All Forum Posts by: Pratik Desai

@Michael Noto , Yes they will have first lien position.

Does anybody know of any hard money lenders who can provide short term financing for smaller loan (less than 50K)

I have one property in mind that will cost me around $30,000 to buy and $18,000 to rehab .

I have contacted few lenders for short term financing and every known hard money lenders can do finance for min. of 50K.

If you know any hard money lenders who can finance less than 50K, please let me know

Also, if you know of any other way to raise money, please share your thoughts. 

@Joe Villeneuve ,@Elizabeth Colegrove ,@Steve K. ,

Thank you for the advise. 

I am thinking of HELOC but banks that i contacted suggested either they dont do HELOC for investment property and some of them required appraisal and will do only commerical credit line.

Refinance for a 40K investment property is not looking very cost effective but that is an option that i am keeping it open.

Promissary note on my property that something i did not explore. Thank you for the suggestion.

I am new to real estate investment. 

I recently closed on foreclosed property that required me to buy property on cash. I bought this property with 30K cash. Initial repairing expense is 5K. I am hoping to get tenant in month or so. 

There are few other good deals out there but i dont have cash at hand and those properties are in lower 20Ks so its not worth buying those properties on finance.

My question is that how do i get my cash out from my rental property that is  worth 40K /45K .

@Ned Carey , Yes i mean Winterized. Thank you for response.  If it is common, i would assume that it was just done to protect the pipelines .

I dont intend to back out as long as this home comes up with a major repairs that costs me in thousands. 

I am new to real estate investment and i found one property that is foreclosed. This property is in a decent condition and it is "de-winterized" so i couldn't check wether property has proper plumbing or has any issue with plumbing. My realtor mentioned that its normal to have it de-winterized to avoid any issues.  I went ahead an placed the offer and it was countered with a condition

"Sold as-is condition, no repairs. Buyer responsible for certificate of occupancy and any other certificates required by city or township." 

If i find any major plumbing issues during inspection, Can i legally back out as there is no disclosure from seller?  Can i request repairs even though i accepted no repairs during my contract? Is it a norm by bank / government agency to de-winterize any foreclosed property?

@Adam Drummond , Thank you for your response. This house requires a lot of work including installing new heating system, completely renovating one bathroom etc. 

I am going to make inquiries with local bank but in your opinion, does bank consider financing if i am planning do the renovation and show them the cash for the same.

I found one property which is in a good location and has a potential of fetching a very good rent.

Property is in short sale and asking is 60K. Estimated reno. is going to be around 20K to 30K.  

Bank will require appraisal and are there any chance that Bank will not finance the property based on appraisal? 

 I am planning to do 30% down and planning to take care of reno. cost.

@Matt Taylor , great post. Few days back i asked question on BP about how to raise a small capital when no lender will finance. This is going to be useful option.

Here is the post. 

I called to check with my credit card company. They can offer 0% introductory rate and i have one year to pay it back but there is an upfront fee of 2.5% or so.  They can send me check and i could use it immediately or they can deposit in my account as @Dawn Anastasi  mentioned in her post.

If somebody plans to apply for mortgage, this may not be a good option as it will immediately show up on a radar as a big debt.

Person on the phone was not able to tell me anything about confidential check though.