All Forum Posts by: Matt Rivera

Looking for advice. I'm about to obtain a hard money loan for a my 1st BRRRR. I've heard that banks don't like to loan on property's that are in a LLC with less than 2 years of financial history. Is this a rumor or should I not have a problem refinancing? Rehab will take 2-3 months and I'd like to refi after finding tenants.

A family member approached me about selling their paid off home to cover unpaid property taxes, 6 years to be exact. They were served papers a little over 4 weeks ago. According to the law office that's handling the suit they have about 10-12 months until foreclosure efforts begin.

My plan is to Seller Finance the home for 4 months to complete the rehab out of pocket then refinance it with a bank for a rental. 

I'm looking for any advice on proceeding with this and if I'm going about it the right way. Do I need to give them our agreed upon selling price and let them pay the taxes or are the taxes paid at title on the closing date before the home is funded? Do I need to offer them the agreed upon price minus the property tax bill and I cover the owed taxes?

Thanks

I have an off-market deal on the line for a purchase price of $70k. Rehab budget of $60k. ARV is $220k.

While it all seems so simple I’m having trouble getting funding due to lack of experience due to my last flip being 4 years ago. I’ve looked at hard money loans to cover home purchase + rehab but they want 20% down plus closing cost $8k which is grand total needing $34k at closing. Along with proof of funds $36k which I imagine will need to be proved on top of the cash to close. I only have $20k of available liquid funds. Ive also explored the idea of seller financing which the sellers are okay with however that still leaves me short the $60k rehab the home needs.

Do I do the seller financing to get the home in my name then look to get a personal loan to cover the rehab? I’ve explored bringing in a partner but have been shot down multiple times regardless of the profit split. What would be the best way about moving forward with this? I don’t want to wholesale or take an assignment fee because the home is a relatives. I also am ready to start building my portfolio and would like the experience of doing this. I own a new construction company (2 years) and wife is a licensed realtor so we have tools to successfully do the flip and the numbers are solid. Just having trouble getting funded. Need ideas.

I have an off-market deal on the line for a purchase price of $70k. Rehab budget of $60k. ARV is $220k.

While it all seems so simple I’m having trouble getting funding due to lack of experience due to my last flip being 4 years ago. I’ve looked at hard money loans to cover home purchase + rehab but they want 20% down plus closing cost $8k which is grand total needing $34k at closing. Along with proof of funds $36k which I imagine will need to be proved on top of the cash to close. I only have $20k of available liquid funds. Ive also explored the idea of seller financing which the sellers are okay with however that still leaves me short the $60k rehab the home needs.

Do I do the seller financing to get the home in my name then look to get a personal loan to cover the rehab? I’ve explored bringing in a partner but have been shot down multiple times regardless of the profit split. What would be the best way about moving forward with this? I don’t want to wholesale or take an assignment fee because the home is a relatives. I also am ready to start building my portfolio and would like the experience of doing this. I own a new construction company (2 years) and wife is a licensed realtor so we have tools to successfully do the flip and the numbers are solid. Just having trouble getting funded. Need ideas.