All Forum Posts by: Lamont Marable

Thanks Fellas!  I was planning to rehab and lease but did I overlook the down payment?  I was surprise to see no down payment of any sort.  

My cash is currently limited to 8,000.  I was planning to buy the property from auction.com with my highest offer being 60,000 (it's currently at 25,000).  With rehab expenses of 20,000.  ***Side note - I'm so help that I've found a site that will help me with this***

Thanks Tom and Curt!

I'm still new but I found these conditions when looking for a Lender in my area,  What do you think?

Rehab & Rent Loans – Available in MD & GAWe lend up to 90% of Acquisition, 100% of Rehab
Max 70% LTV
6-12 month loan term
12% interest only, paid monthly
5% origination fee, paid at closing
$150 per repair draw (if applicable)
$250 loan payoff fee to coordinate payoff with title attorney
No pre-payment penalty
No application fees, appraisal fees, underwriting fees

Should I move on it or is it something I should be concerned with?  Thanks.  #TeamTeam