All Forum Posts by: Ryan Blake

@Regina Young Not sure when I will be picking up my next property but you are more than welcome to shadow me throughout the process.

@Juan Carlos Camas It can be tough to get a loan under $100k because of the way HMLs are structured. Most of the profits come from the points at closing. They can't justify the work involved in a loan when they are collecting less than $2k to $4k on a deal. There are lenders out there that will do it but you will have to hunt for them. Your deal may also lend itself to just a private investment from a local investor. Good luck with the deal!

Welcome to BP @Hasan Jessa!

Markets that I like for rentals right now are Greenville, Denton, Weatherford, and Cleburne. They are all on the outer edge of the Metroplex. Flips are still happening everywhere throughout DFW. You just have to go with off market leads either from wholesalers or from other sources you come up with (i.e. foreclosures lists, probate filings, etc).

Have you ever wanted to learn more about real estate investing? No? Well what about how to cook the perfect steak? We are going over both this Thursday (May 10th) at 5:30pm CDT via Zoom. Let Chef Alvin Jordan teach you Steak 101 and then learn Wealth Building using Hard Money from Longhorn Investments. Come hear what's cooking at Longhorn.

See more event details through our Facebook Event link here.

@Oma Albert I know you have learned this. This is for everyone else. A legitimate hard money lending company will NOT use zelle, paypal, or other pay apps to collect a payment. It will need to be a wire with a receipt of transfer. Pay apps are commonly used by fraudulent groups because it is easy to have money funnel to accounts in other countries that have anonymity protection. At that point the money is lost. Hence most scams ran out of India involve whatsapp or other pay apps.

@Antonio Barnes

I have had borrowers who have had success with refi's through Guaranteed Rate Mortgage(@Andrew Postell) and First Financial Bank (based out of Abilene but making more of a presence in DFW. Depending on how you want to qualify, any bank will allow you to refinance. If you are worried about qualifying for a mortgage, talk with Andrew first and he will help you out. He is active on these forums, and investor himself, and is very knowledgeable on the BRRRR strategy since it is his investing tool of choice.

@NA NA Thank you for keeping up posted on this. I am actually curious where it goes. The NC sos filings you posted have Jill as the registered agent but the address listed for the registered agent is owned by another individual and has never been owned by the Berg's or a business/trust in the past 10 years. Not sure who they got to take on the liability. Crazy story and sad to see they are still taking people's money. @Oma Albert

@Oma Albert How did you pay them? Have you tried to put a stop payment on the transfer? Report it to your bank as fraud and they will also do their own investigation while working to get your money back.

@Kevin Turano

I don't think you will find a lender that will lend 88% LTV (88% of the ARV). I have seen some that say they will lend 80% LTV but then make you put down a 20% down payment on the loan amount (just so you know this is essentially getting a loan at 65% LTV). Many lenders are in the 70% to 75% range and will make you put down a 10% or less down payment, sometimes even no down payment. This would be the 100% financing you are referring to with the low out of pocket number you are looking at.

I think this same deal would work if the numbers were:

ARV: $340k

Purchase: $200k

Repairs: $50k

Then you would need to get a 100% financier that would go up to 75% LTV. Hope this helps spread some light on the situation.

@Mark Puen Short answer, YES. This is a great way to get started. Make sure you have enough capital to make the payments and keep construction moving while you are working on the property. Then refi. Make sure you have your refinance bank ready to go as quick as possible so you aren't in the hard money loan longer than needed.