All Forum Posts by: William Silva

 Thanks for responding,

The reason I'd like to refinance into my personal name, is to take advantage of the better conventional terms, and then just transfer the deed over to my LLC. Because If I obtain the fix and flip loan under LLC, I won't be able to go Conventional after and will be at a much higher rate for DSCR Cash out. I was trying to avoid this step.

Hello BiggerPockets,

Thank you in advance for any input you might have.

I plan on purchasing a distressed property with hard money. 

2 questions.... 

1) How can I obtain 100% financing for the down payment as well as the rehab costs?

2) If I close under a LLC, once the home is fixed and rented, can I cash out refinance into a conventional loan (for better terms)? Following that Refi, I'd like to switch the deed back over to the LLC.

Is this all attainable, or am I living in a fairy tale? 

Investment Info:

Condo buy & hold investment in Pope Valley.

Purchase price: $59,500
Cash invested: $15,000
Sale price: $120,000

First property ever purchased!

@Greg Franck

I have worked for a traditional, conventional, direct lender and we we're restricted to loans with A+ docs. Meaning we only loaned on great credit scores, Salary employees, 0 lates on mortgages, credit lines etc. This really limited our space. After learning a lot more about the different programs that we're out there like Bank statements, DSCR, foreign nationals, I've realized these programs will be available to so many people. What does an investor look for? a smooth closing process that is hassle free, someone who is reliable and can evaluate the investors situation, and recommend the best possible program to fit their need. Keep in mind, this Non-QM space is FILLED with shady people who are looking for a pretty penny with hefty fees. Whatever you decide on, make sure you ask for ALL fees upfront. I can't stress enough how many customers come to me saying they've been burned by another lender who had hidden fees and disclosed them 3 days before closing. Personally, I'd work with the person who is a bit more expensive, but disclosed them all up front than to work with the cheaper person who is over-promising and under delivering.

It's imperative to work with a reputable company. I work with many investors across the nation.

Take a look at our company to learn more.
https://williamsilva.themortgagecalculator.com/

Appreciate you letting me know that. I did see people with the SEO badge you have posted, but I'm assuming that is you servicing them.

@John Slater

Thanks for your response!

@Jerryll Noorden

Jerryll, 

Don't you use Investor carrot for your website?

Also, you're saying the fastest way to get leads is facebook ads, but the best long term way to get leads is SEO. If you rank #1 on google, do you still pay for facebook ads?

@Eliott Elias I'm a great closer and fantastic with sellers :)  - I come from the real estate, Mortgage industry. I've been doing it for the previous 8 years. This recent year, I began Tech sales but would love to start Flipping/wholesaling. I see a lot of people getting scared of Real estate and moving to other industries because "times are tough" - That is exactly me entry point, when the market is less saturated by fear.

@Jerryll Noorden

I appreciate the response. I was being led down the wrong path. After doing a lot of reading on the way you approach this it really opened up my eyes. I do want to start a few websites with Investor carrot and grow my business organically but I also wanted to get a few deals under my belt.