All Forum Posts by: James Gresko
James Gresko has started 1 posts and replied 3 times.
Post: Dodd Frank and cash financing for rehab deals

- Investor
- Denton, TX
- Posts 3
- Votes 0
Kelly,
Thanks for your time -
James
Post: Dodd Frank and cash financing for rehab deals

- Investor
- Denton, TX
- Posts 3
- Votes 0
Kelly,
Thanks so much for taking the time to reply and thank you for your advice. I probably have not been as clear as I need to be in my particular case, though you did mention a joint venture as a solution.
I am currently in pursuit of a home for myself in a very hot niche market, and the strategies you have mentioned (with the exception of a JV) usually fail as offers the great majority of the time because the sellers get the cash they want and walk away - no strings attached. That is my competition, according to local agents, investors and market professionals in this particular market. If DF limits my ability even with an LLC, I suppose a JV or private funding are the options to consider.
Thanks again.
Post: Dodd Frank and cash financing for rehab deals

- Investor
- Denton, TX
- Posts 3
- Votes 0
ANOTHER Dodd Frank question:
How do I get around the owner/occupant restriction for Hard money?
After several hours of research, I've been unable to come up with some answers to this dilemma. A lot of people know about the restriction, but I've not found any who've come up with some legal strategies for getting around it. I have not consulted w/ a RE atty yet, however.
Because of good credit and ability to pay, I can readily finance a cash offer for almost any deal I'm looking for with hard money or a loan from a bank, but when it comes to buying a home for myself, I'm at a loss because I depend on these sources to complete a cash deal. I provide only partial funding myself. I buy old homes and rehab them, but the lenders tell me I CANNOT mortgage the home under my name and occupy it after the rehab. Which means if I run across a property I want for myself, I'm limited to homes that will mortgage. But even if they will, cash buyers rule in the Fort Worth market. I lost a very good deal this weekend to a cash buyer that I could have outbid.
Is this a proper or complete understanding of this rule? Will an investor friendly bank extend a LOC loan (or something of the sort) to me personally and still be DF compliant under this circumstance? Will an initial cash purchase though a created LLC be a better solution?
Thanks in advance for answering a question that has probably been answered several times and in several ways. I've just not come upon it yet.