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17 April 2018 | 3 replies
@Aundre Oldacre - you may be able to find a bridge type lender that will allow a bit of cross collateralization but make no mistake, you will have to put some cash skin in the game.
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18 April 2018 | 6 replies
Or close on the place, do a few most important things and then hopefully resell for just enough to come out with my skin on?
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17 April 2018 | 0 replies
I'm just curious what various lenders would be looking for in compensation and structure of this deal:Purchase Price: $25,000Rehab/Holding/selling costs: $30,000ARV/Sale Price: $85,00090 days for purchase/rehab/sale**My questions below are coming from the scope of my view that a HML being a formal institution/group with a bunch of standard terms, processes, etc... and a Private Lender being someone with money, willing to loan it short term, without all kind of formalities(if that makes any sense)So in a HML world, 65% of ARV would be right at $55,000... does anyone does this deal without requiring rehabber to have skin in the game?
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18 April 2018 | 4 replies
Typically the high LTV HELOC and HEL only apply to owner occupied since you have more skin in the game to pay it back.
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18 April 2018 | 2 replies
Most lenders cap out the amount allowed on a sellers second. for example if the lender is giving you 75% LTV on the purchase they may allow an additional 5% on a sellers second leaving you still stuck with the 20% Have to have some skin in the game
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20 April 2018 | 44 replies
Grow a thick skin, don’t feed the trolls, as we say in gaming ;-) , and push forward.
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27 April 2018 | 9 replies
I don't know of anyone that would take on a recourse (or even a non-recourse) loan with someone who has no skin in the game.
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13 May 2018 | 4 replies
You can talk to a private investor, but not sure I see a big enough profit in your deal to take it on.Start living like no one else does, get a second job or a better job, so you can save $20-30K and you can make this happen.I've had to pass on two deals 'cause I didn't have the cash to put 'my skin in the game' (just put $70k into buying a primary residence).
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16 May 2018 | 14 replies
They have more skin in the game then you do.Make sure you get clear title.
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14 May 2018 | 10 replies
It is typically much easier for you to buy "turnkey", however in my experince you will buy better quality from an owner who occupied the property than a hous that has been professionally flipped and the remodelling has been done skin deep.Cash and quick closing is not always an advantage.