All Forum Posts by: Account Closed

Our other option would be to put this on credit cards at 20 to 25% interest. That is the main reason we would be willing to pay such a great interest rate. 

The home would be 5 Bed, 3 Bath, 3,000 sq. ft. upon completion. One of the issues we are having getting a traditional heloc from a bank is the home is in our LLC name and so is the loan. We are a new business and do not have two years tax returns for the LLC. Wells Fargo has turned us down for a heloc, any other banks we should try?

I have a great property that we are doing a fix and flip for and need funding for the rehab. The property is in Racine, WI. We are looking for a hard money lender (No Broker's Please) to complete our fix. The home is a 4 Bedroom, 1 Bath and is 2,100 Sq. Ft. built in 1900.  We are licensed contractors in Wisconsin and are finishing the third floor into a master bedroom suite with bathroom. We are also adding a half bath on the first floor. When the home is completed it will be a 5 Bedroom, 3 Bath home with 3,000 sq. ft. living space. The home has a two car garage with a loft above it that we are leaving unfinished. We are seeking a $30,000 dollar loan and you would be in second position. Willing to pay 15% for six months.  The financials for the property are as follows. 

Purchase Price $56,000

Appraised Value$58,000 (As Is)

Loan Amount $42,000

After Repair Value $175,000 

I have been a licensed real estate agent in California for over ten years. We have two properties that we can show a profit on within the last 12 months in Alaska. We are an active LLC in the state of Wisconsin.

Hello Everyone, 

I recently moved to Racine Wisconsin with my business partners and we wrote a few letters to some homeowners of abandoned properties. We received a call today and the sellers are willing to sell us a property through a short sale. I have ordered a BPO and am about to have the owners sign a release of information letter so I can start negotiating with the bank to purchase the property. The funding company that I was using recently increased their max fund amount to purchases of 50k or higher. I am estimating we can purchase this home for 35k to 45k it would need 40k to 50k in repairs and the ARV would be 175k. This home has views of lake Michigan and was built in 1885. It is listed on the national historic home registry also. Any advice for us or if anyone would like to partner with us on this deal would be greatly appreciated.

were planning on getting it to 1500 sq ft after Renovations are complete 

Hello and Happy New Year

My husband and I just moved to Racine, Wisconsin from Anchorage Alaska to start our flipping and rehab business. We already purchased a duplex and moved in and found our first home that we would like to rehab. Here are the specifics. 

This is a bank owned foreclosure in New Berlin, Wisconsin
Property Address:1514 S. 165th St.
Asking Price: $94,000
Projected purchase price: $70,000
Estimated Rehab: $50,000
Resale Price after completion: $190,000

My partners and I would be putting 10% down on the purchase price and
the rehab costs.
We are willing to pay 10% interest per month during holding time, plus
2 points at closing.

If anyone could be of assistance on this deal we would greatly appreciate it!
This would be a fantastic first flip for 2016!

Sincerely, 

Justin Davenport-Oberlender

Realtor / Investor

11 Unit, 7,200 Sq. Ft. Building in Michigan

Needs 75-100k in renovations. 

Refinance already secured after 80% occupancy reached after renovations. 

As is value - $70,000

ARV - $150,000 - $200,000 with a rent roll of $4,000 month.

Would be open to partial split with a seasoned investor in Michigan. 

Bank Owned home in Eagle River Alaska. Held by Wells Fargo. 

Listing agent has informed me that Wells Fargo will be penalized if the home is still on their books past November 20th. The listing agent advised them to lower the price 40% and sell it for cash only. Wells Fargo is looking for a fast close of escrow. I have walked the property today and took pictures and video of the outside. It needs about 40-50 thousand in remodeling. Offers must be submitted by October 21st, with proof of funds. Offers will be reviewed on October 22nd. Listing agent currently has 4 cash offers. 

Listing agent listed the home for $395,000

Lowered price to $295,000

Assessed value in current market condition $395,000

Market price of home after renovation $450,000

Would need a 60 day loan for $290k Cash. Interest & Profit split negotiable 

Would need to borrow rehab cash to fix. 

Can make monthly interest payments. 

The home has an indoor hot tub. 2,700 sq. ft living space, 4 bedroom, 3 bath, 2 Car Garage, plus unfinished basement that can be finished to add additional living space. Beautiful mountain views and nicer finishes are installed. Very easy cosmetic flip with bathroom renovations. 

Please message me if you would like the photos and videos of home, or any additional information, comps or a complete market analysis. 

Welcome to the community! 

Glad you are here!