All Forum Posts by: Hai Doan

Quote from @Charles Carillo:

@Hai Doan

Have you spoken to them about moving earlier than in September? Offer them cash for keys to assist with moving and the costs of their new apartment. You could do some renovations with them there, but you will be turning their home into a job site. I doubt this will go over well.

 I have not.  I guess the downside of them staying until September is having the money tied up until I could move onto the next property.

Hello, I recently purchased a home that was already rented out with a tenant.  They have until September before the contract is up and I took out an investor loan for it.  The current lease rate barely covers the loan in which I will need to refinance out of soon.  My question is, do you do exterior rehab and try to refinance out as quickly as possible or should I wait until September when the tenant is out, rehab the property, and then refinance out?

I am getting my feet wet again after 10+years so would appreciate the feed back. 

Hello,

What hard money lenders can you all recommend outside of Networth (212) & King James in which you had good experiences with in the Houston area?  I appreciate your feedback.

Quote from @Olivia Grabka:

@Hai Doan liquidity requirements have become standard over the past 5 years. We hold at least $50,000 in a separate fix & flip account in addition to our other cash.

I think I get it. Back in the day when I used hard money loans the goal was to come out of pocket as least as possible and usually only closing costs. I believe the wording is incorrect or I misinterpreted it. The lender wants to see all the money in the account but not actually use it or else the HML makes no sense and becomes just another regular loan.

Quote from @Travis Anderson:

I was able to do less up front.  I will DM you to give you a little more info. 

 Thanks Travis! 

Quote from @Jonathan Taylor:

Hai, HML lenders that I work with, unless you have a solid proven track record with the lender, will not lend 100% on deals in this market. Every lender requires down payments ranging from 10-20% on Fix and Flip deals. If you are looking for 100%, friends and family are the best option.

As stated, who would lend on a project where the borrower has no risk involved? It's too risky and no lender who has their wits about them, would lend on something like that. 

In terms of upper hand as @Zeke Rosenblatt stated, we are always in a tug of war with who has the money and who needs the money. Its a partnership with the lenders instead of an upper hand mentality. 

I'm not saying I don't want to put anything down but just don't remember there being a hard number.  Perhaps I interpreted the qualification verbiage wrong but it sounded like it was a new requirement by some kind of law and it just meant new requirement by that specific lender.

Quote from @Nicole Heasley Beitenman:

How many lenders did you look at?

 It was one this morning but they had an asterisk saying it was a new requirement and I assumed it was from the gov.  I'm in the process of filling more out this morning.

Quote from @Hai Doan:

I just went to a website to apply for pre approval and they require 15% of the loan amount in the account, is that the norm now?  Back in the day it didn't require this but it has been several years so I figure I would ask.

Also, do you all have recommendations for how to use for hard money lenders?

 Oops I meant do you have any recommendations for "who" to use for hard money lenders.

I just went to a website to apply for pre approval and they require 15% of the loan amount in the account, is that the norm now?  Back in the day it didn't require this but it has been several years so I figure I would ask.

Also, do you all have recommendations for how to use for hard money lenders?