All Forum Posts by: Account Closed

@Kelly I. Haha, whatever it takes! Makes sense, thanks!

@Jason DiClemente totally makes sense! Just had to make sure “cash” didn’t mean I had to show up with a briefcase! Thanks

@Caleb Jordan ok, thanks. Very helpful. Arv is 100k

@Jason DiClemente Thanks Jason, the seller wasn’t requiring cash, I just offered significantly below listing price and figured cash would appeal more to seller. I guess I’ll have to shell out my own cash for purchase if seller wants dollars in their hand vs. wire to escrow account. Can’t blame them if they do. Now the question is, will a hard money lender put dollars in your hand to close a deal, or is the only way to do that usually through your own funds? I’m already under contract with cash as the form of payment.. Seems like offering “cash” is a good way to offer the seller incentive to strike a deal. Has anyone else experienced this? If you are doing a hard money loan, do you include that in the offer for the form of payment/financing? How is it referred to, just “hard money loan”, or “loan”? All that being said, I don’t know if real cash could really benefit a person anymore than funds being transferred to their bank account, since escrow is no secret.

@Caleb Jordan Ok, thanks for the reply. This stuff is probably simple once you’ve done it a couple times, but asking questions really helps shortcut the research into what is normal! So thanks a bunch. The $3500 is a minimal fee if the pecentage origination fee would be less. The hml is for $50k which includes 30k rehab expense. I can’t remember what their percentage was for the origination fee. Not sure how difficult it is to get hml for a major distressed property, with rehab cost more than purchase. I’ll check to see if hmlender can create an LLC for me etc.

@Jonathan Greer, responding to my first post like a champ, I’m also wondering if it is difficult to close a hard money deal on distressed RE when the agreement is CASH at closing. Will the hard money lender give you the cash to give to seller from your hand to the seller’s or does the HML pay the seller? Novice question and I don’t know if this even works to add to my first question..

Hi, I have a house under escrow in Tennessee, planning to pull a hard money loan to close the deal and fund remodeling. I can pull together my own finances to close, but won’t have enough to Brrrr, and will have to work too hard to fund myself. I want to get this thing hard money financed, but am hearing things that make it sound more complicated than I thought. A hard money lender said I need to have an LLC for the purchase, 15k bank statement for last 2 months and $3,500 minimal fee for loan along with 12% interest on 13m loan. This probably sounds like no big deal.. Does this sound normal? This will be my first hard money loan, first LLC, and first Brrrr. I’ve done 2 other deals and purchased a few properties and am just learning the ropes of financing and wise RE investing.

@David Friedman Hi David, I'm a general contractor that has a small team. I am a finish guy and hold my guys to a high standard. Did plenty of blow and go remodels in the downturn too though. I'm looking to expand my business basing centrally between San Diego and LA right now. If you want a bid for anything, please drop me a line and I'd be happy to meet!

@Dan Heuschele If you need remodeling done, I'm helping people flip their homes in San Diego and would be happy to help get your house ready to sell at top dollar.

@Kenny Dahill Hi, I can fund some remodel work if you find the right deals for a piece of pie. I'm new here, so I don't reckon this is a private message. General contractor for 10yrs