All Forum Posts by: Kira Reinhart

Thanks everyone for the feedback, and thank you Mark for reaching out.  I have spoken to Matt and have done some investigating as well and how you explain it makes perfect sense.  I'll be speaking with Matt again tomorrow.

Kira

Has anyone heard of CalCap Financial out of Pasadena? I'm looking for a HML for a no-brainer fix and flip, and CalCap Financial has reached out to me. All seemed fine until the red flag of them asking for an upfront fee to be wired to them. I've fallen for that once before and was taken for some money, so I won't do that again. Just wondering if anyone out there has done a deal with them.

I have an accepted offer and in contract for a house in Northern California and need financing for the rest of the acquistion and rehab costs.  The offer is $440,000, I will come in with $360K of my own money, I need $80K to finish the all cash acquisition then $50K for rehab costs.  It's in pretty good shape mostly needing landscaping and a new driveway.  Property will sell for at least $600K when finished.  I have some offers already on hard money, but I wanted to shop around since this is my first time using hard money.  No pre-payment penalty is key as this is a flip.

PLEASE no creeps!  I want only well-established lenders with a good track record and reasonable rates.  And I will research if you are legitimate.

Thanks

Hi there, I've been investing in real estate for over 10 years and have been quite successful, but mostly rehabbing and then landlording.  I've recently started flipping houses and love it.   I'm in the middle of a flip right now that will net >$100K.  Other properties are coming up but they want cash only buyers.  In order to compete, I need to offer cash only and show proof of funds in my bank account as part of my offer submission.  Any suggestions on how to do this?  An example is a property listed at $650K, total fixer, but the comps are anywhere from $1M - $1.2M once renovated.  It needed around $200K - $250K of work, so the potential profits were tremendous.  I went in with an offer of $720K, but because I wasn't all cash they passed me up.  I need a lender that is willing to wire the funds immediately to show proof of funds so I can get these deals.  All my money is tied up in the current flip I'm doing.  Looking for any advice.  Thanks!