All Forum Posts by: Issac San Miguel

Seems a bit like a junk fee. 

7% seems aggressive in todays rising rate environment. I would ask them why they can’t take it out of the loan proceeds. 

 Hamilton is a stretch, what about the property outside of Austin?

Hey Demarco,

Id be happy to look at numbers for you. Im a hard money lender in Austin. 

Ill send you a DM. 

Agreed with Aaron Pfeffer, typically I am all for getting creative to try to keep a project alive - but in this case - it sounds like it may be the best idea for her to clean break and sell the project to someone as-is.

Hey Ryan!
I have a few PMs I could recommend.

What types of properties are we talking about?

Thanks,

Issac

Hey Rene!

You could do a short term fix and flip loan, and then refinance out of the loan once the repairs are complete.

The rehab expenses would be paid back immediately as they are completed, and your cash proceeds wouldn't be tied up in the renovation.

DM me if you want to chat more in detail.

I would say it depends on the local market as a whole. 

When I started seeing flips in my own neighborhood that was already providing great sales prices, I quickly thought, there is no way they are going to get that price, especially with it being 100k over what the well cared for homes in the area were selling for.

Then they started selling, over asking price.

Timing of course is everything.  Good luck!

 Hey Brian,

Different products with different goals in mind.

We have some programs that will pull cash out of your portfolio as well as finance your rehab/reno to the properties 100% - depends on where the leverages are and what your end goals are.

DSCRs are great but do not allow for rehab funding if your goal may be to increase rents through upgrading the properties.

Based on the current value the $625k is about right for the total cash out - the difference is a rehab program will reimburse your reno expenses to keep that cash in your pocket.  Those are shorter term loans 12-18 month.

DM if I can help in anyway.

Thanks!

Without knowing much about your investment strategy it would be hard to answer that.

Most of clients do not have a "million" in the bank.

What makes them successful is keeping their FICO at a 650 or above, having working capital appropriate for the size of the project (IE. 15%-25% down payment on a purchase, depending on specifics), and finding good properties that have significant upside.

DM if I can provide you some further info.

Hi Michael!

How rural is rural? I could look at them for you if interested - we are a HML out of Austin.