All Forum Posts by: Joe Won

I don't mean this to offend you in anyway but if you're not able to afford the EMD, I don't think you should be wholesaling. If you even had a single wholesale deal that went through, that should give you enough funds for your EMDs. A private lender isn't going to just give you money for EMDs unless you have some kind of established relationship with them or a proven track record. I would say take out a credit line if your credit is good enough and you really think you'll succeed. Even then though, you have nothing to fall back on if you lose your EMD and your outside of you contingency periods.

It really isn't that much work to setup an LLC. File your state's LLC paperwork along with the fee. Get an EIN from the IRS online (takes 5 minutes). Setup a new bank account for the LLC.

@Marty Milligan This is my first project in WV and I can understand why you hate doing business there. In addition to my appraiser issues, I've been having a really hard time getting contractors to call me back or even get quotes.

Lendinghome has an $199 application fee for each loan which I paid. I haven't been successful in finding any PMLs in this area.

I have a property in WV that I put under contract at the end of August. I decided to use Lendinghome to finance the project since the property needs some rehab. First of all, they've required almost as much documentation as a normal mortgage company which is surprising for a lender that is supposed to be similar to hard money. 

So originally I was told that they don't need to do full appraisals since they have a "hybrid appraisal" process. About 2 weeks away from closing, they tell me I need to pay for a full appraisal since the property is in WV. So I bite the bullet and pay for the appraisal. A few days away from closing, I'm told that the appraisal hasn't come in and won't for another 1.5 weeks. The seller was very upset but I was able to extend out the closing date by putting up more earnest money.

The appraisal was supposedly received by Lendinghome at the beginning of this week. So I'm two days away from closing as of today. My rep that I'm working with at Lendinghome sends me an email saying that the appraiser only gave them an as-is value and not a after-repair value and that closing will be delayed another couple weeks!?!?!

This is a fantastic deal that I don't want to lose but I'm going to have to put up a considerable amount of more earnest money for the seller to even consider extending out the closing date even further. 

Any suggestions on how I can salvage this deal in 2 days?

We are about to buy our first duplex using a commercial portfolio loan. The process was different from getting a residential mortgage where I just a get a preapproval. I had to wait 5-6 days for the underwriting to go through before I could even make an offer. I have several other great cash-flowing deals that I'm looking at but the process of getting a commercial loan is slowing down my buying process. I really need to connect with some private lenders that will help me with acquire deals quicker. I can then take time to refinance out using a commercial loan.

Anyone know any private lenders I can speak to?

Niklas, I'm interested. If you start this group, please send me a note.