All Forum Posts by: Tarik Turner

Really depends but For the most part HML are looking for equity rich short term projects.

OPM every day of the week (Other people's money)

all of your questions depend on the lender that you are dealing with.  some lenders will refi as soon as your rehab work is complete. some lenders require 6 months to a year seasoning.  The ltv will also vary but i would count on it being in the 70% to 75% ltv range

Have a great year and beyond Katelyn welcome back to the party

There should be an option to extend 

100‰ correct

honestly it sounds like your dealing with a lender who isn't loaning on arv. in that case the ltv would be 85% of the purchase price. most fix and flip lenders won't go in on a loan for more than 65% to 70% of the arv

what's the turn over time on these high end properties? Also are these ground up construction jobs?

it seems as if you are getting denied not for bad credit or experience purposes but probably a lack of liquid assets. My suggestion would be to speak directly with a lender that you feel comfortable with and find out what criteria needs to be met to be approved for the loan and take time to get all of your ducks in a row.. Or switch up investment strategies. If ur friends are low income meet some new friends go to meet ups. Get ur hands dirty. There are so many ways to invest in real estate don't get stuck on only looking at REO properties only. It will work just think outside of the box

There is no real set way. Since you are a new investor my suggestion would be the following

Find The Deal. 

Go inspect the property yourself (If you aren't sure of how to estimate repairs bring someone along who can)

Contact a HML and see if you can get pre qualified for the deal.

Once approved Sign the contract of assignment with the wholesaler 

Let your lawyer take over the paperwork from there