All Forum Posts by: Dominic Richardson

Hey @Dominic Richardson! I'm not in the market, but I know of a few fellow BP members (@Ram Gonzales and @James Winchester II) that are in the market that probably know the kind of agent you want. Happy connecting!

Hey Dominic I’m always working creative solutions for my clients here in SA. I also have some awesome local lenders that can help if I can’t. Feel free to shoot me a message

Dominic,

Auctions can be pretty tricky here. So I would argue that it has less to do with knowing the lender's requirements (bring on a broker or flexible group) and more to do with what the auction company requires. 

From my experience, the biggest factor is how the auction company works. It is very regional and differs by group, but some would say that you can't have interior access but you can have 30 days to close (quite a few lenders can do this), while others would allow interior access but you only have a week or less to have the funds (or same day in some instances). 

I would get to know the auction company first and what they will allow, and then work with either a couple of programs that would work or use a broker. 

The other option (if you have the capital) is to utilize an 'Unseasoned Refinance' or a 'Delayed Purchase' to essentially purchase in cash and then recoup those funds with a second closing. You won't get the full seasoned-ARV, but you can free up some capital after you purchase it and utilize a rehab-escrow to do the work. Not every lender does it, but it give you the bargaining power of cash while still maintaining some liquidity.

Good luck, happy to help where I can!

Hi Dominic, 

You may want to look into a local hard money lender that does not require interior access to the property. However, if you are planning to have the rehab funds financed, you will most certainly need to provide the lender with a detailed scope of work. 

You could do a rehab loan after closing on the property, however these are much more challenging to finance than a traditional fix and flip loan since the leverage is reduced on a refinance compared to a purchase loan. 

I would suggest looking into buying these with a HELOC or raising capital.