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Updated over 3 years ago,
Exploring my lending options
Hey everyone!
You may remember me from the last post I made - an AMAZING opportunity falling in my lap.
I am exploring funding options... looking at everything I can to make sure I get the right deal.
I am exploring using a HE Loan - great rates, no costs, and we may even keep it all there rather than a cash-out, as we will hopefully pay this new investment in less than the 15 years the loan will be good for, at a decent rate - but in case that falls through, I am just looking around.
Anyone know of a lender that will fund 100% purchase and rehab, with less than 5 flips under my belt?
I have only done 2 serious flips, but the one I am currently living in, which has over 200K equity built in, and the other I refied and held for an investment with a GREAT cash flow right from the beginning.
I reached out to one lender who does brrrr type lending, but I don't have the funds needed to close (they would only fund 80%, which is totally normal, just more than I have), the fees were pretty high, want 5 flips proof, and contractor licenses and stuff - I plan to do my own work (the stuff I can do - paint, floor, etc.), and then have my "guy" - you know what I mean.
Any other places you wonderful people can point me to? To sum up the deal I have:
2 units.
Unit 1 - 2/3 bedrooms, one full bath, living room, eat in kitchen, WD hookup - rent will be $1,000 including utilties
Unit 2 - 3 bedrooms, 2 full baths, large kitchen, living/dining combo, WD hookup, 3 car garage (see below) - rent will be $1,500 including utilties.
I may put up a wall to use one stall of the 3 car garage to store supplies/lawn mower, etc.
$90k purchase, about $25-30K repairs (needs one foundation wall repair done by foundation repair company, but all else is paint, flooring, updating - all major systems are working and decently new).