All Forum Posts by: Shane Ward

@Fred Shatzoff thank you Fred. I feel like you are watching over me. You helped me out about a yr ago with advice on some refinancing issues I was having. You talked to me for about an hour. I really appreciated that. Everything has worked out so far so I’ll take your advice again. Thanks again.

I just completed a flip property and put up for sale for $179,900 and got a ton of interest in the first 48 hours and an offer for 182k with 3% sellers assist coming to $176,540. I put more into it than I wanted and want to maximize my profit. Should I wait a few days to see if better offers come or jump on the offer I have now. The offer was presented this morning.

You are trying to borrow almost 90% of the value. Most banks will only loan between 70% and 80% LTV. That's the hang up. You would need to bring more cash to the table.

@Michael Heisterkamp Thank you. The action date is not until March. I will look into what I need to do to clear this up.

I have a property under contract that is a short sale and just saw it pop up to be auctioned off. I first saw it on Trulia then Auction.com. My realtor told me that they can’t do that, it is a breach of contract but it’s still there. Should I be worried that it might get sold out from under me?

I have three sfr that have an 5/1 ARM that started in Sept 2019. I had to refi out of a HML and my credit was not where I needed it to be at the time. I just had a bankruptcy removed from my report and now would like to refi out of the 5/1 ARM. My rate is 7.6% now. Any thoughts. In April I will have completed two flips and will pay down all of my personal debt.

Hard money

A "Fix and Flip" loan is basically a Hard money loan. Why not just do Hard money if you plan on being out in 3 months? Banks hate short term loans.  

I started with ABL, they brokered them to Cardinal financial that brokered them to Visio which who they are with now. I found the formula that works for me and have a few more properties I'm ready to move on when the refi is finalized.  

I am working on closing three of these types of loans today. So far I'm not thrilled with the negatives out weighing the positives so far. Lots of fees as my loan was passed off three times before I knew what was going on. There are brokerage and origination fees averaging about $7500 on each loan. The interest rate is also based on the size of the loan. Under 100k matters. I ultimately decided to buy down points as I can cliam that expense as a loss. i am still cash flowing over $400 per unit with these loans so I'm going with it.