All Forum Posts by: Grant Carrington

Steve I kept coming across 20% down on purchase price and 100% rehab financed by the lender but the rehab had to be the same or less than purchase price.  In terms of the 60k rehab budget I don't believe any of them give it up front so you could "take" it.  I know I wouldn't.  Most charge you for an inspection of the work then pay out draws as the work is complete.

Thanks Perry!  This was exactly the kind of info I was looking for.

Wanting to know if anyone knows of any hard money lenders that will fund a deal in which the rehab will cost more than the purchase price.  Let's say purchase price is 50k and rehab is 60k.  Having a hard time finding a lender so any help would be greatly appreciated.

I suggest calling any telephone numbers associated with the auction and asking all the questions you would ask an experienced tax auctioneer until they can refer you to someone who can actually help you.  So you're probably only looking at around 30 phone calls and messages spread out over 10 hours when dealing with the government :).  Small potatoes to get the 10k plus in instant equity.

I would buy the $5 flea treatment tubes and a $10 can of flea pesticide and tell them they can do it and that is a fair compromise.

Couldn't you draw from a Heloc, use cc to pay back Heloc through Plastiq, then draw from Heloc again and continuously repeat?

Thanks Wayne!  The generator is a good idea.  That 95% is good info.

Wondering if anyone has any experience purchasing a foreclosure from a reverse mortgage company.  I'm in the process of negotiating a price and terms on my first sfh investment property.  My realtor is telling me the seller will not do any closing costs, even if offer is above asking price, will not turn on utilities for an inspection and requires that our offer indicates atleast 20% down towards our mortgage before they will even entertain my offer.  Any advice would be greatly appreciated especially since I found a lender that will do 15% down.

It's worth looking into geting a home equity line of credit against your home. Even if you did a low down payment and don't think you have much equity in your current home you should still look into it. Appreciation may surprise you and a local credit union here in NC will even do a free online appraisal and totally skip the actual fee based appraisal but charge you a higher insterest rate. So cold call your local banks and explain what you want to do with the loan officer us my advice.

That's awesome man! Currently trying to close on my first rental in Rocky Mount, NC.