All Forum Posts by: Devin Peterson

Quote from @Taylor J.:

I have a deal in a luxury market where I am looking to renovate a 5,000+ sqft house that is a bit outdated. I think I can buy it at a great price to make my margins work.

I have never used hard money, but this deal requires more cash than I would like to tie down (2mil). I am looking to use hard money for the purchase and my personal money for the reno. 

Will hard money lenders lend on something of this size? Any recommendations are appreciated. 

Taylor, the short answer to your question is yes. You can get approved for a stabilized bridge loan for simply the loan to cost on an asset. Do you have any renovation experience outside of never using hard money loans?

Quote from @Jared Polk:

I'm just getting started and am planning on buying a MF in the near future. I just met a potential money partner who own a 4br she lives at. She put her ex on the title and the loan is in his name. She has substantial equity and wants to invest with me but her ex (common law marriage) wants 250k to take his name off. She's thinking of giving it to him out of desperation but doesn't want to since all the mortgage was paid out of her pocket. She's thinking of trying to assume the loan but I told her I'd try to see if there is a better way to move forward. Any advice? Thanks!

You can  solve this by a cash app refinance if you’d like to readjust title, this is the way you would take care of it. She can still own the home, but also tap in equity if there needs to be a partnership split.

Quote from @Kisaki Nicole Kaopua:

Hello everyone,

I am going into my first foreclosure property that needs a gut remodel. I can open a HELOC on my residential property, but that may not cover all rehab expenses. What loans are recommended? Thank you in advance!

 Kisaki, you want to utilize a hard money or Bridgemount product to acquire the property and finance the renovation budget. You can do this on foreclose properties without an appraisal. Hoping to connect a chat more if you’d like!

Hey Michael,

Local to you in Middletown here I would love to connect and chat more about this one.

Quote from @Samuel Coronado:

I keep running into a road block. I am on my first BRRRR and the issue is lenders keep only wanting to lend on 80% of the purchase price and not the actual appraised value, which would keep my money tied up on the rehab portion as well as 20% of the purchase price. Is there a way to get the 80% of the appraised value out? Is BRRRR dead with institutional lenders? Or am I missing something?

My personal credit score is a 780 and I have multiple other properties but still not busting the DTI metric.

 This sounds like a refi. You need a commercial investment-focused broker with no seasoning requirements or not as strict as standard traditional guidelines. There's a lot of options here,

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