All Forum Posts by: Ryan Hawkins

@David Morgan December 20th

@Dennis M. Thanks for your input. When I originally put the offer in my father was going to give me the 45k to buy it, He had a medical issue and backed out on me. Now i'm scrambling trying to figure out how to put this thing together. I do have the ability to come up with the money for the rehab. ( Credit cards, personal loans, auto loans, HELOC on my home, ect. ) I just cant do both.

@Bob B. Knoxville TN.

Thanks for the input. I did talk with on lender that would do loans as low as 75k, but the problem was because of my new investor status I would need to put 15% down and have some cash for payments. If I put the 15% down as required it put me under the 75k minimum. The result was he said it sounds like a great project but it is below our minimum. 

I am a new investor with some hobby investment knowledge. ( I know more then my realtor or mortgage broker. LOL) I have done 2 fix and flips and one buy and sell and have had a rental property years ago. I have a property under contract for 45k, ARV is 150k, repairs will be 30k -40k as a rental it is a single family home 3/2 but has a mother in-law unit 1/1 with separate entrance (total 4/3, 2544 sqft. w/ 2 car detached garage on .83 lot). The main house would rent 850-900 mother in-law unit 500 ( very conservative estimate) I thought Ill just get a hard money or private money loan. Well that's not as easy as I thought. All the lenders I contacted say sound like a great property but we don't do loans for less then 75k or 100k. I just got my LLC but this property is under contract in my name. How can I make this happen?