All Forum Posts by: Bruce C.

HD - homedepot. They are running a special - use (get if you don’t have one) their HD credit card, and purchases over $2k are interest free for 12 months. 

LOC - Line of credit. WF will give unsecured LOCs up to 100k. Better than hard money unless you've got a really good HM rate. There is no origination fee to pull the money. You do have a little higher monthly payment as they make you pay 1% of the debt down, but you can always pull back out. Unless your W2 is really good though, you're probably not getting close to $100k, but $20k is easily attainable.

HM - where I’m at, no. As Jay and many will attest, most companies loaning money are going to charge $4-5k at least just to make money. It costs them about the same to lend $20k as it does $75k, so they don’t typically lend that little. If you’ve got someone not charging you much, stick with them, and PM me their contact while you’re at it:)! How much are they charging you to originate the loan?

Rehab is only $20k?  HD is running a zero interest sale on purchase over $2k

I think. Go get a card with them and buy all your supplies. You could probably get a LOC from

WF or a cash advance from most credit cards to pay for the labor and spend less than you will with HM. Mine has $2500 min origination fee plus a bunch of doc fees. I’d spend $5k for the 20k loan. 

Agree with Eric. From my experience, if they text you, just tell them you want to talk over the phone. That will weed out a lot. 

I get most through AirBnB in Galveston. I’ve gotten 2 through VRBO. I list on TripAdvisor but haven’t had a single request. I actually got my first booking via Zillow yesterday. I have it listed for month to month but also have mention week-week in the ad. 

The person contacted me through Zillow. In the end, it was easier to direct them through AirBnB for this week, but I wouldn’t have gotten it if it wasn’t on Zillow

@Tony Castronovo the refi after turning around. 

@Herndon Davis interesting. What interest rate are you getting on the HM loan?  The one I’ve used would be too high interest only to carry much of anything for 2 years 

Anyone have any suggestions for someone that will ReFi a 5+ small apartment based on rental income?  Found an interesting place in Pasadena that needs some work and am trying to figure out the post rehab part. 

@Brian Alfaro what wholesaler did you use, if you don't mind sharing? How did their projected rehab and ARV compare to your projections and reality?

Goodwill. Sears Outlet off of 45. You can get new in box appliances that are models from 2-4 years ago at very good prices. They also sell furniture that I think is probably similarly discounted, but I haven’t any purchased from them. 

We have a sears outlet near us that sells new in box models that are 1-4 years old, they just aren’t the latest greatest model. So I can find brand new equipment with warranty at very low prices, and it’s not like dishwasher or laundry center technology has had some kind of quantum leap since 2016. 

I’m headed to the county auction Tuesday. There are 3 good candidates (smaller county), and if I win one, it will be the first. About the only thing I’ve accomplished so far is notifying people they had taxes haven’t paid, or their elderly parent has taxes they haven’t paid, or the property owner by uncle Joe that was split to 5 heirs had taxes that weren’t paid. I have spent time, effort, and a few bucks in gas and McDonalds and gotten nothing out of it. But honestly I don’t feel bad either having walked a few people through how to pay taxes online they weren’t aware was about to cost them or a family member a house. 

If I do get one of these I’m just going to sit on it 6 months. @Ricky Si it sucks you lost your time, but at least you got your money back. If you’re not already, be aware you shouldn’t spend a penny on the property beyond what is necessary to keep it safe. Previous owner can get it back for 6 months non homestead where I’m at, 2 years of homestead.