All Forum Posts by: Derrick S.

Welcome from your southern (Kenai) neighbor. I'm new here too, but if you want to compare notes just let me know!

@Brie Schmidt: That's awesome to hear! It gives me a little more confidence. They seem like a cheaper HML - but I'm not sure that's how others would look at them. Do you mind telling me what purpose you chose, when getting the loan?

And anyone else have experience they want to share, maybe with their "Home remodel" option?

I posted about a deal I need $85k for (purchase and renovations) in "Starting Out" and I'm thinking of trying this company Lightstream. They say they loan up to $100k, and do loan for remodels.

Do you or anyone you know have experience with this company? 

They do not offer to finance the purchase of homes, and if they check the title they might wonder. I do read that they do not do collateral, though, so it might work? The deal is definitely worth the headache of a hard money lender like this.

@Micki M.: I'm planning on using a contractor to make sure it's done fast, to limit holding costs, which will likely be my greatest drain on profits. But my remodel experience is limited, no plumbing, light electrical & carpentry/ finishing work.

The reason I called it "weird" is that the seller is a Power of Attorney and out of state. The home is pretty nice and standard, like an open box upstairs. 

I do wonder about selling a log home in Alaska. It could be extra attractive to buyers here, it could be a negative as it's not stick built, it could wash out as a non-issue. I'll contact some realtors about that; thanks for bringing it up.

There's a terrible log home local to me that is begging to be flipped. Owners are out of state and are offering owner financing of $100k with $40k down. It needs $40k and two months in renovations/repairs. It will sell for $180-200k once fixed according to a well respected local realtor. Kind of big money for me right now...

On the plus side: I have some great credit partners! Both have over 750 credit scores and make $45k and $70k respectively. I'm confident of this deal and the market/ location. 

I am thinking of getting a $85k loan from lightstream.com. Payments will be around $1200 plus the owner financing payments. My thinking is that this plan will expedite the process and save us a set of closing costs/re-agent fees. Using 0% APR cards to make payments until the flip sells.

A little tight, but it will get me on the board with a $40-60k win. What think ye? Are there better strategies? This is a weird property and situation.