All Forum Posts by: Lawrence E. Hopkins

@Nghi Le

Very good points.  The HomeStyle Renovation loan is a cheaper alternative to hard money, you are right.  The only challenge is it often takes up to 45 days to close the loan.  In St. Louis, our market is very competitive so many wholesalers want to close quickly (5-7 business days) and that cannot be accomplished with the HomeStyle loan.  If you do not have cash, then hard money is an option. 

Also, I am not promoting, but my company does fund 100% of the purchase and rehab up to 70% of ARV. If you buy it right, there is no down payment.

@Nick May  Hard money is a viable option for investors who are starting out and/or who do not have the funds to purchase and rehab out of pocket.@David Ounanian  You are right.  Hard money is typically easier to acquire as most banks will only provide 75% of the purchase amount for an investment property and 0% of the rehab which will require a large cash infusion in a particular project.  But hard money is typically more expensive because of the risk taken on by the lender.  Typical hard money lenders (also they are all different so beware) will lend 100% of the purchase and rehab up to 70% of the After Repair Value which will allow an investor to only  bring closing costs to the table!

If you have any questions, I would be happy to go over the pro's and con's of hard money from a conceptual standpoint.

@Donald S.  Don, if you have any questions about hard money lending just from a conceptual standpoint, I would be happy to discuss and point out the pro's and con's.  Many investors utilize the power of leverage that hard money can provide to assist them in building their real estate business.  Best of luck!

Good morning Megan.  Thank you for the post.  I work with many out of state investors in the St. Louis market over the years and I have seen a serious spike recently.  St. Louis is an awesome market for investors because of the diversity in the market, inventory and the ability to utilize multiple investing strategies with opportunities for success within one market.  Go ST. LOUIS!!!

@Matt Bowler  I have 70+ pre-qualified investors who are looking for wholesale deals as buy and holds.  If you do come across a solid deal and are in need of a buyer, please reach out.  Best of luck!

@Weston HardingMake sure the contractors are licensed and bonded.  I work with GC's on a daily basis in my capacity as a hard money lender and there are several red flags that you should look out for.  If you need any assistance, please let me know!  Best of luck!

I have had great success with Ansaring.  They provide 24 hour live answering support!

The advantage in my opinion with Single Family homes is the options that you have when you sell the properties as opposed to multi-family (which are great investments). At some point and time, either you or your heirs will sell your investment portfolio and single family homes provide you with several options as far as a buyer pool. (1) You can sell to another investor, (2) you can sell to an owner occupant and (3) lease purchase to your tenants. I am a huge fan of SFR! Good luck!

Good morning.  I would highly recommend Ed O'Daniel.  Great property manager.  Dunamis Property Management

Contact: Edward O’Daniel

http://www.dunamispropertymanagement.com/