment fee and move on to the next. Great job keep it up.

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Posted on: Fri, 02/18/2011 - 02:32 #7
Personal credit vs. LLC

Thanks for the post Oscar.

I have a similar question as to getting a refi to pay off a HML. I was thinking of trying to buy a property with HM and refinancing. I just need to look into what it would take to get a refi loan.

Now I am wondering which would be easier to do, get myself qualified with fair credit (647-679 score depending on service) or use my llc with no business credit established yet.

I had planned on putting all deals in the name of the llc but considering I may be able to get a refi personally but not if in the llc's name I now don't know which is better.

Any ideas anyone?

Thanks
Steve

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