All Forum Posts by: Account Closed

Andrea,

I have been dealing with financing for the past few months and have yet to find anyone to finance a mortgage under 30,000. They also require 20 percent down for an investment mortgage, so the minimum price for a house would be around 38,000.

With your credit as good as it is, would it be easier to get a line a credit and use that money for your purchases?

I agree with Josh and Will. I'm fairly new here and have posted topics. I only put weight on the people who reply by looking at their number of posts, influence and awards.

What about the garage door? I'm assuming they removed it and built a wall? If so, that will cost to demo the wall and have a garage door installed.

I am a pro member. I started reading BiggerPockets about three months ago when I found it by accident. My choice to pay for my membership was based solely on all the contacts I have made through this site. I went from knowing nothing to getting 10-12 wholesale deals in my email from the contact I have made through this site. I fin the information I get here invaluable, so I decided that the membership here was well worth the price.

It's been three months since I decided I wanted to do flips in my spare time. I have looked at 100 houses, made a dozen offers and met 4 or 5 wholesalers in the Houston area. I am now 1 week away from closing on my first flip. I don't want to jinx it, but I just wanted to thank everyone that had advice and the contacts I have made through this site over the past few month. Without BiggerPockets, I would not be where I am today. I will give more information on the house when I actually close. Regardless on whether it is a successful flip or not, I am doing what I have always wanted to, instead of what I had to.

mjblow,

I actually fell into this hard money lender. I was refused financing through another company (Credit issues have since corrected). The company that wholesales in Houston forwarded my financials to my present HML and they agreed to finance one deal to see how things worked with me with future financing upon successful completion of this project. There concern was not with my credit, but with me never have done a flip before.

I now have another HML in place (had it as a backup just in case) and I chose the one I am using now because I have to come with less money to the table at closing and the interest rate is 2% less.

13.99% for 6 months
3 points

Thanks John, but everything is sorted now. Over the last 1 and a half months I have wrote letters to the credit bureaus and all the questioned items were removed from my credit. My financing is in place and if everything goes well, I should close on my first erhab property next week.

Great job on the house by the way.

Did you just paint the garage floor or did you use an epoxy coat?

From what I've been told, it's a fire hazard here and has to be replaced before reselling.