All Forum Posts by: Alex Bekeza

@Alfredo Martinez , my pleasure.  I agree with you.  I would just scrutinize the docs myself and address any question you have with your loan officer/mortgage broker.  It's their/our job to make sure you fully understand the terms.  Don't be afraid to push them hard on any specific issue because they definitely want your business and should be able to explain anything that seems iffy to you.  

As with any refinance, 2 things I'd just like to point out that you'll want to full understand or ask detailed questions about are:

1.  ADJUSTABLE RATES- If its an adjustable rate mortgage at some point during the life of the loan, you want to understand which index they use and what the margin/caps are.  

2.  PREPAY -  You definitely want to understand the prepayment penalty system for the new mortgage as it could dictate your future plans with the property.  

Hope this helps a little.

@Alfredo Martinez Of course it couldn't hurt but are there any specific provisions of the docs that are a red flag to you?  Maybe the BP community could chime in if you give a little more info.  

Best of luck, 

Most likely, the lender will not consider that basement as a 5th unit even if it is used as one.  It will come down to exactly what the property is legally zones as.  If zoned single family, they won't count more than 4 units.  

Great flipper/developer opportunity right near Santa Monica BLVD. Someone is bound to bring this place up to its true potential and catch up with its surroundings. $1.53m Purchase with a potential ARV of $3.3m. If you have any interest please shoot me an email to [email protected] with "West Hollywood R3" in the subject line.

I would also be able to help line up 80% LTV interest only financing on this one for an experienced investor.

Should be able to close this up with hard money in 10 days.  I've sent you a little more info via private message.

All the best, 

This all sounds pretty scary. Calculating ARV does not require thousands of dollars. Nor should due diligence from a lender unless your talking huge distressed property deals or 10 + units.

Do not ever pay up front fees other than a BPO or an appraisal.....

I've seen a few lenders who have had to come on BP and try to do some damage control like this...

I have zero experience with Do Hard Money so I can issue no critique. Only thing I can say is that you should only pay a lender when they fund your deal.  Period.  

Nothing looks alarming to me.  Especially if you are a first time investor.  Would you mind revealing the lending institution?

I've sent you a private message regarding financing for Mobile Home Parks in CA.  I noticed that investors have had a very hard time getting MH parks financed so I went and created relationships with several lenders who specialize in it.  

All the best, 

Investors with previous Fix and Flip experience can now get 80% LTV + 100% of renovations financed!

-These are 1-year Terms with Interest Only Payments

-Rates range from mid 8%-10%

-Closing Time Frame is 7-10 days

-SFR, 2-4 units, Condos, Townhomes, 5-20 unit multifamily all eligible

-Minimum Loan Amount is $100k and Maximum is $5 million

-No Minimum Fico and No income verification---Simple Asset Based Lending

-Purchase and Refinance both ok!

Eligible States: AZ, CA, CO, FL, GA, HI, NC, NV, OR, SC, TN, TX, UT, WA

Reach out today and lets discuss your current or near future flipping scenario!

All the best,

@loans_by_alex

@Mike Sands Well if you bought it for $9k and its a wreck then there's not lender that will touch it. I'd look into some 0% APR for the first 18 months Credit Cards but it sounds like the amount of money you're looking for is too small for most hard money lenders to want to get involved with.

I could be wrong.... dig through the hard money lender database on this site and see if someone does this in your area.  Its under the "network" tab.  

Best of luck on this project!