All Forum Posts by: Jill Haselman

Sorry; meant to reply to @Jon Huber

@Brian Garrett That would be terrific!  When is the next meet up?

@Andrew Postell Thank you for the education; very helpful. Let me seek further clarification. Here's an example of what I'm dealing with. I bought and renovated a foreclosure (now primary residence) and I'm trying to do a refi cash out to recoup my $300K in cash I put in to the remodel. Quicken took me through 3 months of crap only to say my DTI was too high (purely mortgages!) and they only went off taxes for income (no track record, cash, or equity considered at all). Then I went to Guaranteed Rate through a friend and was assured they have more flexible guidelines. I have a downtown Chicago condo off Mag Mile that NETS $3K/mo, but it just started being rented since November (7 months). They won't count that income (despite signed leases and cashed rental checks) because it's 2017 income and not on my taxes yet. Seriously? Got approval, but then the appraiser told them a fence permit was still outstanding (he was wrong) and they got cold feet saying that I could be vulnerable to mechanics liens and/or my taxes could go up do to additional improvements I could do with an open permit/inspection. The inspection passed a year ago- he got incorrect information.

This is mind boggling to me and very frustrating, let alone a waste of time.

NEXT: I am going to make an offer on an investment property today for $750K and it needs $500K of renovations. Will be rental with mega cashflow. ARV will be north of $2M. I dread the financing game on this one.

ADVICE?  Where do I find investor friendly lenders vs hard money without giving up another 3 months of time buried in paperwork?  In addition to your counsel above, what should I be asking various banks to dig through this and find a lending partner once and for all?

Thanks!

@Stanley Parsley I have almost an identical situation to the thread above, except much higher numbers in South Florida. Can you help me understand how best to set up my LLC as you suggested to @Vince Gethings?  I have a LLC set up, but nothing done with it yet in terms of banking and structure.  I've owned many investments but now moving toward a formal structure and business enterprise.  Thanks in advance for any guidance.

Agreed; thanks again.

Thanks to you both @Mitchell Jaworski and @Sean Carroll. I would definitely attend the Tropical REIA but I'll be in Chicago. Will look it up.

I guess I was weary of randomly calling hard money lenders; do you know if BP has vetted these lenders?  Any knowledge of Lending One?

Hello fellow BP members.  I've joined the Pro section here on BP and very much looking forward to networking with other investors and ideally building my team and raising capital so I can do deals efficiently and effectively (vs. conventional bank lenders).

I reside in Delray Beach where I just finished a foreclosure & renovation which is already appraised at 39% more ($509K) than my purchase price- not a bad return.  I have several investment properties (vacation rentals- cashflow) and own my own company in the Senior Living Industry (although I prefer real estate investing by far!).

I am actively and urgently seeking private equity or hard money for the debt portion of a deal I am securing today; it will render better results than the one mentioned above.

ALL ADVICE IS WELCOME!  

-Jill

@Meghan McCallum Very helpful. Thanks again.  I executed on your advice and I have a meeting scheduled with a local bank that appears (?) to be a great fit.  It's called Professional Bank (www.professionalbankfl.com) and what I know thus far is motivating.  It's consistently fascinated me as to how difficult it can be for people like me, with a great track record, credit, and net worth (albeit illiquid and tied up in equity), to secure funding.  

All I need is one financial partner that "gets me" and the sky is the limit.  So far, I've funded everything myself or with traditional banks-- that has run its course and it's too cumbersome and a waste of time in paperwork when I could be doing more deals..

Again, thank you so much for your insight and willingness to help.  I do the same in my field of leadership development and it's a treat to be the one of the other side of the mentorship!  (I have a place in Chicago, BTW, right off mag mile-- I see you're in IL).  There is a bank in Chicago (Gold Coast Bank- John Drivas) that is awesome and flexible if that intel helps anyone.

j.

@Meghan McCallum

@Meghan McCallum thanks so much!  So you don't recommend hard money simply because of the high rates? Even for a flip?

@Meghan McCallum My goal is to do some residential and multi-family flips (duplex, tri, quad).  I actually hadn't considered commercial lending, but love the idea.  Can you point me in the right direction?