Seeking short term secured financing on rehab (Construction loan in place)
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
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BRRR
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Fix and flip
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Lease options
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Private lending
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House hacking
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Contract for deeds
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Multi-family rentals
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Single-family rentals
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New home construction
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Limited partner syndications
Today,
I have more projects and opportunities then funds and partners.
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.
@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
Quote from @Sarah Hatton:
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.
thanks, yes great idea I do not have $25k available on credit cards at this time.
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.