All Forum Posts by: Jay Luke

@Jay Luke I have hard money sources and can do 80% LTV.... That would be your best bet for what you are doing. It looks like you have about 20% to play with, but many of your private investors are not going to loan at 80% LTV. With that being said, if you are offering an investor an additional cut of the profit, you may get someone to loan you 80% and even 90%, depending on the cut. I have actually loaned 100% of cost and 100% of rehab, when I felt the deal was really good and I was also given a 50% cut of the profit. Everything is negotiable, so you just have to find the first property and start speaking to people like me, and others here on BP.

@Jay Luke 

 I can give you some ideas on funding, but I need to know more about what you need.  How much money do you or your group have for downpayment and rehab cost?  What price range will you be looking for homes?  Can you qualify for better quality hard money loans with good credit etc...?  With these details I can give you a better idea of where to get the money for your projects.

It is great to be here on BP. I have been watching the site for some time, and decided to upgrade to a Plus for now. I do a lot of different things in private money and private lending, but mainly just like making money :-)  I usually do deals with my own money, partner with others, crowdfund or raise capital with other means.  I am also a good resource for newbies who need help, or a second opinion on a deal or how to structure a deal.  I look forward to networking and getting to know others :-)

financing comes in all shapes and sizes. When we finance our flips we typically get 75% of purchase plus rehab. Depending on the size of the rehab the bank will disburse it all at once or do a draw schedule. 

After reading and researching I finally got my brother as a partner for our first flip. We have a little over $10k saved up to start but my question is if we get a conventional loan or a FHA how does the whole process work? Would we get a mortgage for 15yrs flip the house and if we can sell in 6mths the most pay off loan? Would there be a penalty for paying off early with a conventional loan? I understand that when flipping a house the longer you hold it the less you profit...what's all included with holding costs? Sorry for asking all this but trying to gain as much info before diving in to a flip.