All Forum Posts by: Michael Dunn

Sean M. 

You're the best , thanks so much for sharing 

VA loan and using it to purchase a mobile home ??

John S. 

What would be the rates and the terms for a Loan from your company, given the forementioned situation ........ (  $16,000 paid in Cash by me on the Front end + $35,000 needed to do the Rehab )

Property's ARV to come in , right around $125,000

So , $75,000 in Equity  ( estimated ) 

Dennis W. ,

" Be on the Title in 1st Position " .......... This mainly means that they will want to tecnically have the full rights to the property, in the case that something happens and they have to then " own " the property , with the Repairs still needing to be completed ? 

Nighi Le , 

Yes sir , the $16,000 is what I have in Cash and what it will cost me to acquire the Property 

I just need right around $35,000 to do all the Rehab and Repair work . 

I wasn't sure what type of Loan I could get , that would Lend based on the situation .

What type of Loan would cover both the Purchase + the cost for Rehab ?

I'm hoping that the amount of Equity in the Property, will be enough for a Lender to Lend to me , on this Property ? 

Jason DiClemente , 

what would be the reason that a HML would consider loaning to me n the first place ............ Would it solely be based on the amount of Equity ( After the $35,000 is spent on the Repairs ) that they would lend me the money?

So my Upfront/out of pocket cost will be right at $16,000  +  $35,000  needed to repair/renovte it 

Total cost =  $50,000  ( rounded ) 

The ARV should come in at $125,000

So is that  $75,000 worth of Equity in the Property, enough of a reason for them to feel comfortable in lending me the  $35,000  " against " the Property ?

Thank you for all of your help 

Hi Nighi Le , 

I am looking to purchase the property 

The  $16,000  would be all of my Upfront Costs  (  Liens, Back Taxes, Lawyer fees and cash payment to the Owner/Heir of the Property  )

I will need around  $35,000  to repair and renovate the Property 

My proplem is ........... I don't have the $ on hand , to pay for the repairs/renovation on it 

a HML seems like my best and likely only Bet ?What Loan amount ( as a minimum ) do HML like to see / loan ?Thank you for all of your help

I need some advice please, on If I can get a Loan on a Property, that I need $30,000 to do Repairs/Renovations on  ??

The Property when Repaired, should Appraise for around  $125,000   -  $130,000 

The current  Value of the Property is right at  $35,000 

My All-In costs will be around $16,000 

I won't have enough $ to fix and Repair it , so I am looking for a way to get a Loan / Money to get it Repaired 

Would a Bank or Lender likely lend me a HELOC type loan, based solely on the Equity that the Property will have in it ?

Thank you all for the help and input 

Thank you both so much for your help 

i really appreciate it 

Hi ,

I have two HELOC related questions that I need some help with please

1. I have a 5 year Interest Only HELOC right now

Is there a way to to " Re-start " it back to the 5 year mark?  Like if I were to pay it all off in Full ? 

2. Is having a HELOC as good as having the actual cash on hand ?

EXAMPLE:

Say I want to have on Average , $30,000 for any time that I go to buy an Investment Property 

Is having a $20,000 HELOC at your disposal , as good as having that $20,000 in cash ( in a Savings account ) ?

Thank you so much for the help