All Forum Posts by: Jeff Schwarz

are you saying the ARV is $50,000?

Actually it is pretty simple, they are a database of sellers needing rehabbing of a property they want to sell as rehabbed and of investors looking for good real estate projects to invest in.  Referrers are also involved to assist in finding the sellers and investors. The financial reward for Renovation Funders and the referrers is from putting the two together and assisting them to structure their deal so it is good for everyone.  Pretty smart when you think of it.  Not every deal will work but they provide a spreadsheet to assist anyone in determining if a project will work.  

I to am surprised if you can make the repairs before closing.  However, if you can get away with it ok.  I would be afraid that if something happened and the deal can't or won't close then you lose the repair money.  Also my partner and I do refinance hard money loans into what we call soft money.  Lower interest and longer terms for when it is needed.  Thanks, Jeff

Banks are the best place (usually) to get funding if you can. Might take longer, but, if you can't get funded from a bank you are back to square one. Either a local private funder or a broker/agent like me. Local is always your best bet if you can find one. Brokers with good funding sources are your 3rd best best and we are the one most used because for most folks I visit with the banks won't lend and they can't seem to locate local funding (IRA owners etc). I am from the old school, find someone or a place of business you enjoy working with and be loyal. Loyality seems to be a thing of the past in todays society. When I was young we were loyal to local businesses never mind the price. Example: we did not drive across town to save 1 cent per gallon on gas. We supported the local station and they gave us personal service. My suggestion is find someone you can work with and give them all your business, always and they will give you their support and best efforts. They should be are do become a part of your team. However, if they don't then ask them why not and if necessary find another. Ok, again, just my thoughts. Jeff

Hello Jim, I was just reviewing your needs with a colleague of mine and he thinks he can get it done for 80% LTV. If you will message me your email I will send you a bit of info and a form etc. No obligation and no promises of course.

We have a stated loan program to refinance your hard money loan to lower interest and longer terms.  Fast, east, simple. 

Hi Conner, sounds like you have a pretty good plan. Now find a property and go for it, just be sure and do your due diligence first and don't leave anything out of the math. As for getting pre-approval from a hard money lender, be careful. There are lots of good solid lenders but to my knowledge none of us give a letter of intent unless you have been with the same lender for a while an done a number of deals on time etc. If anyone promises you an LOI or any kind of guarantee for a fee up front DO NOT DO IT. There are a lot of scammers out there, good honest agents, brokers, consultants, etc. representing funders do not and cannot charge or accept up front fees. It is illegal anyway. Just my thoughts.

the best way I know is establish secured, or better yet, unsecure line of credit. Use it for down payment. 

I'm a funding agent and I have one company I represent that will work with investment property funding as low as $10,000.  Problem is you will usually have to pay higher interest and or additional point or two. Thus less profit for you.  Can it be done? sure.  Should you? well only you can answer that.  Idea: Get a $10 or so earnest money contract on one and give it a try.  Something good will come out of it even if it is only lessons learned.  

welcome to BiggerPockets. you will find tons of solid info on the site. enjoy the learning experience. as for funding its best if you can locate one or more local funders. then you can "look em in the eye" when talking bis. or of course your bank. 2nd u can use a broker or agent (like me) who will work with you to truly help ypu with funding. careful though, lots of wolves out there so chose wisely. 3rd if ur credit is good then great, if not work to fix it. very important. 4th find an experienced local mentor who you can both learn from and call on. just my thoughts, thanks, Jeff