All Forum Posts by: Boone Bergsma

Looking for a lender to refinance a $25,000 loan with a 10-year term to pay off a second mortgage. The property value is $300,000, the 1st Mortgage is 2% interest with $120K balance.

The second mortgage balloon payment is due in August. Looking for an amortized loan with a 10-year term or greater.

Property is in Chehalis WA.

Please contact me if you can provide funding in July.

Deals like that are rare :D but they do exist.

@Tom S. that hasn't come up at all in the conversations I have been having. But I can see your point. Most I talk to say we don't do loans that low and that's it, and a couple have said that it just to low of amount for them to waste time on. It takes about the same time to do $30,000 loan as a $3,000,000 loan but the commission on a $3m loan is worth their time.

The properties I was asking about were Jems. I missed out on 2 of them but I got one for $21,900 and it has a recently updated kitchen, new flooring in the kitchen and dining, all the appliances still there, and in good shape inside and out.

Minor repairs to a few small holes in the drywall from kids, fresh paint inside and out, and new carpeting, probably less than $5000. And this 4bed 2bath 1500sqft home with 2car garage will be worth at least $70,000 and rent for a $1,000 a month.

I am going to be looking for a cashout refinance of $50,000 on this property after the updates and would like to hold and rent it out, or if a buy&hold investor that wants a cashflow property for a deal and cash on cash ROI then I got a good deal for them at $50,000.

Anyone that is interested in either of those options please contact/connect with me!

Thank you :)

Thanks Andrew :)

3 Properties with AVG purchase price $19,000 AVG rehab $15,000 with an average ARV of $100,000. I would love to connect with someone that can get me funding for $30,000 for purchase and rehab of a single property or someone that can get me one $100,000 loan for multiple flips at once.

I have called 10 Lenders from this site today and cannot believe how hard it to find someone to loan $30,000 on a property with $100,000 ARV $50,000 as-is.

Please help me Bigger Pockets Community!!!

 Boone

Thank you for the info Jaysen. And thanks for the info Hamid, I will reach out to you to share some property details and to see if we can work something out :). Any others with ideas of funding options please let me know!

A real estate partner and I started Investment Group Properties LLC to start a real estate business. We just purchased our first fix&flip on 9-18-19.

Our LLC purchased aproperty for $162,000 with 100% financing with the purpose of fixing it up with about $40,000 and flipping it for $270,000+. And then splitting the profit 50/50. It was to be the launch of our real estate business and first of many flix&flips hopefully.

After closing and starting on the new roof, my real estate partner shared that he would love to live there because of it being right next to his son's school and on his work route as a transit driver.

We came to a deal that we would sell it to him for $225,000 to pay off the $170,000 loan with Intrust Funding, also recover out of pocket rehab investments already paid and finance the remaining rehab wok, and cash me out for $12,000.

But conventional lenders aren't treating it as a new purchase. It seems all conventional lenders consider it refinancing since we are both on the title and they want six months seasoning.

We want out of the hard money interest rate and for my real estate partner to have a competitive rate on a longterm mortgage now, not in 5 more months from now 10-15-19.

Please share any other creative ways we could cash out this property with competitive interest rates you can think of. Thank you for your time and thoughts!

Best wishes,

Boone

Thank you Matt hope that is true :) and thank you Chris for the insights!

Which of these would be most attractive to note buyers?

A.

7% interest 30 year term
Mortgage $200,000.00 (04/01/2019)
$1,561 monthly payments
Total Value $479,538.10 (04/01/2049)
Total Interest $279,538.10

B.
7% interest 10 year term
Mortgage $50,000.00 (05/01/2019)
Total value of mortgage $69,665 (04/01/2029)
$581 Monthly payments
Total Interest $19,693.96

C.
5% interest 20 year term
Mortgage $2250,000.00 (05/01/2019)
Total value of mortgage $356,530 (04/01/2039)
$1484 Monthly payments
Total Interest $131,530

Hey All :). What about new notes only a few months old, but in good standing. In today's market what % of UPB is fair for a $225,000 note(20yr@ 5%=$356,376) property worth $200,000 today?

Thank you!

P.S. Any interested buyers?