All Forum Posts by: Jonathan Lake

I am looking for one as well who lends in Indianapolis.

Hello, Are there any BP members who have heard of or used Temecula Finance LLC to finance deals? Am trying to do my due diligence, but am finding little online about them except for a website.

All feedback is appreciated.

Thank for the question @Leo B.  

An investor will get a nice return, on a short-term loan with two integrity-based investors.

My name is Jonathan Lake. My partner and I have buy/hold properties in Rochester, NY, Indianapolis, NYC and PV, MX. We currently have 16 units in our portfolio. All of our projects are Buy/Rent.

Currently, we have two projects in Indianapolis for you to invest.

1. We purchased a distressed 4-Unit + 2 Car Garage for $60K cash (our own money). We have put $30K into the renovation (our own money). The entire renovation budget is $100K. We had it appraised came back at $195K ARV.

• Forecasted Annual Gross Income (Rent, Garage, Laundry) $47,400
• Forecasted Annual NOI $32,120
• Forecasted Monthly Cash Flow (minus PI) $1,677
• We have invested $90K of our own capital to date

The Ask 

• $100K to finish the renovation and take out $30K to put back into our purchasing fund. We still remain invested at $60K purchase price.

2. We are in contract for another 4-Unit which closes on or before April 11th. The contract price is $150K and the renovation cost is $60K. The ARV is $275K. The owner is willing to carry the contract with $30K down or we can buy it outright.

• Forecasted Annual Gross Income (Rent, Storage, Laundry) $40,200
• Forecasted Annual NOI $26,460
• Forecasted Monthly Cash Flow (minus PI) $822
• We will put in $20K of our own money

The Ask

•  $200K to purchase and rehab the property

or

• $90K to lock in seller-contract and complete the rehab

The projects can be funded separately or combined into one loan. I look forward to hearing back.

Jonathan Lake

917-297-3943

www.reluctantspouse.com

@Mindy Jensen We do. However, this particular HML will not accept a title with liens. Are there HM/Private Lenders who will accept a title with liens (which can be explained)? I guess this might be my real question now?

Thanks for the questions @Mindy Jensen. 

1. I purchased the property with cash
2. Distressed investment property so couldn't find a bank to finance
3. Hard-money lender is requiring clean title to provide rehab loan
4. Cost of rehab is $100K
5. Cost of repairing city violations $27 - $30K
6. At end of rehab, the property will become part of our buy/hold portfolio

Looking for options to get the repairs/rehab done without digging further into our savings.

I hope this helps clarify.

We acquired a distressed 4 unit property in Indianapolis which contained a number of code violations, fines and liens. All fines and liens have been paid off. The liens will not be released by the city until all nuisance/unsafe-home violations are brought up to code (all exterior: roof, siding, windows, etc). Lender will not fund loan until the liens are released.

1. City will not subjugate the liens
2. City will not temporarily relieve the liens and put back on at a later date

Has anyone else faced this issue, and, if so, what was your workaround? All suggestions and feedback is appreciated.

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Join us Saturday morning.

Bring your +1, your "Partner-in-Crime", your Reluctant Spouse as we come together to share tips and best practices to assist in aligning on wealth building strategies, share deals and network with other like-minded real estate investing people.

We are excited to share our space with each of you while growing a network of people looking to achieve financial freedom in real estate.

A light continental breakfast will be served. 

https://www.meetup.com/The-Reluctant-Spouse-Real-E...

More about the The Reluctant Spouse: Aligning as a Team for REI

In every relationship (couples, business, partnerships, etc) there is always a dreamer and a realist. The realist is the one most reluctant to our ideas and plans to create a better future. The reluctant spouse comes from a good place; a place of safety. The idealist sees EVERY possibility and will move mountains to make them happen, but unfortunately we sometimes feel we are held back because we have failed to gain alignment with our +1.

As a group, we are coming together with our significant other, partner or +1 to share alignment tips and best practices while sharing RE deals, upcoming events in our market and most important doing it TOGETHER.

Our belief is a UNITED Team has the ability to earn unlimited wealth in real estate and life. Join us and as we share our stories as well as how you have dealt with the challenges faced when your +1 has been reluctant in taking the "leap".

Learn + Share + Network = Unlimited Potential

I pay contractors to assess remote properties and get a back-of-envelope project estimate to me within 48 hours. By doing this, I have individuals who are motivated to assist me in growing my portfolio. I may not go with that contractor, based on final bidding, but in the end they get compensated for their efforts. It has worked for me and has kept me from making some big mistakes.

@Tom R. Take the deal. 

1. You need a deal to build credibility to set you up for your next one
2. You don't have the ability to fully fund and/or finance your own deal so you are at the mercy of an investor
3. Your friend is "willing" to fund at least a portion of it (this is more than others would be willing to give you since you lack experience and/or your own funding)
4. 50% of any deal is better than 100% of No Deal
5. Karma is King