All Forum Posts by: David M.

Thank you both for responding. Currently I have purchased all these houses in the last year so I don't have a lot of equity in them at this point. The one property we rehabbed we are currently refinancing and paying off the private money we used for that. We will only get about 10k on top of paying everyone back off of that house. 

Owner financing wouldn't work on this property because he is using this money to buy his own house after he sells. I could possibly work out a seller finance deal with him to start work on the one property and buy them out right in a year or so when we would qualify for a conventional loan more easily. This could get complicated though and would have a few more moving parts. 

With hard money I am worried about the massive interest payments on about 300k for a year or so. I also need to make sure that again I'd be able to refi and get a loan to pay back the hard money. That is the part that worries me as I have heard the stories of people being unable to secure a loan on the back end to pay back the hard money. I have bought 3 properties in this same block and they have done fantastic in terms of rent and value so I know the deal is good and the numbers work out very well. I am just very nervous being over exposed to high interest payments and the loan refi on the back end. 

My wife and I have 3 properties currently and were just approached with an off market triplex and SFH. We want to buy them and fix them up to rent back out. All in we would need about 300k for purchase and rehab. We don't have the on hand cash for a down payment plus rehab and we cant house hack one of them because we just purchased another house with a VA loan. I am worried about hard money as we have never used it and I have heard a few horror stories. Wondering what options we haven't explored that some of you might have or any good experiences in this type of situation.

Do you have any companies in mind? I saw bank of America but some of these companies only do it on Primary residences.

Thank you for the Reply!

My wife and I rehabbed a property 6 months ago and rented it out way above what the mortgage is. Current Mortgage is $460 and the unit rents for $1500. We want to take a heloc out on it to pay back her parents who helped us finance the deal. They were recently turned down for the heloc because the debt to income was 52% and needed to be 50%. Does anybody know of any banks that they could possibly run this Heloc through with?

@Todd Rasmussen thanks for the articulate response. 

@Nixon Vayupak Thank you, will drive for dollars more instead of looking on MLS. I appreciate the insight! 

I have looked into wholesaling pretty extensively and one big question I have is how do you give proof of funds on a house when you have no intention on buying it and obviously don't have the funds to purchase it? Any tips on this would be great, Thank you! 

Looking for funding or a partner for Flips and BRRRR properties in the Columbus, Ga area. Message or comment for info. Would like to talk to someone and start making deals for both of us. Thank you in advance for your time!

There is a house on about 6-10 acres of land and the house itself is worth 95-100k but the land it sits on is zoned for single family use only. I could possibly build on it but its locked on the other side by the back of houses. What would this land be worth and how would you go about offering a lower price on it?

The market I am in is very fast moving, and I am trying to take Brandon Turners tip of writing an offer expecting to negotiate so that we can go under contract. The reason for this is we have had properties we are interested in go under contract the same day we see them on the first day they are listed. Our agent is busy and kind of slow in terms of offer writing. Can I make the offers myself?