All Forum Posts by: Chris H

I already knew it couldn't be used in traditional financing and that's why I'm asking about hard money

Hard money is almost always refinanced within 6 months, that's the point of it

I am looking into a cash flowing triplex in a revitalization area of the city where the city is scraping swaths if land for more Development.

The seller will gift the down payment and I'm trying to find a lender that will loan the 80% remaining, but haven't had any luck.  It's seems that going into the deal with 20%+ equity in the deal, also knowing I'm going refinance the loan shortly after, would be appealing to a lender?  Can anyone direct me to a lender who might consider this?

Thanks!!!!

Hi Charlie C, 

We have Land in a perfect development area of Edmond, OK (unincorporated Logan County).  There is a need for more affordable housing in this update area and the property has very relaxed zoning.  We are trying to find a way to leverage The Land to fund an apartment development project and I saw your post and thought there may be an opportunity?

Thanks, 

Chris Harp

Hello Zach,  Thanks so much for your comments.  This property is unplatted and on the Logan County side.  I had a hard time understanding any zoning restrictions as the county rep I spoke with seemed to indicate that there are very little restrictions in the area, so, I wasn't sure where to start.  If you have guidance on how to best start a project like this and what I would be asking the surveyor and engineering report request would look like (I'm unclear on what to even ask for).

Thank again and If we can work together through this process I would certainly feel the obligation to ensure that you were the sellers agent for finished products.

My partner owns land outright in Edmond, OK.  The property is in a very desirable area with a strong market and limited multifamily.  We are looking into developing the land into multifamily (quads or duplexes), but have never done this type of project.  I found that the property resides in an unincorporated area with no zoning requirements, but city water and utilities can be accessed.

Not knowing where to begin we are hoping for guidance on steps.  Needing to understand;

1) best way to get build plans and find a reputable small multi family builder?

2) determination of where/how to get utility lines run for the buildings (water, sewer, electric, gas)?

3) without zoning restrictions how do we determine best unit fit for property?

4) contracting with a builder - are there generic contracts to start with and have a lawyer alter to fit?

Thanks for any help and guidance!!

Thanks so much for the great clarity. The thought of trying to get them into it now never even crossed my mind.

Hello, I have a nice SFR rental in CO that has a great tenant on a 3 yr Lease Option with $24K built in profit (worst case) once they buy. The balance owed is $139K, the home value is around $165K, the tenant is paying $1150 on a 3 year option. I am claiming CH7 and don't want to screw them over as they've already been there 10 months and are great tenants. Can I sell the home before claiming BK? If so, how do I let the potential buyer know that there is about 2 months in back payments due and that I want to ensure that the tenants lease options stays in tact?
If an investor would buy it with a 6% loan the deal would look like this;
$145K purchase price (if I could get something out of all of my years of work on this home) at 6% would be around $989 PITI. The renters are paying $1150/month leaving $161/monthly cash flow. The deal is set to sell to the renters within the next 2 years at an agreed upon price of $163K. This leaves a great return depending on how much the new buyer puts down, etc. Any ideas thoughts if I can legally sell it before BK, if anyone can advise where to try to sell something with this scenario, etc.?

I have a buyer who has agreed to buy a home for $140K (knowing that I am going to collect $10K). I have a home which the seller will sell to me for $130K. The home will appraise for $160K and the buyers will need to use FHA financing. Can anyone tell me how to do this deal, avoiding seasoning issues, quickly?
THANKS!

Colorado
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I live in Colorado and need some advice. I have a buyer that is qualified for an FHA loan. I also have the perfect home that is under market price. I am looking to get the home and sell to them with a profit. I do not want to buy it myself and then resell to them b/c of the 90 title seasoning required by FHA. Can anyone tell me the best way to get the home from my seller to my buyer and not cut myself out? I thought of buying 'subject to 3rd party financing', but am not sure if FHA will accept that as it would require double closing. THANKS!