Real Estate Broker · Detroit, MI · Member since 2017 · 103 posts · 50 votes
Summary- I am rehabbing a 3 family (into a 4 family) have secured a construction loan (183k) I have successfully completed 4 phases with four draws clean out, demo, framing, and roof totaling 43k
I am now ready to order windows and am looking for a private lender to loan the funds for purchase of windows and get a return in 8-10 weeks after windows are delivered and installed from draw on construction loan
My
journey in real estate began about 22 years ago.
Immediately
after college, I started buying cheap properties from the tax
auction, some would have tenants and I would collect rent day one,
others would need rehab which I would do and then rent for positive
cash flow. My bread and butter were 2-family flats that I would fix
up and rent out.
Since
then, I’ve done just about everything:
Track
record here https://docsend.com/view/i3sg3cgs75r5c7i6
-
BRRR -
Fix and flip -
Lease options -
Private lending -
House hacking -
Contract for deeds -
Multi-family rentals -
Single-family rentals -
New home construction -
Limited partner syndications
Today,
I have more projects and opportunities then funds and partners.
Lender · San Diego · Member since 2021 · 80 posts · 56 votes
3y
Hey Aaron,
Just a thought - have you explored opening a no-interest credit card for the window expense? I've had a few borrowers front rehab on CC until they get reimbursed and this was one strategy a borrower shared.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
3y
@Aaron B. Lewis- thanks ...did the construction loan not budget for the windows? Can you buy and finance the windows thru the window dealer ? Can you leverage any other asset ? ( present home via heloc/ credit card/ personal loan ? 401k loan ? family loan ? cash otu refinance ? Good luck
Just a thought - have you explored opening a no-interest credit card for the window expense? I've had a few borrowers front rehab on CC until they get reimbursed and this was one strategy a borrower shared.
thanks, yes great idea I do not have $25k available on credit cards at this time.
Real Estate Broker · Detroit, MI · Member since 2017 · 103 posts · 50 votes
3y
Hi Dave, construction loans is on draws so the materials need to be purchased and installed then inspected to pull down on construction funds being held in escrow.