All Forum Posts by: Dan Schweit

@Matthew Metros

Sounds like you already have a pretty good understanding of how the process works. The hard money loan will give you the luxury of speed. They are lending on the deal itself, not you. If you can show them that the numbers make sense, they can qualify it very quickly. Sometimes the properties you come across would not even qualify for conventional financing of you could. Obviously you pay a higher price for this product, but it get you in the door, so the shorter the better. If it’s a flip, then no need to refinance out of the hard money. But if it’s a value ad, or just a long term hold, then yes, you’ll want to refinance out of it as soon as possible. Feel free to DM me if you have any specific questions regarding the process, happy to help.

@Rickie Camarato

What @Brandon Rush said! Not sure I you are going to get a more detailed expiation than that. But, yes, finding a lender first would be a good start. We can usually get the process going to tell you exactly what you can and should be looking for based on your qualifications. Can also refer you to a quality agent as well. Let me know if you have any questions, I’d be happy to help. Feel free to DM if you need. You’re in the right place that for sure.

@Jennie Boulch

If you can afford to get it done legitimately upfront, then that’s obviously the safest route. But, if not, then you may choose the cheaper, but riskier options. It’s pretty much like Sam said, it all depends on who might be watching you do the work, how nosey and problematic your neighbors might be, and how difficult an inspector is if you get one. Ive actually had both before. A neighbor who called on an unpermitted guest house, and one that I rented for many many years and made repairs on it, with no problems at all.

Hey Jin, 

Let me know if/when you get this going. Id like to participate as well.

@Noah Howells most “cash” buyers aren’t really closing on properties using their own cash. Hard money is more common, which will be essentially the same as cash. And as others have said, just find the deal and the money will follow. I’m in LA and would look at Ventura properties if the deal is good. School yourself a bit more on the aspects of wholesaling, the intricacies and how the process can unfold from start to finish and you’ll feel more comfortable.

As the title says, I’m wondering if there are specific rules and regulations for wholesaling in California, and also as a licensed agent.

Is there anyone here working under these specifics??

Or if you have any advice on either of these ideas and what the major pros or cons are with the wholesaling business in CA in general, the input would be greatly appreciated.

@Stephanie P.

Thanks for the response Stephanie. I was thinking that there were programs available out there, I just wasn’t sure how prevalent they were. I would be a cash buyer and would hate to find out once I have a large amount of money tied up that I can’t get it out in a timely manner, or possibly not at all because I have no consistent “income”.

@Jaysen Medhurst

Thanks for the reply Jaysen. I know that the longer the rental income history the better chance I will have. But, I’m curious as to if I’m looking to brrrr out, if there are possibilities if the property only shows a short history or brand new lease. I will make some calls this week and make my proposal to some lenders as well. Thanks.

What are the options for refinancing a property if I have no income? What are the options to pull cash out strictly based on the numbers of the property itself and how much will this limit my options?

Can I still get a 75% ltv cash out without the use of tax returns or w2?

I have been a small business owner for many years, have plenty in cash reserves and a couple properties with very solid equity, but I am between businesses at the moment and have no paychecks coming in. I want to spend some time working on my real estate portfolio before deciding if I am getting back in to the small business world.