All Forum Posts by: Brenda Whittaker

  Are you guys all finding any consistent criteria with the smaller portfolio lenders?  Are they usually asset based or personal based?  What kind of down payments are usually required and do you think any of them would do smaller loans like $20K for a rehab project or at least refi out an investment rental once it's rehabbed?  Where is everyone getting financing for rental property?

They are hard money and private, and they have minimums, least is $50K.  Banks I havent even applied b/c I have a preconceived notion I dont fit their criteria: no job.  Seems as though the hard money and private are not interested in less than $50K because they dont' make enough money on low end loans.  Hmmm, portfolio lending....  what is the criteria for that, usually?  Is it deal based or borrower based?  THanKs!

I am experienced in not doing due diligence or math. This is because it confuses me to no end. I found a sfh from a wholesaler that I want to rehab. I have estimated costs and ARV, it's a cheap price because there's an encroachment issue but it should only take $1000 to fix. Acquisition and rehab total less than $50K. So Im finding out no one loans on less than $50K. Where can I find a small rehab loan? And very very confused as to the order of things: Do I pay out of pocket for an inspection, appraisal, and survey before I even own it? And how do I get it under contract if getting it under contract requires that I have funding in place? And how do I get funding in place if the lender wants it under contract first??????

Looking at a rehab to fix and hold.  It is a lower end deal, low price.  Total needed for buy and fix $50K tops.  But I am learning that lenders will not lend on something this small.  Now what.

This is mine.  So,,,, interior paint sticks?  I dont think the lines look bad, I just want to know if I can paint these panels and if so, how do you prep them?  

Can that old paneling be painted over?  Anyone ever painted paneling?

Trying to evaluate an investment sfh rehab.  Initially wanted to flip however might be a good Brrrr property, cheap, needs rehab, out of state, and extremely confused over Brrrr calculator.  If I could trade a favor for anyone who can help me analyze this property, I would be eternally grateful.  I have some experience, but lack due diligence and proper analysis because I cant do math and have zero patience with numbers.  Zero.  More like less than zero.  I just want to fix up houses, I loathe the math.  Detest the math.  I hate math.  Plus I'm terrible at filling out forms. Can anyone help me?  Just this once?  To use the Brrrr calculator for this one property?  I tried but it says my monthly expenses are over $9000.  I don't get it.

In the "Beginners Introduction" I heard Brandon mention discounts on books? for going through that first lesson - now I cant find that part.  Is there a discount for the Book on Flipping Houses by J. Scott?  Or Brandons's Investing with No Money Down?  Thanks all.

Looking at a low priced fixer from a wholesaler in a high growth area.  Solid home, cosmetics.  Seemed perfect but, half the house is built on the neighbors property!  Somehow this happened when 4 houses in a row were all built by one family on their one lot, then it was subdivided, or maybe subdivided and then they built, makes no sense either way but now I understand that if I want to flip it I will have an impossible time selling to anyone who will use a bank loan because of this encroachment issue.  The neighbor wants to cooperate and fix it but I dont know what kind of costs that will incur or how possible it even is.  Does he just deed me some of his property? Can the lines be redrawn somehow?  Is there any way past this issue?  Thoughts?

PS    Since it's a wholesaler that moves a lot of property fast, he does not take contingencies.  So I cant say, contingent upon inspection.