All Forum Posts by: Richard Bruce

If that's the case then, it doesn't look like this is going to work out for me. Although I am young, I thought I still might have a chance in this field. Right now it sounds as if you have the funds/assets to be able to afford to project on your own and not even need a loan just to get the HML, which is unfortunate for me.

Thanks for the responses everyone.

I didn't think HMLs would want tax returns and/or assets. It does make sense but I haven't read that anywhere. Unfortunately, I don't know of any HMLs here in New Orleans so I haven't been able to talk in person about this to any one.

I dont have any assets and I've had a 1099 for taxes the past 2 years. I imagine nither one of those things would do anything for me.

I'm sorry. To clarify, it would be to buy, rehab and flip the home.

Mods, I put this here since I figured this is where the people are the most that my question targets. If it has to be moved, please do, I understand and I'm sorry for posting in the wrong area.

For the private investors here, what information do you need before you will complete a transaction? I've researched about HMLs all over the Internet and I have learned alot but I want to know from the people here, on this site that I will be asking for a HML from, what do you need before you follow threw with a HML? I am specifically talking about HMLs for rehab projects.

-Rich

That explains everything. I new this project would be big and but I wanted to look into it anyway. I have a location on a good street, already zoned for multi-family use, minutes away from anything you need and its in a real good city. I've learned the market in that area from talking to real estate agents and getting to know what to expect to get from each condo. I just dont have all of my part of the start up money. Also, I would need about 85% ARV which I know is unheard of so this condo project will be put on the back burner and I'm going to try and start investing in rehabs, a little more easier and budget friendly.

Thanks for the explanation though Jon. It definitely helped.

Thats what I was thinking, the complex itself shouldn't have much if any value at all but I've been seeing from other websites and talking to people is that people who lend hard money loans need to know the value of the property after its built/rehabbed, rightfully so. So I was wondering if they look at the designs of the complex and then see the market value for each individual condo when finished and add that up for a total to see if it would be smart to give the loan? If not this, then how to they tell if its a smart loan or not?

Thanks Celine!

LTV maybe.

Loan-to-value ratio is what I mean.

I've seen it refered to as both LVR and LTV from different websites.

Hey everyone. I work for an aftermarket automotive lighting company here in the New Orleans area. I've always been interested in real estate so I figured I should learn about it. I do have some ideas about some property investments but I want to make sure I get as much info on that as possible before asking for lenders. Looking forward to getting to know you all.

-Richard

I'm doing alot of research on condos and building them and then of course selling each unit. The thing I haven't been able to find is about the LVR of the complex after the condos are sold. I have no idea about this topic. I've searched on the Internet for a few days and cant find anything on it. Private investors for hard money loans like to lend a percent of the LVR but I dont know how to figure that out. I really hope this isnt a simple answer that I have over looked somewhere. Sorry if it is.

-Rich