All Forum Posts by: Rob Beeman

@Chad Duncan

@Jacob D Adamczak

What we have seen borrowers do is utilize a form of crowdfunding for some of the funds not supplied by the lender.  They buy the property in need of improvements (single family or multi-family), use a rehab/bridge lender to supply the greater portion of the funds needed for purchase & rehab (70-90%) and combine their funds with crowd-sourced funds for the balance, plus fees, etc. This stretches their funds, making it possible to do more deals. After the improvements are completed and the property is leased, they refinance and payoff the short-term (rehab) lender. Then do it again.

What we do when we realize that some of the funds from the borrower are crowd-sourced is collect some pre-paid interest at closing to mitigate our risk (since some of the funds are un-sourced).

@Antkizzy Lou  The lender wants to see what sort of funds you have committed into the project. The proof of purchase (settlement sheet from the purchase) provides that info. The funds that they lend may be tied to the after repaired value and want to see that the borrower has sufficient funds in the project to balance the risk of the loan. It is not unusual for this to be asked................we ask it on every cash-out refinance that we fund.

@Alec Frasier Sent you a PM.  Rob

Use our funds as leverage toward the purchase & rehab of single family & multi-family properties. We lend in 30+ states up to 90% of purchase/rehab or up to 70% of the ARV. NOT A BROKER, NOT A MIDDLEMAN. The funds are in our accounts, and we search daily for the right borrower and right deal to deploy it to................should it be you?

Tell me about your deal, or get pre-approved to search for a deal, as simple as answering this questionnaire: 

https://forms.zohopublic.com/itdesk187/form/NewLoanAppForm/formperma/QSU4mBgDraFmqtIcpZmSZNRbil24CTrA6ojnrXrAr1w/?FS=Robert%20Beeman

Have questions?  We love questions, because we are passionate about this business, are seasoned investors ourselves, and enjoy seeing fellow investors succeed. My email: [email protected]

Put the power of leverage to work to scale your investing.

We lend to an entity (LLC, corporation, etc.) Members of the LLC or shareholders of the corporation become the guarantors. In this respect, nothing should appear on a personal credit report as long as it doesn't go into default.

@Lesley Resnick Wanted to share that we lend on the purchase & improvements of single family & multi-family in 30+ states in case you, or your clients need funding for leverage. No max loan amount. Message me for details.

@Brian Armstrong We are a direct short-term private lender to real estate investors in 30+ states. We lend on single family & multi-family properties. Min. loan is $50K, no max loan amount. We are perfect to use as leverage for buying and improving (whether the exit plan is to flip or hold and refi). We lend to newbies, experienced and seasoned investors.  Message me for more info.

I would have to agree with Patricia's reasoning on this. I would search out a quality local flipper that has extensive experience and pay them to run your rehab. They know how to run it, have the local resources already in place and the risk of overruns or budget breaking is typically lower.  

Why would a seasoned flipper have an interest in running your rehab? Extra money, keeps their good contractors busy in between their projects (so they do not loose them), and if your project is near theirs' they are already in the area............so its easy to manage. I have done this for hands-off investors at times and have charged either a flat fee (or 7-10% of the rehab cost, whichever is more), or an hourly rate ($150/hr) and tracked the hours dedicated to the project. 

This is the route that I would follow if doing a rehab outside of my immediate area. Of course, this doesn't mean that you shouldn't check on them and the progress. That is just smart business and goes without saying should be done, regardless of how comfortable you feel with the manager of choice. So, how do you find a seasoned flipper? A few ideas: Local real estate investor networking clubs, local home for sale listings that have been recently rehabbed and appear to be high quality, driving the neighborhoods near where your project will be looking for rehabs in progress.

@Randy Sears Randy, as for locating an investor friendly realtor, here is a tip to possibly locating one. In order to place a bid on a HUD owned property, a real estate investor must place the bid through a realtor registered with HUD. Typically the realtors that register with HUD, work a lot with investors. So, you can find the complete list of local HUD registered realtors at this link: https://www.hudhomestore.com/L...

I have used this resource before to locate investor friendly realtors in areas that I begin buying in and do not know anyone.  Good luck, Rob.

@Michelle Smith Michelle, not certain where you are at on your wholesaling business, but recently we pre-approved a borrower that is searching for a single family property in zip code 19124 to buy, fix and flip (we are the rehab lender that she uses). She would prefer to find an off market property that has room in it for her to profit from the flip. You know, a win-win with the wholesaler making a profit and leaving room for her to profit as well. Let me know if anything passes your desk that might fit. Thanks, Rob