Realtor · Los Angeles, CA · Member since 2019 · 9 posts · 10 votes
I would like to receive a few scenarios in regards to positioning myself to Fix & Flip my first property in/near Burbank, California. Beginning mid January, I would be able to use a residential property in Georgia as collateral (in lieu of a downpayment). Would it be possible to use the residential property in Georgia to increase my chances of receiving a hard money loan in California as a new investor?
I have done some flipping in Burbank and I use Civic Lending. They lend 80% LTV 20% down for the property and also all will let you finance the rehab with 10% down. Message me if you would like to get their info cuz I don't think I can post it here cuz of the solicitation rule.
Your property in Georgia will help if you can provide before and after photos and your budget to actual. If you have an corporation or LLC they give a discount on the rate as well.
@Account Closed If you know what product you need but just need it in your area I would suggest 2 things:
Post in the Bigger Pockets STATE forum that you are looking in. There are usually some good, local investors that monitor those forums. Maybe they already have a suggestion or recommendation for you? Certainly try there. California is one of the more active forums.
Visit your local REI groups. There are many groups that meet across the country. Some post here on Bigger Pockets. Many post on meetup.com. Networking is always a great practice and you never know who you might meet there and what good information they have to share. Would certainly recommend visiting if one is close to you.