All Forum Posts by: Blaine Moore

Anybody out there know of any short-term Lenders that only require 10% down?

I've heard that there are, but I'm having trouble finding them.

Please let me know if you have a referral!

@Matt Groth I totally get what you're saying. I would look at it the same way if i were the bank. It would be different if I didn't have the past two years of revenues and expenses on this particular property, but I do. As I said to @Rohin Dhar, I am looking at this as a revenue generator, not just a valued piece of Real Estate. I know, its worth consideration, but if I'm bringing in 1k per month in cashflow after all expenses paid and putting money aside for vacancies, maintenance, cap ex etc. I would still take that deal. Worst-case scenario's happen, but often times they don't. At least in my experience and the experiences of many others I've talked to. Plus, in this market where most of everything is selling over asking anyway! My worse-case scenario in this, is that if I can't continue to use 1/2 of the property as a short-term rental, I can find a long-term tenant like there is in the other half of the duplex, which would still keep me at a 1% rent-to-price ratio. Not great at all, but manageable until another plan arises..

anymore thoughts?

Thanks for your help at looking at this!

@Rohin Dhar The property's gross rents do exceed 20% of the annual gross rents. I'm looking at this deal as a revenue generator as apposed to a traditional valued piece of Real Estate. I know everyone has their own opinions, thats why I reached out here to get some additional perspective. Thank you!

@Myka Artis Thanks for your input. I actually already talked to Host Financial and they frowned at the situation. If the short-term was shot and I had to find someone for long-term leasing, my rent-to-price ratio would be just above 1%. So, not a total loss, but still definitely worth more consideration which direction I should go. I'll call Kram Capital. Thanks for your input!

@Jon Crosby Right, my issue is that the seller is selling it for more than the appraisal value will be. I guess in that situation, you just either attempt to make concessions with the seller in getting them to come down on price, or bring in the cash of the difference between what my bank will lend me according to the appraised value, gap funding etc.

Any other thoughts?

I'm under contract for an Airbnb duplex in Dayton, OH. The agreed upon purchase price factored in the revenue generated from the property, so the purchase price is probably around 30k more than the appraised value of the property itself. 

Does anyone know what type of lender would look at more of the revenue generated as opposed to the actual value of the property?

Or, is there any other option I can look into other than personal loans etc?

Hey BP!

I'm looking for some partnerships. Is there anyone out there that wants to invest their money for larger deals? This would be short-term money. Anywhere between 8-10% return. You can cover for the full purchase price or even be in 2nd lein position to cover the down payment. Your choice. I have a seller who has 19 single-family properties that wants to sell all of them.

DM me if interested!

@Andrew Postell I’m sorry, I meant lease-options. I’ve heard there is a ton of risk on the leaser/seller.

Interesting enough, I called Guarantee Title today and asked them if they do either one and they said that they do not.  

I've heard that Texas is a hard state to do subject-to deals. I have a seller who wants to get rid of several properties and some have leins on them. 

Could I not just take over paying the leins for him and take over title? Isn't that essentially subject-to? Or, what other options do I have other than just buying the homes out-right?

I am in need of some stellar contractors in the greater triad area in North Carolina. If anyone has any referrals, please send them my way!

Thank you