All Forum Posts by: Jeff Lezark

If you've done several deals with the players involved and have had all good experiences then I'd say go ahead as you've built a relationship with the realtor and contractors. Since this is your first deal I'd advise you wait. Part of the idea is to learn from this project to make future projects smoother. You can't do that remotely, you have to be on site IMO.

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Welcome Kevin!

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Originally posted by @Bryan Colton:

Darrell,

Thank you for the reply. I understand what your saying completely. When I first put in an offer on this house it was going to be owner occupied but that's all changed. I realized that I would do better as a higher end rental or better yet student housing for a growing local college. That would bring in $4k per month and there is a need. The house has a recent appraisal of $260k and the loan needed is $100k. All the work is being done by me and my other company, that's what I do for a living. My LLC will be purchasing this house and using the property as an asset. The equity in this project would be over 50%, that's why I purchased in the first place. 15 years ago I advertised for a private loan to expand my business and had offers coming from everywhere. the loan was for $50k @ 8% for 3 years and everything went extremely well. I have not done that this time because of SEC violations. The house is over 5000 sq. ft. and has Tons of potential. Thank you. Bryan

That's not just a 'horse of a different color' - that's an entirely different horse! You should have no problem getting a private loan for this deal. PM me for details.

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@Narmina G. no apology needed but thanks for re-reading.

@Account Closed always enjoy reading your posts as they're accurate and to the point with no nonsense. We share similar money and lending guides and it works well for us. I wanted to give the OP a range of what he should expect from HMLs since Narmina covered the private side.

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Hi Kenneth and welcome to BP!

I'm active in our local Builder's Association and I recommend you try there for contractors. Here's the link for the local chapter in Memphis http://westtnhba.com/

Good Luck!

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Traditional hard money will cost you between 13%-18% with 3-6 points at closing. The repayment is interest only and the lender will want to be paid off in 6 months. The maximum loan to acquisition cost will typically be 65-70% so you'll need at least 30% of the purchase price as a down payment. @Narmina G. has a very aggressive private lending program but hers is not typical of the private lender market.

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We offer loan programs in Ohio for your situation. PM me for details.

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I think the gray paneling and seams in the ceiling are the give away that this had wheels once! Financing of any kind is going to be a challenge since lenders have a very limited appetite for unique properties and MHs in particular. Best of luck!

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SMH = Single Wide Mobile Home?

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All Forum Posts by: Jeff Lezark

Jeff Lezark has started 0 posts and replied 83 times.

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