All Forum Posts by: Mike Muniz

@Joe P. Thanks for the advice Joe,much appreciated!!!

@Caleb Jordan Thanks so much Caleb.

@Clay O.Thanks Clay. Say I want to use a HML to get a loan. Wouldn't they need to know details like the purchese cost, rehab, closing cost, holding cost and a bunch of other info before I can get pre-approved.Or can I can they just give me a general amount on how much they would lend?

I've been asking questions and getting much appreciated help,thanks for the love you guys!!

Now I recently asked if I should get pre-approved before making an offer to an agent on a property for a flip? I'm mostly getting yes,as in I should get some type of approval for funding beforehand. Okay understood.

Now when it's comes to getting the loan from a HML, isn't it true they want to know in detail your plans for the property or an overview of the whole deal before approving? How can I make a pre approved offer without the bank knowing repair costs and all the other costs?Wouldn't I need to see the property first to get an estimate on repairs. Will an agent let me see n estimate my cost on repairs before an offer?

I'm confused.So I shouldn't make an offer without being approved buttt I can't get approved without proving a good deal. Can someone please help me clarify?

@Jaron Walling Jaron sorry my spell check.

@Jaron Walling Jarin sorry about that.

@Jaron Walling I really appreciate the help Jarin,truly, thanks man.

@Jaron Walling So why does LendingOne say loans from 75k-30,000,000k. Wouldn't that mean I would only get loans for 75k or higher? Lending Home also says a similar amount. Am I reading that incorrectly?

Let's say I do find a good deal.

160k ARV

Listing is 100k and I get it for 75k

30k repairs

With a detailed breakdown of the whole entire flip,repairs,closing cost,everything included,could I get a loan for say 60k from an HML if I put 15k of my own money down?

And with no experience who can I go to if the HMLs won't take a chance?

I appreciate the advice it really helps.

Looking to invest in my first flip I have 50k to start. 15-20k for a down payment and 30k for a rehab,plus emergency funds. Do I have to get pre-approved for a loan before speaking to an agent about an offer?

For example.

Home is up for 100k and I want to make an offer say 75k. Do I try and get a loan off the asking price or do I wait to til the offer is accepted and then get the loan. Also if my loan includes the rehab ,do I make the offer and get the rehab estimates first or would I need to get pre-approved?

Let's say a home is up for 100k and I have 50k in cash. What should I do? Should I use 15-20k for a down payment for a loan from a Hard money lender to purchase and use the other 30k for a rehab? I see most hard money lenders lend no less than 75k also, do I have to start with a home that is 80-100k or more? I really don't know how to go about it.