Newbie looking for HML or PML in Toledo Ohio

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Newbie looking for HML or PML in Toledo Ohio

Melissa Cunningham
Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes

I have my first property under contract and my financing has fallen through. I do not have a lot of cash on hand to finance my deal. Ideas please on how to find a PML or a HML that could do 100% financing. I am supposed to close on this deal August 8. Please help with ideas!

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Greg ScottPro Member
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
10y

@Melissa Cunningham

How good is your deal? What is the purchase price vs. current value? What do you anticipate it needs for repairs and what is the ARV? I would be able to communicate those clearly, otherwise nobody will talk to you about this deal.

With a short fuse, I think your best bet is to contact BP members who are active investors from NW Ohio.  Also, call your local RIEA.  They should know somebody:  

http://toledoreia.com/

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  • Zareth Gray
    Investor · Sylvania, OH · Member since 2016 · 18 posts · 7 votes
    10y

    Hi Melissa, Welcome to BP. Although I am not a newbie such as you in a sense, I am a newbie to flipping both in flips and wholesales. I am also in the Toledo area. I have been searching out PML and HML that can do 100% as well and have not had much. I wish you luck. Maybe we will meet at a REIA event someday and network. If I find a 100% lender I will definitely let you know.

    1Reply
  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    10y

    @Melissa Cunningham

    How good is your deal? What is the purchase price vs. current value? What do you anticipate it needs for repairs and what is the ARV? I would be able to communicate those clearly, otherwise nobody will talk to you about this deal.

    With a short fuse, I think your best bet is to contact BP members who are active investors from NW Ohio.  Also, call your local RIEA.  They should know somebody:  

    http://toledoreia.com/

    2Reply
  • Melissa Cunningham
    OP
    Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes
    10y

    The house is under contract for $118,900. Its current value is $150,000. Estimated repair cost is $40,000 and the ARV is $250,000-$275,000. Thank you for taking the time to help.

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  • Rob Badhorn
    Fix & Flip / Buy & Hold / Wholesaler · Toledo, OH · Member since 2016 · 99 posts · 33 votes
    10y

    @Greg Scott great Idea Calling the REIA. Anna Mills the President and the whole staff has been great help to me.

    @Zareth Gray great to see you here!  Let me know if you find any lending resources.  I am always looking for a good money source.

    @Melissa Cunningham Sounds like a good deal. Although I have to say thats a pretty high ARV for Toledo. Have you looked at the DOM to make sure it will sell and you won't run out of money holding the property? I made that mistake and it hurts. If it falls through there is cheaper flips out there check out my link below and sign up. If there is anything I can do to help please ask. I just started in Toledo in March and bought 10 houses so far. I am selling 3 of them for cash flow reasons to other flippers. So once you do a flip be cautious and make sure you have enough $$ in the bank as holding costs are killer with HML. Good luck! Rob

    1Reply
  • Melissa Cunningham
    OP
    Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes
    10y

    @Rob Badhorn The house is in Ottawa Hills, it is a FSBO. I have ran all of the comps and I am a Realtor. I am very confident in this deal. Do you know of any PML in the area?

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  • Rob Badhorn
    Fix & Flip / Buy & Hold / Wholesaler · Toledo, OH · Member since 2016 · 99 posts · 33 votes
    10y

    Thanks Melissa,  never questioned if its a good deal, only the higher end homes take longer to sell.  And as a Realtor you know that!  So All is good.  :)

    I do not know any PML in Toledo. I am building up my contacts in Toledo as well. Sorry about that, I wish I could help! If I do come across someone, I will let you know. At the Toledo REIA you can stand up and say you have a deal and ask for PML's. Unfortunately those are every 2nd Tuesday of the month which is out of your time frame. I would call Anna Mills at the Toledo REIA, The phone number on the website is her cell phone (I don't want to put it here to get her spammed).

    1Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Melissa Cunningham:

    The house is under contract for $118,900. Its current value is $150,000. Estimated repair cost is $40,000 and the ARV is $250,000-$275,000. Thank you for taking the time to help.

    $118k is very decent buying in Ottawa Hills

    Well done, hopefully you can make the deal happen :)

    Much success

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  • Melissa Cunningham
    OP
    Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes
    10y

    @Rob Badhorn I called REIA this morning they are trying to help on their end. Thank you. Let me know if you come across anything.

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  • Melissa Cunningham
    OP
    Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes
    10y

    @Engelo Rumora do you know of any lenders in the area that may be interested in helping with this deal. I actually have found someone who is able to fund the majority I just need about $25,000 more.

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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    10y
    Originally posted by @Melissa Cunningham:

    @Engelo Rumora do you know of any lenders in the area that may be interested in helping with this deal. I actually have found someone who is able to fund the majority I just need about $25,000 more.

    We don't unfortunately

    Podcast Guest on Show #89
    Oz Realty4.5367 Reviews
    WebsiteView Page
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  • Jim Moody
    SFR Investor · Toledo, OH · Member since 2011 · 33 posts · 17 votes
    10y

    please feel free to text me...I know a good hard money lender

    1Reply
  • Melissa Cunningham
    OP
    Real Estate Agent · Toledo, OH · Member since 2016 · 13 posts · 5 votes
    10y

    @Jim Moody How do I contact you?

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