All Forum Posts by: Account Closed

How long do you need the loan? 

I have worked with HML that give super high leverage, but even then, you will need the money to bring in for holding and closing costs (which includes the fees and interests). As Jim stated, getting some income and building a good credit OR you can JV with an experienced rehabber who has good credit.

Congrats, be careful not to overleverage!

I don't think they will perform well. and/or assign clauses usually makes sellers reluctant, they believe that wholesaler cannot close. Second, I don't think they are scamming, but the primary concern is how you are secured in payment when a deal you bring is closed. Will there be a signed agreement on how and when you will be paid? Also for the JV how will the profit be split? I feel that you are bringing a deal to their laps after doing the bulk of the work. Maybe try a small trial with them and see how it goes. Something small to start it off.

But like you said, having to pay 765 for an inspector to come out is quite odd. Do they want their own appraisal?

Even a single family house can be under an LLC.

What do you mean transfer later with a deed? Transfer the title and ownership with a deed of trust?  There is a St. Germain Depository Institutions Regulation Act that might be applicable to what you are doing: http://articles.chicagotribune.com/1998-12-05/news...

I would like a clearer idea of what you're asking however, so you and a partner will form a partnership LLC, and take out a loan from a bank? or other lender? then buy a property? Do you plan to wholesale or rehab?

The lender is definitely giving some kind of commission or "referral fee" to the realtor for sure. But that shouldn't automatically sound an alarm. I would suggest at least listening to their rates and plan. 

If you don't mind me asking, please provide more information on the property you are interested in, purchase price, are you wholesaling? flipping? etc... I worked for a hard money lender for a while, so I know the lending industry a bit. Add me, I'll help out in anyway you need.

Good luck.

I work with rehabbers, and one thing I learned was that, sometimes even the best comp doesn't mean that the property will sell, don't let the slow market discourage you. If you are really desperate, how about posting it up on ebay real estate for 99 cents then letting the bid take over. MAKE sure you close the bid and cancel it before 3 hours. If you want to know the full detail on that, let me know, I can get you in contact the person who does this expertly. 

If you don't mind me asking, what was the purchase price, and rehab. And what were the rates from the HML and terms?

65-70% is very good, but typically 75% is much more common.

3-6 months is the usual flipping time for Single Family Resident. But for limiting the months to investor? What do you mean? Putting a prepayment penalty on the borrower? 

9-2 is a rule of the thumb rate. 9% and 2 points. But you can always tailor it to the investor's liking. In fact that would be much more better. 

Good luck!

Check out a Real Esate Investment club at http://www.meetup.com/

 I'm local to Los Angeles so I don't know of any specific clubs that are good nearby your area, but you should check one out. Good luck.

You said non profit, but I'm guessing you can charge membership fees or use fee for the climbing gym or renting equipments etc... So with that said, you can try for a commercial loan from a lender, but be warned. If your cap rate is lower than around 10%, I don't think anyone would want to fund 1mill. 

Cashout refinance your property, get a new loan from the bank for the 1mill with the cashout as down payment (if it is enough). 

How do you plan to pay back the 1mill loan?