All Forum Posts by: Alec Hilliard

Hey guys, we started the process of getting a HML back on Oct 29th. They said our property was good and they accepted it.

We moved forward with all the docs needed.

To even do the app there was a $200 fee (that I'd get back on the HUD)

Is this even normal?

Anyways, I couldn’t choose my own appraiser, I had to use theirs ($900)

I was gonna meet the appraiser at the house the day of but his car broke down so I wasn’t able to meet him and he went by the day after while I was tied up.

Closing was Dec 5th and they said we’d be done by then, but it wasn’t. I had to borrow family members money to close because we couldn’t push back closing with title.

($65k)

Needless to say, they still aren’t done and on Dec 10th - their “underwriters” demanded $95 to “continue the process since it’s taken so long”. I paid it.

Is this right?

And then they told me “no doubt it’ll get done before the new year”

Well, here we are on Jan 2nd and I get a call today that I need to send $300 more and it'll get put back on the HUD or they are gonna close the file immediately.

I’m starting to feel real sketched out by all of this now.

All the while, they've been delaying because "contractors plans aren't clear for ARV" ... even though I've sent layout, and drawings and contract with the contractor.

Any advice would be great.

$65,000 buy

$70,000 rehab

@Tim Johnson - I'm in TX - let's talk! Just messaged you.

Thank you, everyone! I'll check out LimaOne, @Ola Dantis!

@Tim Johnson - what is a non-QM? and where would you look for those? Are you a lender? 

Thank you! 

Hey, all!

First post here on BP! Been listening to the podcast now for a while.

I have some questions about financing. 

(some backstory: my wife and I have a chapter 7 bankruptcy on our credit report from Dec. 2018 (discharge date)) 

We cannot get traditional financing due to BK. 

The deal:

We found a house that we'd like to BRRRR -

Purchase: $35,000

Rehab: $35-40,000

All in: 70-75k

Rent $875+ 

We've gotten several pre-approval for HML at 90% Purchase and 100% rehab, but my fear (after talking to a traditional lender) is getting stuck with HML without a way to refi out of it.

Does anyone here have any loan products that could bridge over into a long term rental loan?

What would you do in this situation? 

I'm dying to get our first deal done and move forward.

Thanks! 

Did you move forward with advanced training? What were your thoughts about the event? 

Just got back from Boots on the Ground training with Response. 

After reading this posting and finding BP - it's making me reconsider.

I think I'm already past the 21 day period of cancelation. 

Boots on the Ground training was very helpful...but also, all about wholesaling, making offers, etc.

It was great knowledge, and I made offers on my first rental property...but I'm not sure if that was worth $15k.

I will follow up after the Diamond Elite event and keep this thread updated with my progress. I intend to put in the work and continue to network well with other investors.