All Forum Posts by: Derrik Adam

I negotiated a property for sale to about 40% under market value. The seller really wants to get rid of the property. My question is how do I get it under contract so I can resell it. I dont have enough cash to pay the seller outright. Any ideas?

1 Vote

Originally posted by @Ashley Huff:

@Dave K. Hello Dave, we are actually taking a different route now and going with a hard money lender. For the amount and how we can acquire assets is a better bet than a 203k. There are other appealing factors of the HML as well, but its definitely easier and more short-term for us to use an HML. Thank you for the kind gesture.

Update on our current situation: Now using a hard money lender because they allow us to use lines of credit and personal loans to show proof of our funds (reserves). We will only use a partial amount of our personal loan to cover closing costs/fees. All borrowed will be returned ASAP and we will make monthly payments on HML interest with our own income. If anyone is in the same boat as Tyler and I (sorting out the hard money loan process + finding the perfect deal to jump on), please keep in touch with us! We want to hear your experience and be each others' support and motivation. :)

Thanks!

Hello Ashley, can you PM me the HML you are going with? I am in a similar position, I contacted two HML and they both wont consider credit lines so would love to talk to your HML as they considered your lines of credit.

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Houston, Texas

Tried PenFed but I was told it will take 8 weeks, others dont have anything for the value of my home.

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I currently own a property in ohio valued per zillow to be around $20000 free and clear. I am looking to purchase another property close by for $20000 but I dont want to use my savings. Do I get a HELOC, personal loan, equity loan or cashout refinance. Also which bank in the ohio will be willing to work with properties not worth over $25000 as from my search a lot of them have minimum limits they will work with. Thanks

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All Forum Posts by: Derrik Adam

Derrik Adam has started 2 posts and replied 5 times.

Post: How to get property under contract

Post: How to get property under contract

Post: Need some help with 203k loan process. Getting started!

Post: Which way to proceed?

Post: Which way to proceed?