All Forum Posts by: Account Closed

I am a new investor and just flipped my first house and am doing a second with my own capital and hard money.

I am starting my own LLC and am looking for someone who knows or has experience in dealing with Veterans Affairs guaranteed Small Business Loans through the Small Business Assosciation.. I am looking for working capital to expand my flipping business and was wondering if anyone had any suggestions or recommendations on this specific thing.

Thanks!

@Alexis Whaley- I would suggest heading to a few of the meet ups here. There are ones on west side, Kailua, and in the city. One thing you can look at as well for some profit if you’re doing live in flips is finding an ohana type house where you can rent off part of the house or a separate dwelling to make you some money while you’re doing it. I rent out my other two rooms to Roomate’s and it basically covers my mortgage here

@Dave Blackman here is the info I got from lending one. The shorter the ARM the better the rate. I believe we were hovering in the high 4's or mid 5's for percentage rate. This may just foot the bill for what I need. 3 weeks from start to finish is what they want with no seasoning.

here is the terms I got from the guy. My credit score is 800+ so I got a really low origination fee. It can go pretty high from what it seems with worst credit.

"For a refi we can typically go as high as 75% LTV, and again we can offer you a 30-yr fixed or ARM at 5-7-10 years. To reiterate, because of your great credit score we could offer you our best origination fee at only 1.49%. Lastly, closing costs would only consist of that origination, plus $995 legal and processing, plus any third party fees (taxes title ins). "

Not a bad gig I suppose.

@Mike D'Arrigo do you have any property management companies you would highly recommend for my rental. I got a crazy offer from a company Called ALE solutions that basically headhunts for properties for families that need to be relocated due to a disaster. In this case it was a fire. Theyre offering me above what I listed the property for plus some additional funds with the stipulation that its 6 months which isn't an issue but I need a PM since I'm out of state and might need them to be pretty quick and reliable.

Has anyone has any experience with a company that finds individuals rentals for that situation I talked about above. its very enticing to me.

@Jeff Schechter thanks I will have to check him out. 

@Dave Blackman I have had terrible luck with the site lately when it comes to password reset. I will definitely let you know though when I hear from them 

@Dave Blackman I am actually working with them on the that actual program. it looks like ill probably be forced to use them or one of the other big ones like limaonecapital

@Mike D'Arrigo thanks for the heads up! It was a longshot for a conventional lender I was just hoping someone has or had managed it at some point. I am shopping some non-conventional lenders currently. Interests rates are a little rough unfortunately.

Hi All,

I Recently did my first flip and am on tight timeline to sell it due to a GC taking their sweet time. Basically I need to cash out within the next 3 months to repay my lender. I am looking at the possibility of putting a tenant in place and throwing a fixed 30 year mortgage on it and pulling out some cash after the refinance.

Ive had title in my name for 6 months now and my issue is not having a tenant in place long enough to properly season the property. I am looking for any type of lender in Indianapolis that would be able to help me out. Anything Helps

@Chris Chantavong depends on your lender. if you are seeking a conventional 30 year through a large bank its typically 6-12 months.. If you are looking for a hard money investor that does long term mortgages they could not require a seasoning period as long as you have a valid lease but they typically have an interest rate of 7.5 or greater for a 30 year.

Benefit: you can refi quickly with a hard money lender that does long term\

Drawback: you are paying a high interest rate which kills cash flow

Solution: refi with hard money, season it, then look for a traditional bank or Credit Union thatll give you a better interest rate

That's what I'm currently focusing on

if you're looking for hard money you should make sure that your DSCR is above a 1.5. Your rates will typically be substantially less if you can hit that point. As long as you have POF and a property manager that makes sense then your DTI shouldn't matter. It wouldn't typically matter if you were looking for a traditional lender anyways for your Hawaii rental house because you need to season that rental before you can prove that it is a viable source of income. When I first started looking, my DTI was way too high since I own a house in Hawaii. The lenders would ask for W2 income for rentals but I hadn't had the rental long enough to claim it on my taxes. I looked for hard money because all that they care about is the numbers.

I have talked with Limaonecapital and they seem to have fairly decent rates.. They lend in indy and all they're concerned about is the cash flow and property management.

hey larry. Can you send me a PM with the exact address. I know the area and am trying to figure out where exactly it falls. Butler is very street by street as I'm sure you're familiar with.