All Forum Posts by: Jimmy P.

Sounds like you guys gave me a few great leads to go off of. Much appreciated!

I currently own two single family properties outright and that's all. I've flipped other houses in the past but very sporadically. The blanket loan you talk about....could that combine equity on two properties?

Hello everyone. I am in the process of trying to pool some money around for my next flip and was wondering if anyone knows of a company that does 70% cash out refi's on a property I own outright free of any mortgage. Most seem to be 50-60% but I'm reading some go to 70%. Any help is appreciated.

I have been looking at a few properties and want to make an offer. I plan on using a hard money lender to purchase the properties along with rehab costs.

My question is how can I tell the hard money lender my purchase price if I can't make an offer without a pre-approval or proof of funds? My realtor says I need one to offer on properties on the mls unless they are HUD or homepath properties.

Any insight is greatly appreciated.

Thanks Dana. Her foreclosure was in the fall of 2010. She was told to allow the house to go delinquent so she would qualify for a government program mortgage reduction. Not sure the details it is obviously second hand knowledge.

The home she wants to pull equity out of is her residence so she needs to pursue government loans?

She wants to buy another property. I just find it odd she can get personal loans and high limit credit cards but they tell her no money from a house when she owns two free and clear and has a long term successful job.

A close friend of mine lost her house in the fall of 2010. She now owns two homes outright and has had the same job making over 50k for 7 years. She has tried to find a way to pull the equity out of the homes so she can invest in another one but has had zero luck.

After hearing her frustration I knew this was the place to look for an answer. Apparently the banks have told her that 4 years is the magic number before they can do anything. Is there any high risk banks that will take this on? I dont think she wants 80% or anything it sounds like she would settle on 50%. Any and all ideas are greatly appreciated. Thanks everyone.

Ok so I was cruising on Craigslist looking for deals on a house to flip and came across this ad. I have been looking for investors as I have 2 but they arent that accustom to loaning out larger amounts. Anyways what do you guys think about this ad? Have you heard of any scams like this? Any red flags?

Investors only

· Not required: credit check, income or asset verification

· Purchase loan amounts from $20K to $100K

· Refinance loan amounts from $20K to $50K (exceptions to $100K)

· 35% down payment on purchase loans; 50% loan to value on refinance loans

· Appraisal costs vary by state and property type (we can give you a quote)

· Close at your title company or ours

· No prepay penalties or balloon payments

· We allow the seller to pay up to 6% of closing costs

· 12, 36 and 60 month terms available

· Properties must be single family residences (1-4 units); no manufactured homes, condos, log homes or vacant land

· Limit of five loans per borrower at any one time (exceptions considered)

· Our fees

· $1,495 loan set up (can be rolled into loan)

· Three points, based on loan amount

(can be rolled into loan)

· $450 doc prep/closing (paid at closing) · Close in as little as one week!

We have investor financing for you and are ready to work with you!! There are homes for sale and the prices are rock bottom so reply to this post with your name, email address and also your phone number and we will be glad to help you financing your next investment property!!

No it will not be rented in the meantime. I will probably be listing it in the spring.

Steven Hamilton II

I plan on selling the house later this year. Thats not set in stone though.