All Forum Posts by: Tori Applegate

Hi everyone! I have secured a deal in Montgomery, AL and am looking for an investor friendly contractor. So far I’m not having great luck. Please recommend someone to me. I would really appreciate it!

 I can absolutely see that. Yeah, if there was someone I trusted to be that partner maybe I would. Honestly I don't know enough about structuring that and how to go about qualifying someone. Also, being new despite how researched I am on STRs, who would want to partner with me on my first deal?

No, I haven't done this before. This would be my first one. I'm doing my best to work this out beforehand so I don't over leverage. I'm ok with a higher risk. I know that area very well and know a STR will do good there as it will be close to 2 amazing beaches. I forgot to mention all the credit cards I would be using have 0% interest and I wouldn't be using more than 40% ever because I don't want to tank myself. That part would mostly be for the down payment. Rehab would go through the lender.

Hi, So I'm looking to do some rehabs in the panhandle of Florida. I need a lender, preferably, who doesn't have a seasoning time needed on funds. A lot of lenders I've looked at also seem to require 20-30k in the bank. I don't have that liquid. I'd like to use business credit cards to fund down payment and other costs involved. I can use Plastiq to write checks directly to the title company or whoever. I'd like to be able to keep the property as a short term rental at the end so then I would have to refi it, which should be easier since I'll be forcing more value into it with the rehab. Just trying to get started. Any suggestions/recommendations as far as lenders or my game plan?

Have you looked at other financing? There’s tons of private money out there where you don’t need a job or any income verification to qualify. Maybe look into dscr loans. Angel Oak is one that uses the fact that you own a home and the rent is at least 1:1 with the rental mortgage payment. I would research further! I’ve been down the Google rabbit hole the past few days looking for the least amount down for hard or private money loans and I have found many other useful things. Don’t be afraid to call. I’ve talked to the Angel Oak people before and definitely decided I would look into them again later.

Here, I believe it would be the same. And if that’s the case I would be ok with paying to do so. I’ll just get it completely UC and wait and see what the lender says. I hate it when I have questions after hours lol.

 Ok. I’ll write it all as one. I thought that with it being same tax ID… I suppose I can always modify it later if it’s wrong. I honestly do hope I’m just hyped and overthinking it.

Hi, so I’m using a hard money lender and I just saw on their site that if there are multiple detached buildings I have to write an offer for each…is that ok if they’re still on the same parcel? It’s all one one tax id, but each house does have its own address. How would that work? Or am I just over complicating it?

I just got an offer accepted verbally and I’m having to go back and modify the contract for one thing the seller wanted, now I’m seeing this and have a worry of “will I end up needing to have the seller subdivide the property?” I also don’t want to mention that now when I don’t know if that’s the case or if this is strictly for the loan process and scare them away over nothing. Should I just write three separate offers with the different addresses and same tax ID# for them all and leave it at that until I get ahold of my lender on Monday?

Thanks in advance for all your help!

I am working on getting my first deal. I found a 6 unit and the seller will do partial financing. I'm just starting to dive hard into looking at PML and HML as creative options. I'm just unsure how I could structure this and I'm looking for feedback/answers. I'd love to seller finance part of it and then use a PM or HM lender to help with the rest as well as rehab costs, but I'm unsure if that's even an option.

I'd like to BRRR it into a long term rental after. Do you think I could structure it without putting down my own money? The ARV when I'm done would be significant, at least a 20% gain from its current state.

Thanks in advance for your help!