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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
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