All Forum Posts by: Aaron Malki

Hello! Wondering what would be the best option to list a 1031 aside from the MLS. I know there may be some websites available just not sure where. Thanks!

Quote from @Mike Klarman:

80% of the purchase is normal for someone of little to no experience.  And you should get 100% of the reno with the max loan amount to be no more than 70% - 75% LTARV.

Thanks Mike!

Quote from @Patrick Prunty:

Agreed on the lien, this is always the case with a debt lender and allows them to protect their interest in the property. I agree too that 20% is high for the HML depending of course on the rate. Example, if you're paying 12% interest for 20% down, you're paying too much. On the other hand if you're paying 8-9% for 20% down, that is pretty reasonable.

@Aaron Malki did you opt for the appraisal or was this a requirement of the lender?  In my experience the appraisal is unnecessary and not required by most HMLs.  If you wanted it however, they are always glad to order and have you pay for it.

Thanks Patrick. Our interest is closer to 9.9% and the HML required a BPO on the property but it came back to validate our reno budget. I suppose it’s a learning situation for us on the lien but the downpayment was absurd. How you come across this?Really appreciate it!

Thanks Andy. We got an appraisal on the arv and the numbers certainly support our reno budget but nonetheless, we’ll look into others. Thanks!!

Quote from @Eliott Elias:

The lien is common practice, that down payment is larger than what most Hard Money Lender‘s require.

Thanks for the response!

Hey everyone,

My business partner and I closed on a deal in socal. Our HML is requesting we put down 20% of the purchase price - not 20% LTV. We are going to finance 80% LTV and 100% labor for the flip through the lender but they are bundling that reno budget into the down payment (by essentially putting a lien on the property). Is this a common practice? Thanks again!

Hey Chuck, 

Thanks for the tip! We've been having some more success with a local team. Do you want their contact? 

Hello everyone,

My partner and I are looking for a wholesaler contacts in the summerlin / 89131 sub division. We are pre approved. Feel free to message me if any and all inquiries. 

Aaron