All Forum Posts by: Adam Schneider

I recommend Cory Thornton.... 

Cory Thornton

@Ivan Mendoza -- What did the attorney say when you told him/her that the deed is in the seller's name?

@Tyler Brantley

I'm selling a property at 5778 Bonnerton, Edward, NC if that helps you.

@Trevor DeSimone

Most of these have been mentioned on your thread in parts, and I'll add a little.

You are underwriting the borrower and the property. 

Underwriting the borrower is art as much as science. You'll want to understand the borrower's likelihood to complete the project and pay you back. So, look for experience, size of the rehab, market conditions, and borrower credit strength. A $200K loan with $190K acquisition and $10K rehab is totally different than a $200K loan with $10K acquisition and $190K rehab.

Underwriting the property.

1. LTV

2. Deed of Trust / Mortgage

3. Be listed as mortgagee / first payee (not additional insured) on insurance policy.

4. Title insurance. Get lender's title insurance.

5. Promissory Note

6. Detailed scope of work / photos

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Borrower's GC. If it's a large project, you'll want to understand the skill set, experience and license level of the GC, too. Check out other work that is similar to the subject project that the person has done.

Hope this helps.

@Damon L. Davis --Are you saying the you provided the most recent rental agreement (I'm assuming it was recent) for the property, and that was not considered in the appraisal?

No

@Matthew Masoud

@Matthew Masoud

@Matthew Masoud

@Matthew Masoud

I recommend you consider attending the Raleigh BiggerPockets monthly event, the local REIA events (TREIA and NCReia), and the quarterly Triangle Deal Maker Sessions (June 20 is the upcoming one, check it out on MeetUp), as ways to meet investors.

Hi Bonnie. Your statement about your EMD going hard in NC as soon as your offer is accepted, is incorrect. You flip-flopped how the EMD and the DD (due diligence) work. The DD is the non-refundable deposit, and the EMD converts from refundable to non-refundable (hard) at the expiration of the DD period. But--I'm glad you jumped in with the heads up that you did, because out-of-state investors are almost always confused about this peculiar deposit process in NC.