All Forum Posts by: Rochelle Kretchmar

Thank you for responding @Michael Moikeha.  We are in the process of finishing it right now.  I just went to a smaller local bank to see if they would work with us on a loan and they told us if we have less than $2500 to put into home repairs or updates that will make the home move in ready they will work with us.  So I guess we will go in that direction.  If that fails, the only thing we can do is hope that our market which is a Sellers market yields a great return on our investment so we can move on to the next project.  Thanks again for your advice.

Thank you @Al Wilson. I did speak to our Real Estate attorney and she suggested that to ensure we get our money out including our labor cost, that we should file a lien against the property. I tend to agree with her, but also don't want our JV partner to get upset. We just want to safeguard our investment at this point.

Hello all!  

I need advice please. We have been working with our JV partner since 2013. It's been great, finished a couple deals. Got into a larger project that we decided to move into last year and last out the home we are in to save $$. Our partner obtained the financing, we put in the cash for repairs and work as the General contractor in all the projects we do.

I am having problems getting funding as the home isn't quite finished. The current value is $308K. ARV is approx $330K. We have 20K earnest that partner is holding a well as $50K+ in cash in updates / repairs currently. We have a deadline of 4-1-16 to buy him out for $185K, which is about right for what he financed.

Loan issues, can't go hard money due to the non owner occupied issue. Conv is almost impossible because mstr bath isn't move in ready. Cant to FHA due to other mortgages on homes.

 We can put the home on the market and we will get our money out and partner will as well - we will split 50/50 what is left after closing cost,  etc.  I really want to keep this home, don't even want to think of moving out, but if we can't get a loan or find another partner to work with us,  I have been thinking of wholesaling this deal to try and make better money.  Partner doesn't care,  he just needs out of the loan ASAP. 

I really would like to know of any options anyone else can think of that would keep me in the home.  I have talked to most of the private investors I know and most think it's an amazing opportunity,  but don't have the funds to loan us at this time. 

 I'm running out of time and as they say time is money... 

Thank you,  

Rochelle Kretchmar

Hello & Welcome to BP! Same question, curious about what an STR is? I am 43, between my husband and I we have a few decades of Real Estate, Finance & general Investor experience. I found BP a few months ago and really enjoy absorbing the information that's available.

We love Austin and tend to head that way to play, but we live in North Dallas. Our area is booming and we have most success in finding solid Buy Hold investments. We are open to JV and always looking to connect with accredited private investors for networking and gaining more real knowledge.

Always in search of connecting with investors that want to fund projects but don't have the connections in place to start & finish a project. We are planning to invest in 3 - 4 projects this year to add to our portfolio. Husband is Licensed Realtor & I am Licensed LO and have a Staging Co and we both have full time jobs! So we are always busy with something. I used to work for a Custom Home Builder - so we have a lot of hands on experience for these projects. Pre 2008 hubby enjoyed the Fix & Flip projects.  It's not a great time for that these days in our area - but you never know what's out there.

I am very curious about the MF investing...

Welcome to BP.  Very interesting, would love to chat about your experience buying notes...

Hello Mikael,

This might simplify the HML 'Loan'. There is a record of the Loan and it will be recorded as a first lien against your property. So when you go to Refinance into a conventional loan or whatever type you choose, they will do a normal appraisal, any outstanding Lien's will be paid at closing.

Normally in order to do a HML - these lenders are looking for 50 - 65% LTV. If you have this currently and the HML includes the funds to repair - then you shouldn't have any problems having the 20 -25% (equity) you would need for your conforming loan. This should always be equity based, so you aren't having to put any more funds down. Do your research, HML's are not all the same. If you are doing 6 - 12 month term. Your ideal rate should be around 9 - 10% + 3-5 points down. Look around you will see a lot of 10.99% - 14%. Before you take the plunge, look at your sphere of people you know. I actually prefer working with Private Lenders as in someone I know, who may know someone... It's a little easier, and once you build that relationship and have a couple good deals - they will be all the more willing to work on future deals.

Once you get to the Refinancing part - I would suggest looking at the 15 -20 year notes vs. the 30 year notes as you will save tens of thousands of dollars in interest.  Just make sure your rental income covers ALL the expenses + 20 % for estimated repairs monthly... There is a lot to think about.  Make sure your numbers work or it's just not worth it. 

Hope I have helped you some... 

Welcome to BP.  Nice to see another investor from Texas join. I am new as well to BP,  but not to fix and flips.  I have enjoyed all the information literally at your finger tips.  I am located in the Dallas area and am looking at expanding our group throughout Texas.  

Congrats,  great retirement decision!  I wish you much success. 

R. E. S. 

Rochelle Kretchmar 

Welcome!  

Lee;

Check with LendingHome.com - they seem to have some of the best points and rates and you can do pretty much everything online. They base pretty much everything on the property and the ARV (up to 75%) vs. LTV. Good luck!

I am looking into lenders as well but I need one for a investment home we moved into to finish, now I am having trouble securing a loan since we are living there.  If anyone has advice - please let me know!

Welcome!  I am somewhat new to Bigger Pockets as well and in the DFW community near Lewisville / Flower Mound.  My husband and I are looking for partners / investor's that will work with us on our Residential projects as well.  We are looking for mentoring and financial advice.  My husband has been a REALTOR for over 10 years.  We are currently in the process of finishing one of our investment properties and are looking to complete 3 - 4 next year.  We are very active at our church and every waking moment we have to spare we spend with our children.  My husband Phil loves to ride, it's now a great time of year for that in Dallas.  Finally!   Look forward to possibly meeting and/or mentoring with you on future projects.