All Forum Posts by: Anthony Palmiotto

Another thing to keep in mind is that many hard money lenders do not report to credit bureaus unless of course there is a problem with the loan. That may help your DTI should you want to get conventional financing in the future.

I can tell you that Rahway is a pretty hot market for fix and flips so without looking into comps, it sounds like there will be juice in the deal. Another thing to consider if you are looking for financing is that many lenders have a minimum loan amount, so just keep that in mind.

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, new construction, and other investment real estate. We finance new purchases and cash out refinances.

• Lending up to 90% of the purchase price
• Lending 100% of renovation costs
• Rates at low as 9% for flips and 8% for rental properties
• Interest only payments with no pre-payment penalty
• Loan amounts $80,000 - $5,000,000
• Fast closings and simple documentation

Contact: Anthony Palmiotto at 732-825-8095 or 

As a hard money lender, I would prefer that you get pre approved ahead of time, though it is not totally necessary. I tend to shy away from deals where the reno amount is more than the purchase price unless we are talking about an experienced investor. Another thing to remember is that most HML have minimum loan amounts - mine for example is $80,000 so it seems that may also be an issue you run in to based on the deals you listed.

I am a hard money lender with First Equity Funding out of New Jersey. We are a nation wide lender who can finance fix and flips, fix and holds and even cash out refi of investment properties - residential and commercial. All loans are no doc loans and we can close just days after we have an appraisal in most cases.

We offer financing for fix and flips up to 90% of the purchase price and 100% of renovation costs, after repaired ARV not to exceed 75%.

We also have a 3 year no doc rental product with aggressive rates. Can be used to purchase or cash out refi stabilized, rented properties.

Feel free to reach out with any specific deals or to get a term sheet.

Start with Meetup.com for networking events. If you are ever looking for hard money loans for fix/flips or buy and holds I am happy to help.

 I'm going to guess that your expenses/vacancy/bad debt is going to total more than 25% of your income. Probably closer to 40-50%.

I cam only speak to my market but its not common to see 11 caps for a c property. That's a bit ambitious on Lindahl's part. You should find out what class C properties trade for in your market and try to buy at that cap rate or better. Of course cap rates don't always tell the whole story and you can always use other metrics as well. 

It's not the best sign that the seller won't let you into a unit. Howeber, that doesn't necessarily mean anything. Regarding verifying the numbers, that's what did diligence before. 30 days should be plenty to verify all the lease and expenses. You'll be asking for the leases arrears report, and bills to make sure the numbers are correct. 

45k/unit sounds a bit expensive for a distressed property. I'd back into the price by figuring out what your ideal return is for this type of property and then factor in your rehab costs. Make your offer based on that.