All Forum Posts by: Chase Maher

@Darryl Taylor Sounds like a great first investment to me ! Nice work. I agree with another poster, the hold back percentage can drop lower after you gain more properties and have a nice network of contractors. Keep it up.

HML's can be great for 1st time investors and much more sophisticated/experienced investors. It really all depends on the type of investment, how much capital you have, your access to Private Lenders, ability to get a conventional loan and of course the project type itself.

What market are you in?

Nice to meet you too ! Weather has been killer man, sunny and warm. I have not been to ComiCon but have a lot of friends that go every year, it just was last weekend. 

I've been in REI since the crash with SFR's, I am now a Hard Money lender for CA, AZ, NV, and TX and also flipping some properties with a couple partners here in San Diego. We have done some Bay Area properties, so keep my contact in case you need some help/ advice or even a partner.

Sounds like a good plan Dave, stick to it and be smart. Success will come !

Dominic, many HML's will fund rehab in fund control. The numbers you posted line up close to many HML's I have seen/ heard.

Great story and great tips Alice! Keep it up, great things come to those that work hard.

Andre,

I do think there are private lenders out there that will do a deal similar to what you are asking. Many lenders including me ask to be 1st position however. An LTV, on paper, of what you are saying is great and would loosen up the terms. Perhaps you could free up your capital and use a larger loan that includes rehab, and could then increase the amount of deals you are doing. Just a thought. Good luck with the deal and keep us posted !

@Jarvis Smith Awesome to hear you are getting started in the industry. I am a young fellow my self and this forum has helped tremendously. If you ever need any info on Private Money I would be happy to help. I would love to learn that market up there, and would enjoy going over some of your deals with you just to bounce ideas.

PS: Something I learned a couple years ago flipping, its best to work directly with the listing agent if you can. This gives them the extra sentiment to work with you and possibly/ hopefully give you an idea of where your offer needs to be. Just a tip, doesn't always work!

Cheers

Travis,

In my experience as a HML, and investing in real estate using HML's, they are represented as cash with no loan contingencies. The 'POF' would be a letter from the HML that states you are approved on X/Specific address, for up to X amount.

Simple, but hope that helps !

Hi Bernie,

First time investing is an exciting thing. Most hard money lenders will offer rehab in fund control, they typically need the borrower to have 20-30% skin in the game however, if you can do this thats a great option. A line of credit is good as well if you can secure the property in a different manner. 

Good Luck !