All Forum Posts by: Naskat Williams

Hey, I need some advice asap! My great great uncle left his 2 story building, which consists of a store front church, and three rental units to members of the church( my family). The building has sat for some twenty years and now the city wants to demolish it. The city told the church that they either have to fix up the buliding or sell it, or they will demolish it.
The buliding needs a full gut rehab, and I am a newbie investor.
Here are the problems:

The lien holder on the house illegally sold the building to another owner, by posing as the reverand of the church. Now, my aunt's lawyer can not find the lien holder and is trying to get the deed back in the church's name. There was no reverand of the church, becuase he died years ago.

The building is in a neighborhood on the edge of urban revitalization, and there is new constrution up, and most of the buildings on the street are being gutted and rehabbed.

My aunt's real estate agent found a buyer who want's to pay my aunt $65,000 for the building and pay off the liens. However, the land itself is worth way more than that, we are taking about NYC! The land itself is worth $200,000.

So, now the entire family is fighting over money, and telling my aunt to take it. But, I asked her how much she wants, and she said atleast $100,000, and I jumped up and down.So, I figured I can pay off the liens of $25,000 and the purchase price with a rehab loan. I am even thinking of moving in and using the HUD 203k program to rehab the building.

How can I remedy this situation?I don't know anything about doing a full gut rehab, because I am a newbie. But, this property fixed up is worth atleast $600,000. I need help asap before they tear this thing down.

I am approved for a hard money loan, but I have to put down 10%, and it may not cover all costs.
The home's Arv is $140,000 and it needs $25,000 in work. I purchased the home for $70,000, yet I am trying to figure out how to come up with the 10% to put down, and extra money to cover the expenses. The rehab will take 4 to 6 weeks, so I want to be out in atleast 3 to 4 months.
So, how can I come up with the down payment for the loan, and money to cover the monthly exspenses? I do not have good credit, and this is the only hard money loan I was approved for. The loan is at 65% of the ARV, with 10% down, and 4 points.
Need Help
Should I take out a personal loan for the 10% down payment, and monthly interest expenses? I really wanted to get a loan at 70 to 75% but the market is tight now.

this is my first flip, and i need help figuring out how i am going to finance this deal. i have a hard money loan which they want me to put down 10%.
so here are the figures

arv $140,000
purchase 70,000
repairs 30,000
loan:
91,000 at 65% ltv
- 3,640 4% in points
equals $88,360 net
also 13.88 %interest only

so do i have to put $8,836 down for the 10% or
10% of the actual loaned amount?

also, if i put down the 10% can i get a home equity line of credit
to cover the rest of the rehab exspenses, although i only will own the home for a short time? i wanted to get the house for 65,000 so it would be close to the mao but the owner is 92 and very stubborn
any suggestions to financing this?

I tried that already, yet every broker I tried wanted me to put down 10 to 20% because its not owner occupied, and the subprime market is really bad. I am appoved for a hard money loan but I don't have 10% to put down, and I can not find a money partner.So, right now everything is up in the air.It seems evryone makes a no money down deal seem so easy. But what if you have little money and the mortgage industry is really tight? Even, the hard money lenders want something down, or equity in another home.I don't own a home, and I may wholesale this deal just for all my efforts.

I have a house under contract for $70,000 and it needs $30,000 in repairs. The ARV of the house is $140,000. I am approved for a hard money loan, but they want me to put down 10%.My credit score is 600, so I have to put money down. Because of the subprime lending market right now all the hard money loans I applied for want atleast 10% down because I have no assets, and fair credit.How I can I make this a no money down deal?