All Forum Posts by: Antoine Martel

Good luck!

I would buy the property with all cash, $12k in cash so you can buy the property out right, if you need to find $5k more, then you can find a PML to lend you on that. HML's will normally not lend that low of an amount. Then what you can do when you are 12 months out, you can get a rehab loan from a HML for the repairs, once repairs are completed then you can go to conventional lender and refinance with a new appraisal.

What we have done is either create syndicate for the buy and hold property, or bring on other investors as PML's. Since you are just getting started, the syndicate might be the better route because you can bring in your family members as partners and they can share in the profits with you.

We heavily invest in buy and holds and are always looking to partner up with other investors. Would love to connect. 

Rohan,

This sounds like a great project. What you have set up sounds like a good plan. I would reach out to your contractor or agent out there and see what they recommend. I would also check out some comps and see what they are putting into their units.

I am also in Los Angeles and have been investing over the USA just like you. I'd love to meet up and talk business this week or next! Let's chat. I just connected with you.

I have been under contract on a couple of projects there but they never fell through. Where are you currently invested?

Conventional lender will not lend on an LLC, but they do not care that an LLC owns the property. They will just give you a conventional loan on your personal name. Remember that this is just my experience, some lenders may actually want you to remove the LLC from title. You would have to discuss with the banks.

Welcome. I am a real estate investor focusing on buy and hold properties as well as commercial value-add projects. Please let me know if I can of any help or if you are interested in the same things that we are and maybe we can work together. 

I would say that you should do your research. Take to people who have done it successfully and learn from them or partner up with them. 

Remember you can only do FHA if you are planning on living in the property, is that what your plan is?

Have you thought about placing an offer on the property as an all cash offer? Is this lender that you speak about a HML? If so then you can place your offer as a cash offer, just give yourself enough time to close so that the HML has enough time to process your loan request. Then you can close on the property, use the HML's money for the repairs. After this point you can hold onto the property until a conventional lender will be able to give you a cash out refinance. Which for most large banks will be 6-12 months.

I have not found a way to get around this issue. I would reach out to a local realtor and see if they can help you pull comps, that is all that I can recommend and that is what we have done in the past.