All Forum Posts by: Richard Pennington

Close to putting up earnest money with a closing attorney in the state of North Carolina. I have a property I am extremely close to closing on with a 275k asking price I just need a concise conversation with a hard lender or private so I can assign my contract with the seller. Serious inquiries only for this property in Durham NC due to the fact I have an engineer report from the owner, 1 year old appraisal, Comps done, ARV above 600k, and a contract ready to be signed.

Hi Richard,

Are you wholesaling this deal? 1 year old appraisal on the AS IS or ARV? A lot has changed in the past year..

Is the buyer/borrower an experienced flipper?

Yes i am wholesaling and the buyer works with New Western in North Carolina, Raleigh as an experienced flipper.

Got it. Depending on the borrowers rehab amount and fico you should be able to get 90 LTP/ 100% of the rehab financed assuming the values come in on the desktop appraisal.

PM me i have further details

0 Votes

Raleigh, North Carolina

Quote from @Erik Estrada:

Quote from @Richard Pennington:

Hi Richard,

Are you wholesaling this deal? 1 year old appraisal on the AS IS or ARV? A lot has changed in the past year..

Is the buyer/borrower an experienced flipper?

Yes i am wholesaling and the buyer works with New Western in North Carolina, Raleigh as an experienced flipper.

0 Votes

Raleigh, North Carolina

2 Votes

Raleigh, North Carolina

3 Votes

Raleigh, North Carolina

Quote from @Tyler Watts:

Shoot me over the details. I own and manage 30 units in Gastonia, happy to take a look

[email protected]

Details have been sent, thank you!!

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I have a property listed at 295,000 I will soon be going into contract with and the owner will go as low as 270,000. A buyer wants to negotiate up to about 210k can I get some individuals baby step instructions on how to calculate my wholesale fee, the ARV, & the rehab costs

0 Votes

Raleigh, North Carolina

Quote from @Michael J.:

Whats the purchase price?

HVAC alone is going to be close to $6000, so how did you come up with your dollar amount on repairs?

It was a typo, the correct number should have been 16k

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I have a property that is a gold mine for any cash buyers or someone willing to use extra financing to purchase a property in Gastonia NC with only 6,000 in repairs needed with approximately a 340k ARV. HVAC & Roof is the major improvements that are needed but any extra improvements is a plus to ensure you get extra on the property as well. Anyone interested reach out to me or give me a bit of advice on seeking a buyer.

Thank you

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Quote from @Justin Roland:

Conventional loans are for investment properties unless you plan on living in a multi family as well. Then you could use an FHA loan. 3.5% down for FHA. 5% down if you plan to owner occupy a property with a conventional mortgage. Investment property requires 15% down minimum

You could also do a Second Home or Vacation Home loan. 10% down and your dti needs to be able to support it. It also needs to be at least 50 miles from where you live

Thank you for the much needed help !! Truly appreciate it

0 Votes

Raleigh, North Carolina

Quote from @Chris Martin:

As you are probably aware FHA rules state "FHA’s single family programs are limited to owner-occupied principal residences only." Further,

"At least one borrower must occupy the property and sign the security instrument and the mortgage note in order for the property to be considered owner-occupied.

"FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower’s principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year."

But 15% down, plus reserves, I think, is in the current Eligibility Matrix. I haven't done a conventional loan for decades, so someone else can chime in. The FNMA Selling Guide has other underwriting details.

To cover for any emergencies I think 15-10% would be best.Thank you

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Raleigh, North Carolina

All Forum Posts by: Richard Pennington

Richard Pennington has started 9 posts and replied 22 times.

Post: Seeking a private money or hard money lender

Post: Seeking a private money or hard money lender

Post: Seeking a hard money or private lender

Post: Seeking a private money or hard money lender

Post: Gastonia, NC Property Seeking cash buyer

Post: Breaking down the ARV & MOA

Post: Gastonia, NC Property Seeking cash buyer

Post: Gastonia, NC Property Seeking cash buyer

Post: Seeking more extensive advice on securing my first investment property

Post: Seeking more extensive advice on securing my first investment property