All Forum Posts by: Doran Summers

@Maurice Blackledge congrats on your first deal. Did you use a bank to fund this?

I wasn’t sure what he was asking here. It’s like he wants to broker loans but don’t want to be licensed. Either by referring business and still being protected. I’m not sure if you will be able to get a 35% Commission fee though. Usually broker fees range from 1 to 4% depending how the deal is structured. Most of the time the borrower don’t want to pay thousands of dollars in closing cost because then the deal becomes expensive out of pocket.

@Kornkot Dechanukul another thing I would do is leverage that cash. Like someone mentioned use a bank or hard money.

@CW Johnson congrats

@Vibhu Arya congrats on your first deal.

@Lauren Carey thanks for the clarity. With hard money it was t going to be enough including holding cost. Now the HELOC would work since you most likely would live in it.

@Patrick Britton most lenders will require the value of each property to be min $75,000 for an Rent ready multifamily Property. Keep in mind if don’t have an deferred maintenance then you will need 20% to 30% downpayment depending on credit score, dscr and other factors. Let me know if you have other questions or concerns.

@Benjamin Lang you may have a hard time finding a lender who going to fund this. Most lenders start at min $75,000.

@Lei Zhao

For Fix/Flip Loans:

• A full detailed construction budget including a write up of the repairs and finishes(This is the only way the appraisal can give you the full value)
• If you are adding an addition or SF, the Appraiser will require Plans and most likely a feasibility report.

For Rental Loans:

• Existing Leases
• Property Tax Bill
• Insurance Bill
• FYI - Repairs must be 100% complete before we can appraise the Property

@Lei Zhao you won’t need to provide this information on a Refi. The appraisal will show the updated value of the property. Let me know if you got any other questions.