All Forum Posts by: Kalvin Wilburn

@Jeff S. I’ll be purchasing in Hawaii.  Good advice/insight too..I appreciate it!

@Whitney Hutten I have a refi-lender in mind. Are you suggesting I apply for the refi now, before securing the property? My realtor and her contractor are doing the estimate as I type. I've applied to a HML (reference on BP) but I'll be PMing your shortly.

@Account Closed awesome advice, thanks a lot. I've exhausted my VA loan benefit, which would have been my go-to option. Thanks for the rundown of the hard money process and insight to the private money option too.

I'm eyeing a single family home listed for $385k and appraised for $510k in 2019.  I plan to acquire the property, rehab, refi and occupy as my primary residence for three years and then rent (military).  Do I submit the offer, then secure the hard money - or secure the hard money, then submit the offer?  

Considering the trend in the listing cost (-$50K every 90 days), I plan to submit an offer of $315k to the current $385k asking.  However, I don't know the rehab costs and this makes it difficult of how much to ask in hard money.  

Reading the BRRRR and estimating rehab costs books, I think I would proceed as such: Agent (offer) - Contractor (rehab costs) - Hard Money - Refi

But again, Im unsure.  Any advice would be appreciated!  

@Wren Martin @Odie Ayaga @Whitney Hutten @Odie Ayaga

I now understand hard money to be a viable option to securing investment properties.  Thanks for schooling me on hard money lending.

I'm very interested.  Military and I close on a house in Piti next month.  Interested on building a network while I'm still on island.  

@Whitney Hutten I have to do research on hard money lending.  I have my reservations.  Is it wise to assume conventional lending are more secure (or safe) than hard money lending?  Without doing research, thats my initial feeling.  I'd love to hear your perspective. 

@David M. could be a negotiation point for the buyer.  But I get it now.  Definitely adds depth to my "money is money" perspective.  

@Bill B. $20K non-refundable is pretty ballsy, but definitely puts "money where mouth is".  Point taken.  

@John Teachout in regards to appraisal amounts and inspection failures, could it be viewed that the seller isn't being transparent about the condition of the property?  I know the buyer has the burden of due diligence prior to acquiring a property, but ethically a seller should disclose issues with the property.