All Forum Posts by: Travis Main

Hey Debbie, welcome to the community. The paralysis by analysis stage is always the toughest phase to break past but once you apply the action with the knowledge you have, you will learn that it's not as scary as you once thought. I work for a lender, so if you are ever in need of consultation for any future deals I would be more than happy to help. 

Hey Stephanie, welcome to the community. If you ever need help on strategizing your business model or consultation on how to secure financing on these types of deals I would be more than happy to assist when the time it right for you. 

Hey Evait, congrats on your first deal! Yes there are good deals out there to be had, it just takes some due diligence to weed through all the not so good ones. Having a good GC is so pivotal in the success of the borrower. If you ever need any help with the financing on future deals, I'd be more than happy to help. 

Welcome to the community Josh. There are many resources available to you through his platform. If you ever need advice on financing for your future deals, feel free to reach out. 

@Rebecca Smith

How much you should finance should really be dependent upon your liquidity situation. If your capital is limited I would suggest you leverage your money. If your well capitalized then, it becomes a decision if you are comfortable putting more money down. Putting more money down will keep your interest rate lower but not significantly. With hard money, in most circumstances you will be able to get up to 90%-85% on the purchase price + 100% of the rehab funds. I'm a big believer in leveraging your money as much as possible, which allows for more deals. It's really the only way to scale and grow quicker. 

Generally speaking the lien waiver is to be signed off for the work that was completed. When working with lenders they will require you to sign off on a release of lien waiver through the progression of the property. This is very common with hard money loans when the rehab funds are being escrowed and reimbursed back to you through draw request. 

If you have any additional questions, send me a DM. 

@Jason Thompson

Proof of funds letters are literally a proof of funds. Paying for a service to issue a qualification letter without doing their due diligence would be negligible. If you were to sell a home and I issued the buyer a proof of funds without checking and they get to the closing table and tell you, 'hey sorry I don't have any money to close this deal" how upset would you be that you wasted your time? 

With my company we issue proof of funds without as many hoops but there are required documents we will need to have on file along with 2 months most recent bank statements. 

Send me a DM if you're interested.

@Imhadur Rahman

Everyone before me has given you great insight. I believe Bailey nailed the work around to this problem. Now, finding properties that are deeply discounted enough where this method can be applied is going to be the more difficult task. Right now it seems like deals are becoming thinner on margins within the current market conditions. Though, don't be discouraged because these deals do exist and are still out there. I am currently providing financing for several deals that are BRRRR projects at the moment.

Check your DMs. 

Hey David, 

I would have to agree with you on this as well. From a lender stand point the last 3 months of the year have been great for me personally. It almost appears that during the summer time it is a little bit slower on my end as people are vacationing, kids are out of school and there is just a lot more going on with families. It actually seems like as soon as school starts, everyone pulls up the trousers and gets back to work. Everyone tries to squeeze as many deals in as possible before the end of the year, probably to reach their business and personal goals. 

Hey Johnathan, 

In regard to the downpayment on the properties, like Keira mentioned, when it comes to the purchase most lenders will source the funds. You will more than likely have to provide 2 months of your most recent bank statements. If you have large deposits in your account those will need to be sourced as well. You did mention about pulling some equity out of some properties they you currently own. That is definitely an option we could explore to see if we can get enough to cover the downpayment, closings costs, the costs of the loan itself and any holder holding cost requirements that you must show for. Do you know if these properties are going to require and rehab? If so, they will have to go into a bridge loan first until the property is rehabbed and is in suitable living conditions for a rental. Send me a message is you want to discuss potential options you might have on these deals and maybe think of a way for you to purchase these properties.