BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated 6 months ago,
Hard money lender wants me to designate a “project manager” separate from my GC/agent
Hello all! I am based out of Los Angeles and I'm working on a long distance BRRRR deal in the hilltop area of Columbus, OH. I am planning to use Longhorn Investments hard money loan to fund the project. They're asking that I designate a project manager who would be able to visit the site regularly, but is not the GC. I basically have no idea who to use and am looking for suggestions/anyone who has worked with them before (or another lender with a similar requirement). I really like the fact that Longhorn will fund up to 100% of purchase and rehab costs (up to 75% ARV), that's why I was going with them in the first place. I have spoken to some other hard money lenders and most require 10-20% of the purchase price as a down payment. I have the cash but obviously if I don't have to put it down I'd rather not. At a crossroads now as to whether I should try to find someone who I can at least list as project manager (I have no clue if they actually would be contacting this person regularly or require really anything from them) or if I should just use a lender with less stringent requirements but that will require at least 10% of purchase as a down payment. Any advice/stories about a similar situation would be much appreciated!