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Updated over 6 years ago on . Most recent reply

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Lender hasn’t called me back and Realtor is giving me a few days

William Dolinko
Posted
I’m trying to buy 2 family house that is Currently a old day care center and the CofO is listed as Community Facility so the process to change back over here in new york could taKE up to 6 months to year plus Architect is giving me a Estimate of 100k. Realtor told me they will take 505k for it but has to be cash offer. So I reached out to a hard money lender and a private lender but there taking forever to get back to me and I need to have a offer /proof of funds by next Monday. Question for all is can u help me find other hard /private lenders in New York area ?? Second question is Analyzing the deal I’m not the best with my math and I don’t wnat to seem Unprofessional when Presenting the deal to the lenders. List price is - 505k ( might be able to get her to 480k) Rehab/ Architect fees- 100k ( HIGHEND) ARV- 700K ( LOWEND!!!!) ( HIGHEND 800K) HARD MONEY LENDER WILL Lend- *85/85* Loan amount of 85% of purchase price, 85% of rehab budget, with the total not to exceed 65% of ARV 3 points, 12% interest rate Credit report $15, appraisal $350-$500, flood certification $10 $150 draws CLOSEING COST - ? ANY OTHER FEES IM MISSING PLEASE LET ME KNOW?? My GOAL ONCE I GET THIS IS TO RENT THE TOO FLOORS AnD LIVE IN BASEMENT UNTILL I HAvE ENOUGH TI GET ANOTHER Investment property 2BEEDROOM 2NDFLOOR RENT -1700 2BEEDROOM 1ST FLOOR RENT-1700 BASEMT - (1 BEDROOM) - 1200 TOTAL 4600 EXIT - WOULD TO Re-FI TO Conventional LOAN WHAT SHOULD I KNOW ABOUT REFI TO Conventional LOAN IS IT ANOTHER OROCESS? WILL I BE ABLE TO? EXIT #2 - SELL HOUSE WITH THE ARV HEING AT LEAST 700K PLUS

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