Hello, my name is Kamarye Hodges and I am a broker, I wish to gain insight and experience. Hopefully I could even provide some sort of value to this group and most definitely do business with some of you. I like to bu...

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

They saved up money.

You need a firm estimate for the remainder of the work as your funds are limited (like most people who don't have an endless amount of money). 

Once completed, the goal is to get them rented and then pull money out of each house to build a high performance spec.

Those are usually not local hard money lenders.

I see SO many properties in the upper midwest that have ample yards or even existing structures like carriage houses and detached garages yet prohibit ADUs.

Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

I am proud to announce that I got another client under contract on a 4Plex here in Fairbanks Alaska. They are locked in with a 6% interest rate on a property that we went above asking price on. Currently under contrac...

I used a hard money loan to purchase this off market deal.I rehabbed the upper two units within two and a half weeks and have a renter already lined up for one unit.