All Forum Posts by: Jahmal James

All, thanks for your replies.  I kinda figured as much but wanted to do a final verifications to in case.  

Hi BiggerPocket Investors,

Have a minor situation, currently have a homeowner in foreclosure in the Washington DC area that is behind in payments approx $100k and the current balance on the remaining loan is $210k totaling $310k in payoff balance with the bank. The house is worth $540k to $575k, unfortunately I would be using hard money to fund but as you know most HML use the 65% LTV ratio which $351k (using $540k as ARV). The house would need approx $100k worth Reno, so that would bring me to $410k in purchase and Reno cost. So I am wondering if any of you all had any thoughts or experience working a short sale, directly with the bank, something, anything? Could really use your help with ideas, if any.

Thanks ahead of time for any advice or recommendations you may have.  

Just sent you one

@Sam Eligwe

Yes please PM me the contact info for Shawn Williams. Thanks this is good info!

@Daniel Y. if that question is in regards to my HML statement, I am saying in a situation where I use some of my cash to fund a HML deal. It would be awesome if I was able to pull out my money along with repaying the HML loan at the time of refinance.

I don't know the answer to your question regarding the commercial LLC loans. Still in research mode. If you can share your experience with LLC investment loans that would be appreciated. Thanks

Ned thanks for the response.

I will be owning it in an LLC name, my primary focus is to repay the HML loan and possibly whatever HML charges I spend. Do you think this is more realistic?

Cool David.  

Hey all experienced investors,

I am looking to buy my first buy and hold in the Baltimore, Md. area., my plan is to buy and repair at 65% rental ARV. My question, once I secure a tenant, how easy will it be to get a refinance? Considering I am planning to use hard money, I am hoping you all have experience with lenders with little to no season period. Any recommendations would be awesome.

Thanks in advance for any assistance.

JJ

Hey I am wondering if anyone could provide the independent contractor agreement and SOW that was discussed in this post.  I figure reply to this vs create another post, I did try to download the documents from link within the first post but it looks like there no longer available.  Thanks