All Forum Posts by: Lee Huffman

Great info @Drew Castleberry. We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

Thanks @Drew Castleberry and @Dave VanDommelen.  It can be expensive money, so I'll be sharpening my pencil on deals a little more to ensure that there's still adequate profit after paying the additional fees.

Thanks for the recommendation @Drew Castleberry!  I will give them a call.  Is there anyone that you suggest I speak with there, or should I just talk to whoever answers?

Thanks @Chase Maher.  Although I live in SoCal, all of our investing is done in North Carolina.  Would rather diversify and buy 10 properties there than one here!

So far, we've been able to do 6 rehabs into rentals (2) and flips (4) using a combination of our own capital, some private money, and a bank construction line of credit.  As we go forward and continue to expand, we're looking at using hard money lenders for the first time.

Our realtor suggested LendingHome, and we've seen ads on BP and mentions in a couple newsletters we subscribe to.

I had a great call with them today and have another scheduled tomorrow to speak with the lender assigned to us.  Wondering if anyone has worked with them in the past and what your experiences have been?  We have a couple of deals pending that we may test them out with, provided we get the right feedback and tomorrow's call goes well.

Thanks for the feedback!

Hey Justin, I'm looking for hard money lenders as well.  We have some of our own cash invested, plus some money from private investors and a line of credit with a bank.  However, we have more opportunities than cash, so we're looking into HMLs to see what other opportunities we can take advantage of.

Hi @Lakila Richardson, I've been investing in the Fayetteville, NC area since 2006.  We are buying properties and rehabbing them for both sale and rental.  Our property manager is pretty fantastic.  If you send me a message, I will put you in contact with her.

Good luck!

I agree with @Dawn Brenengen and @Alexander Felice, you are most likely going to need to rent it to avoid the huge transaction costs of selling.  Since you've owned the house for such a short period of time, very little of your 30-year mortgage payment has gone towards paying down principle.

If you sold, you'd be looking at approx 8-9% of selling price in commissions, title, attorney fees, etc., plus the Fayetteville market often requires some contribution towards buyer's closing costs since so many loans are VA loans, just like yours is.

We have a great property manager that manages our 5 rentals, who is very proactive.  If you want a referral, send me a PM.

Unless you have a good contractor or some other way to do repairs/improvements at a low cost, the money you pay to fix up the house will probably not net you anything more that what you pay... or you may even lose more money.  On the positive side, your house may sell quicker with some improvements that make your home the best of the comps.

Good luck with your decision.

Welcome @Renita Kerr.  I've met some great connections on BP that are helping move our business further ahead, and I'm sure you will as well.

Welcome @Brian N..  Plenty of great people here on BP that are willing to help you out.  Just about every market is big enough for each of us to get our piece of the pie, while still being cooperative with other investors.