All Forum Posts by: Dennis Pressey Jr

Hard Money usually want a min credit score. Somewhere ranging from 620 - 660.

Interest rates vary, but with no experience and little no no business line of credit history, you are looking at 12-15%, to be paid back in interest only payments.

HML usually will cover 80% of total project investment, some will do 90% depending on state.

Expect to also pay 2-4 points of any money you do get, along with $350-$500 for inspection/appraisal by HML.

You will usually be expected to give credit report/check, asset and financial sheets, along with income verification. 

To continue...HML will lend based upon your ability to sustain the debt AND the actual property itself. Which is why they do appraisals - to verify it falls within their investing criteria.

Upon acquiring the property, you will only get the money in "draws". That means, you get reimbursed for work completed (reimbursed if you come out of pocket, but you should be able to avoid this problem). 

Once you apply for your funds, the HML will come out and inspect what you say has been completed. Funds will be released based on % of work completed.

Send me a message if you need any help.

Thanks @Trevor Shettron

Message sent.

I am looking to connect with landlords and cash buyers in the Oklahoma City and surrounding areas.

I have sellers come in from that area and would like to talk with you.

Shoot me a message

Michael send me an email.

Thanks everybody. 

I figured going straight to the sister would be the best bet.

Also, yes the deal could be very good. Depending upon condition of the property, however first thing is first...the situation. Never seen such a situation.

Thanks for the warnings and input. We will see how the sister feels about selling.

Hey forum,

I am not versed in this situation and am looking for some quick options to close a deal here....

Property X has a mortgage balance of $75,000 in the name of the Husband. 

Property X has a quit claim deed in the name of the Sister of the Wife (deceased).

Background details are like this...

Husband and Wife divorced. Husband quit claim deeded the property over to Wife. Wife has clause to remove Husband from loan within 2 years. Wife passes away within the 2 year span and quit claim deeds the property to here sister.

Sister and Husband are not on great terms. Sister is waiting for Husband to pay it off, which of course would leave her the sole owner. 

BEFORE I go to the Sister, I wanted to get my best approach in order. 

There is always the option of simply offering cash to satisfy the loan and also take care of the Sister. Example: Cash offer of $85,000. Covers the $75,000 balance and leaves $10,000 for Sister to walk away with.

I'd like to be creative here and explore other methods of acquisition. Any thoughts?

@Dee Drake

Shoot me info please!

@Joshua White Welcome.

Shoot me a message and lets talk. :)

Yes.

@Aaron Montague  Ah. I could have read this totally wrong. In which case, the deal becomes much tighter. Thinking about it, total rent in @Reggie Maggard location may very well be $1700.