Hard Money Rehab Lender in Niceville FL

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Hard Money Rehab Lender in Niceville FL

Charlie CameronBusiness Member
Investor · Niceville, FL · Member since 2017 · 450 posts · 366 votes

Good morning!

My wife and I are active duty Air Force and we are being reassigned to Eglin AFB in May 2019.  We are considering buying a foreclosure/ROE/wholesale property to live in.  We'd like to get the big items knocked out before we move in and then once everything is done, do a conventional refi.  Does anyone know any hard money lenders in the Niceville, Fort Walton Beach, Destin area that will support a hard money loan like this?

We haven't done a single family flip or BRRRR, but we have done full rehabs on multiple apartments in Ohio.

Thank you!

Charlie

The RAL Room Assisted Living Mastermind
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Diana Muresan
Lender · Chicago, IL · Member since 2018 · 352 posts · 147 votes
7y

I am VA and 203k FHA and FannieMae renovation loans certified in all 50 states. Noooo, why would you need a Hard Money lender? You could do an FHA renovation loan with 3.5% including the renovation loan or you can do it on FannieMae HomeStyle conventional with 5% Downpayment, on both programs you don't need to make mortgage payments during the renovation, you can roll up to 6 months payments into the loan amount. You can refinance on a VA loan once Reno is done. I would build all closing costs as a seller concession.

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  • Diana Muresan
    Lender · Chicago, IL · Member since 2018 · 352 posts · 147 votes
    7y

    I am VA and 203k FHA and FannieMae renovation loans certified in all 50 states. Noooo, why would you need a Hard Money lender? You could do an FHA renovation loan with 3.5% including the renovation loan or you can do it on FannieMae HomeStyle conventional with 5% Downpayment, on both programs you don't need to make mortgage payments during the renovation, you can roll up to 6 months payments into the loan amount. You can refinance on a VA loan once Reno is done. I would build all closing costs as a seller concession.

    2Reply
  • JPaul Mills
    Wholesaler · Navarre, FL · Member since 2014 · 252 posts · 86 votes
    7y

    Hey man. Welcome to the Emerald Coast, well when you get here at least. Im a local wholesaler in the FL Panhandle. There are some meetups here locally that could steer you in the right direction. Check out the Professional Investors Guild. Let’s connect for the future man. 

    God bless

    1Reply
  • Josh Nicodemus
    Flipper/Rehabber · Niceville, FL · Member since 2015 · 28 posts · 10 votes
    7y

    We just recently closed on one in that area using Lending Home, decent rates.

    Message me for contact info if you want 

    1Reply
  • Tim Johnson
    Lender · Grand Rapids, MI · Member since 2018 · 703 posts · 446 votes
    7y

    I have a good line on something that might help you out, PM me for details

    1Reply
  • Charlie CameronBusiness Member
    OP
    Investor · Niceville, FL · Member since 2017 · 450 posts · 366 votes
    7y

    @Diana Muresan, thank you for the input. I hadn't considered the 203k FHA. I love the idea of using that and then refinancing with VA. The only setback with using lending vs. hard money is that I can't be a cash buyer for a wholesaler, which reduces buying options. But that might still be okay for the Eglin area.

    Thanks again!  I'll PM as well. 

    The RAL Room Assisted Living Mastermind
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  • John PowellPro Member
    Real Estate Agent · Kennesaw, GA · Member since 2015 · 307 posts · 153 votes
    7y

    @Charlie Cameron if you do go more traditional than wholesale there is also a VA renovation loan available that only a few lenders offer. I know Katrina Hokkanen with Univisity Lending in Fort Walton Beach has done them. If you want a feed of REOs/ short sales/ect form the MLS I'd be glad to set you up on a drip just shoot me a PM.

    1Reply
  • Zach WesterfieldPro Member
    Warner Robins, GA · Member since 2016 · 244 posts · 167 votes
    7y

    @Charlie Cameron how big of renovation are you talking? You can be surprised what you can qualify for with a standard VA or FHA loan. I have done both for foreclosures and very run down properties. The 403k loan is a good right but leaves you with a higher loan payment in the end. If you have a little more cash up from, you can do a seller escrow repair account and increase the purchase price by the amount of the repairs (roof, major repairs, etc). PM me if you want to know more. Also, when it comes to getting property's approved for FHA or VA, it's the appraiser who signs off on it, not a home inspector. It never hurts to ask, as sometimes the appraisers miss a lot. Just make sure you yourself know what you are getting into.

    1Reply
  • Melissa Jolley
    Rental Property Investor · Niceville, FL · Member since 2019 · 89 posts · 62 votes
    7y

    Charlie,

    This is great! I love it when a military family can use their resources to make this lifestyle work. We did it in AZ and TN. I agree with the above posters- We grabbed a pretty ugly flip in AZ on a VA loan. It passed inspection- It was just 1980's from top to bottom. We have so many resources here for renovations- much better options than we had in AZ (Home Depot). Hope your PCS goes smoothly. Keep us updated on what you picked. I saw one on the market in Fort Walton Beach that was pretty rough-- good potential though. It is all about the schools here.

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