All Forum Posts by: Daniel Vanhala

Hi! I'm looking for a $10-$12k personal loan to fix up my house before I sell it later this year. I only put 5% down and it's been a year and a half, so any equity loans are probably out of play.

I'm a handyman and I almost always work for cash. I have a tax form coming (my first ever) later this month for the only non-cash job I did last year. Profited around $15k

Please help me find a broker or lender I can speak to. A cosigner might be available. My credit score is 780. Thanks!

 I will save your contact for the future, because 85% rental property loans would be great! However, 10% would be my absolute max available due to having ongoing mortgage costs in my live in flip. Thanks!

 I don't know of anyone. Illinois doesn't require a General Contractors license, just trade by trade. Most homeowners act as their own GC's around here (at least when I was full time remodeling for work)

The only reason I say I could cover the rehab cost, is side jobs. Unfortunately I couldn't pick up and complete enough jobs before the house likely sells here soon.

If you know of anyone other lenders who'd be more "risky" please let them or myself know!

 Thanks for the reply! If there was anyone or anyway you knew that I could be guaranteed 10% down, I could do that, but I doubt I could swing 15%. Would it help if I covered the rehab myself?

 Thanks for the reply! What would be the lowest down payment I could find? I don't need rehab funds. How soon into a hard money loan could I refinance into a dscr loan?

 I appreciate it and good luck to you! I am unfortunately tied to my current property being my primary residence until August (required by the lender)

 Thanks for the reply! Please go on regarding the bridge loan. No one would be living there as it was sold to its current owner when she passed. He has just listed it through a local brokerage.

It could absolutely have value added with a little work. I could add a bathroom to a closet that is right above the only bathroom. I could also finish the basement to add a room (it has a bulkhead for egress). Might take about 2 months. The house could possibly be work $110,000 - $115,000 if I were to do that. 

My flip house has newly added equity, but I only put 5% down, so probably not enough added equity to get any money out of it yet, though that's the plan.

 I could be wrong, but since I have a current residence with a mortgage (the house I'm live in flipping) I couldn't qualify for a fha 203k loan. Please correct me if I am. (I am not a veteran, neither are my parents, only one grandfather)

Hi. This is kind of a unique situation and I need help finding a loan. 

My grandmother's house has just been listed by the current owner (15 years). List price is $80k. I am currently working on a live in flip, so I couldnt quality for fha or anything lower than a 20% conventional.

I wound want to rent it out. Its in a medical district and would rent for around $1,200 - $1,400 per month. 

I have enough for a 5-10% down payment and I'm positive I could get the seller to cover the closing costs at that price.

I don't even care if the interest rates are extremely high. Even at 12% the total monthly bill would only be around $900

I know I should wait until i can afford 20% down, but this being my grandmother's house, I'm kind of desperate.

Background: Illinois licensed home inspector, handyman/carpenter, currently working on first flip to be refinanced and rented, 780 credit score