All Forum Posts by: John Kane

Hello all. I have a complicated property that is in the middle of rehab. It is over budget and way behind on schedule. Most of the delay has been due to zoning issues. I have a hard money loan on the property and am fine making the monthly payments. The problem is that its a 12 month loan. I am in the 11th month now. The property will be a huge cash flowing duplex in a great area in Philadelphia. I want to refinance the property and keep it probably forever.  My lender is really beating me up to extend the loan for an additional three months. I would really like to learn what other options I have. The utilities will be done on the property in two weeks then drywalled shortly after, so the current condition of the property really limits my options. I have heard of bridge loans but am not 100% sure on how they work. Or if its possible to get one after having a hard money loan already. Thanks for any info!

I am a newer investor in the Philadelphia area. I have bought renovated and rented out three properties so far. I am also a GC and lived in all three, so I always bought using an agent and with conventional financing.

I want to find distressed properties at below market value. I have found a few on the MLS and through whole sellers. How do I make an offer using hard money? I have been pre-approved through a couple but selling agents seem to need more proof? Do I need an agent? Do I make an offer first or let the hard money lender know about the property first without a signed agreement?

Thanks!