All Forum Posts by: Odie Ayaga

Here is a good place to start with referrals. No exorbitant application fees and you should know how much you can pay at closing so you know what kind of LTV to look for. Rates and terms are up to you but are typically 9-14%, 3-5 points.

@Devin Williams well if you need referrals let me know. Good luck!

@Demarques Felix if you're wholesaling you shouldn't be looking for financing as that would be on your end buyer

@Ryan Blake's answer is pretty on point and thorough. Did you mean 65-75% ARV though?

@Devin Williams I'm assuming repair value is $40K. Everything looks pretty normal except the LTV. Even for a new investor you can get at least 70% unless there are objectionables.

Welcome @Devin Williams! Where are you finding your lenders and what specifically are they saying about your area? Plenty of HMLs offer fairly normal rates to newbies, but part of the "based on the deal" is the location of the deal. There are plenty of specific areas (e.g. rural) they won't loan to.

@Michael Cox I don't see how that would work. How would the bank be secured when the person who has the note doesn't own the property?

Not sure what you mean here. Plenty of HMLs have a long-term product separate from their short-term products but they are distinct products. 

Well I have, but best of luck to you

Welcome @Jessica Mead! Must be a lot goin' on in Colorado Springs I keep seeing them pop up and don't even have 'em as a key alert. Regarding a realtor, if you aren't going to get one then you should only be looking at non-MLS properties since all MLS properties (unless their FSBOs) are going to have agents. Regarding hard money, first figure out what it is you're looking for. What LTV do you want or need? What interest rate? How many points? What's your minimum loan term? once you know what you're looking for it's easier to find it.

Welcome @Michael Conte! Do you have a plan to get started? Are you planning on house-hacking?