All Forum Posts by: Vernell D Watson

My partner and I used a HML to acquire and rehab a property in Atlanta, GA. We initially planned on flipping the property but have decided we want to hold onto it and rent it out. We need to secure a mortgage loan asap. Does anyone know of a good mortgage lender in Atlanta, GA?

@Account Closed

Thanks Mike...

Has anyone tried to buy a property that was owned by a LSF9 Master Participation Trust? Please school me on this one. Friend of Foe?

Hello all,

I've started a joint venture with a friend and we are very interested in investing in the Atlanta area. We actually already secured a property last weekend after visiting for just 2 days.  My cousin lives in Decatur so he already had a General Contractor set up that joined us as we visited a few properties. We started out targeting 50 to 100k properties that needed work. We only want to flip single family homes right now until we establish a system and a crew that we can trust. Right now we're comfortable with making 50K on each flip. We've been approved for a SUBSTANTIAL line of credit and look forward to seeing more properties. Can anyone suggest what areas we should look at? I've heard that we should invest near Mercedes Benz Stadium....thoughts?  We're open to any and all suggestions.

Thanks in advance,

Hello All,

I was just wondering if you can check for clear title AFTER a bid is accepted on Hubzu? I can't see myself doing title searches on properties I may not even win during the bidding process.

Thanks in advance,

Vernell

Hello All,

I just got off the phone with a private money lender for a potential flip. He offered me 90/100. 90 percent acquisition of the property and 100 percent rehab up to 70 percent of the ARV. The property cost 120K and the rehab cost was going to be 90K. I was going to pay cash for the acquisition and needed to borrow 90K for the rehab. When I asked the potential lender how much it would cost me each month to repay the loan he basically said 1% each month of what I borrowed. 90k x 1% = 900 per month. The plan was to pay my contractor in stages over four phases of the project until it was complete and here is where my question comes up. My lender stated that I would have to pay him each month starting from the first month based on the entire loan amount of 90K. I thought I would only have to pay him each month based on what I have borrowed at that time not the full amount. What am I missing? Also If what he is saying is correct, what If I end up only using 70K instead of 90K for the project? Would I be reimbursed?

Please advise,

Vernell

@John Cumpton Great idea John. I will definitely consider it.