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All Forum Posts by: David Weintraub

David Weintraub has started 61 posts and replied 986 times.

Post: Philadelphia Hard Money Lenders, No Money Down & Balloon payment

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548

Sent you a private message. I'm in Philly over on Girard and 28th. Do HML. Your scenario is difficult, but if you want to discuss we can do that.

Post: Auction locations in NJ

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548

There are websites which show listings for every county in Jersey.  Were you able to locate the ones you wanted? 

Post: East Bay Area Meetup on the weekend

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548

I miss Oakland :-( 

Post: HELOC and then what...?

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548

Jarid,

Is this your first investment property?  

So much depends on the rates you'll be paying on the loans/credit.

Post: Flip with Hard Money

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548
Originally posted by @Danielle C.:
Originally posted by @Chinmay J.:
Originally posted by @Danielle C.:

If we go through a bank, can we have the home purchased using our LLC name with us as the PG?

Oh ya!!! Good luck with banks loaning to LLC.

 You seem to really enjoy trolling but haven't offered much in the way of good advice lol. 

 I know this is an old posting, but in Chinmay's defense, Danielle, while he is being a bit flippant and dismissive, his original post suggested you NOT do this.  You pressed on, so it became saucier.  But I've often recognized in forums that people who are confident, while also being somewhat obnoxious, are quite often spot on.  

It may behoove you to see past the attitude, which from the outside looking in, isn't that bad, especiailly since he's trying to protect you.

Post: Flip with Hard Money

David WeintraubPosted
  • Lender
  • Berkeley, CA
  • Posts 1,083
  • Votes 548
Originally posted by @Chinmay J.:

@Luke Mitchell and @Danielle C. - So let me get this right.. You want to use HML who charges about 10-12% plus 3 to 5 points, and in order to be funded by HML you want to use another source of money which even charges higher interest rate (anywhere up to 25%). This is not just a terrible idea in theory, but practically speaking, I won't be surprised if most HML would decline to work with you, It shows that you are not financially sound for the deal to begin with..

If you don't have the money yourself, have you considered a JV with someone who might be able to bring cash to the table? Of course, the JV might want you to have some skin in the game (unless you have some other skill you are bringing to the table), so you might have to contribute at least something...

This is sage advice.  

I work with/for a HML and would not only reject your application immediately, but I would counsel you against this course of action for a variety of reasons.

I would have a hard time approving this plan for someone who was experienced, let alone new to the space.