All Forum Posts by: Drex Tanner

Private Money is a good option on this property if you can get it at those numbers  (especially if you really know what those final rehab costs will be, and have a clear plan with that). 

Our PM company (and most others) have some very specific criteria on the deals we would lend on and those numbers would match that (usually around 75% of ARV), so you should have plenty of options to choose from!

We use a couple different documents and agreements to make sure that all parties are fully aware of what is going on. I would recommend using a lawyer for this work, or at least having one look over everything (especially with family involved).  Usually the terms of our loans are from 6 -12 months with extensions available.

Some of the docs we like to have when lending on these deals to make sure everyone is on the same page:

- purchase contract (has the terms outlined)

- "Detailed" Scope of Work (From Contractor, legible, preferably on their letterhead/invoice)

- Comparative Market Analysis (From Realtor or Broker)

- Itemized Rehab Estimate (price breakouts for what’s to be done)

Hopefully that helps a little! @Rachael A. Tanner

@Will Pritchett We are actually more on the private lending side for fix and flips or short term financing.  That is great input though, I will definitely get familiar with that site and use it for these deals. 

Thank you!

@Chris Seveney Thank you!

@Tommy Morgan Will do, thank you!!

@Namrata B. I would love to help on the lending side, we have lots of options. I'll send you a DM. 

Thanks!

We have been working on a system of being able to offer private lending on most BRRRR homes in the under $75k range in most markets. This is contingent on the estimated ARV with after the rehab, and the borrower's profile.

Would love to hear from the BP community what the pros and cons are of lending on homes in that price range?

I have not, but thank you for that information! I will definitely look into that. 

Thanks. 

Hello biggerpockets!

I am looking to get into the San Antonio market and invest in homes under $100k. Looking to connect with others and make some new friends in the area! 

Any suggestions on good neighborhoods to look at? Any other investors doing something similar?