All Forum Posts by: Dennis Wasilewski

Yeah. I just bought a building with 3% seller assist.

I know a management company that added language to the lease that says the tenant is not renting the basement. To cover them on dangers & also tenants complaints if there is a leak, etc.

Use Cozy.co for publishing ad out to the rental sites as well as credit & background check. Do research on what is appropriate for your market regarding score & minimum income. Network with other local investors. Or hand it all off to a PM. What are your goals?

@Brian Garrett ah I thought you mentioned FoA by name above. My mistake. Yeah good luck on that quest!  By name, the product I was referring to seems similar & is what got me interested.

@Brian Garrett  well I don’t think so. It’s just super misleading is all. The Finance of America fix & flip line of credit is just pre-authorizing hard money loans. Each usage still comes with underwriting review, origination & broker fees, as well as a rate closer to 10% than 6% (I was quoted 6.99+ but my terms were for 9.65%). 

I was disappointed and now focusing on building a local relationship to get a LOC based on my equity & assets.

To further clarify, this isn’t a line of credit in traditional sense. It’s basically pre-screening you for your max HMLs.

I’ve met with FoA and spoken with the Lilitz, Pa business manager a handful of times. Feel free to PM and I will share my term sheet with anyone or provide an intro to my contact. I’m still in touch with them but found private lenders that were cheaper & easier to work with at this time. Here’s the stats - -$500 to activate line (credited back if deal closes in 90 days) 
 - 3.5 % origination fees 
- Close to 10% rate 
- Each project is reviewed/underwritten by FoA, which could take up to 30 days 
- Up to 90% acquisition & rehab, I believe 
- Standard draw rules on rehab side - Line is up to 5x of assets, equity in home, 401k, etc - Line has to reset to zero once per year

I’m not from the area but I do love Stuart. I grew up visiting my grandparents out on Hutchinson Island. Best of luck!

@Brian Garrett Ah ok. I've not seen anything like that but would be interested as well. I know local banks will do LOCs on portfolios of investment properties, or other collateral, but normally at like 60-70% equity. I've only heard of the LOC multiplied by assets for the flip lines from FoA, Corvest, etc.

Finance of America has a program like this. It’s called the fix & flip line of credit. But there are catches... -$500 to activate line (credited back if deal closes in 90 days) - 3.5 % origination fees - Close to 10% rate - Each project is reviewed/underwritten by FoA, which could take up to 30 days - Up to 90% acquisition & rehab, I believe - Standard draw rules on rehab side