All Forum Posts by: Raymond McGill

Hi, Angelia!

I am a local REI, and cash buyer. Anything more specific than the area of "New Hampshire"?

First you need to determine desire to sell. "Oh, I'm sorry to hear that. That's pretty bad. I have always wanted to manage something like this. Would you consider cashing out of this problem?" - all options are still on table, but he wants to sell you the property, which is what is important.

Spoke with Eric. He clearly explained loan products. I will relook at them after my current rehab is finished and I consider ramping up my purchasing this next year. LOC starts at 1M.

Only about 12 seats, it might be limited

Anthony, just in case you didn't see the invite... 

https://www.eventbrite.com/e/nh-real-estate-invest...

Hi, I called your number and got someone else voicemail, which didn't help credibility. I am going to probably pay cash for the property, but am interested in the LOC. I was filling out the online application, but it wasn't clear what the underwriting requirements are. (I am not going to pay $2500 to find out). I will check back when I sell everything, and stabilize my financial situation.

I am also building the same package. 

I am also evaluating Colony American Finance. 

Daniel,

We are givers that love business and real estate. We look forward to contributing here.

I have found a multifamily I want to rehab and keep as my first multifamily rental. The numbers are crazy good (71k purchase, ARV $275k, $2100/mo cash flow). My last Rehab will be going on the market this month, and will generate 70k when sold. My spare car is up for sale for 7k. I have a great record of profit from previous rehabs.

I have 10K in the bank.

The property won't go conventional. I want to get Private/HML loan for $130 for purchase and refurb, but my 10k doesn't meet 25% down ($18k) and 6 months reserves (6k).

The house is a short sale. I heard that they can take forever, and someone said 'just put in a contract'. I don't want to lose earnest money if they come back immediately and I don't have the funds. I don't have experience on what to expect with short sales.

I am going to talk to HML and Private lenders when I am confident I will get a 'yes'.

I have always paid cash. with a Private/HML, does the 25% down apply to property price or total loan?

Are my assumptions of 25% down and 6 months carrying costs valid?

What happens with a short sale? Should I put in a contract ? Where are the gotchas ?