All Forum Posts by: Nick Versetto

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Hi,

I took a 12 month loan with a HML to fund my fix and flip. In addition to borrowing %80 of the purchase price, there was an additional 30k set aside for renovations in an escrow account. One month after closing on the property, tenants evicted, the lender became unavailable. I later found out they shut down and no longer exist. Now I am stuck with a vacant property that needs major rehab and I dont have the funds I was promised.
Does anybody have an advice what to do in this situation? Is there anyway to get those funds released somehow?? And What do I do about paying my loan payments?
This is my first fix and flip btw, and first time using an HML. Any help or advice would be immensely appreciated!!

Btw, name of the lender is Titan Capital out of Phoenix, in case anyone was wondering

Thank you!!'

Hello  all,

I just want to say thank you to Bigger Pockets, and several of you who interact with the forums.

I've followed some of the basic principles that Bigger Pockets outlines, and they were fruitful for me on my first project. I bought my first rental property as a foreclosure for $33k, put about $7k down and $5k rehab cash into it, and I was just able to refinance and cash out with an appraisal of $65k, pulling enough cash out to do it two more times immediately. Plus, I am getting $300/month in cash flow off of it. AWESOME. I realize this is a small win to some of you on here, but for me it's helped me prove to myself that I can really do this and do it well. Now I am excited to really put these strategies to work and PUSH myself to reach some serious life goals through REI.

I hope that this may give some of you that are building up the courage to try it out (with some good strategy) and be able to do as well as I feel like I did my first try.

Thanks again,

Roger