All Forum Posts by: Kendrick Walker

Interesting infographic, thanks for posting.

I'd use a Hard Money Company personally to get one.  May cost a little more initially but peace of mind and legality will be kept in.  May new Dodd-Frank rules out on private investing.

You could get your name added to Title so that both of you show ownership and then get a loan against it.

Hey Kenneth,

Sorry for the misunderstanding. I don't do ARV loan, only acquisition loans. There are a couple of other companies around me that will do ARV loans, but I don't know their requirements or what they offer - only that they do ARV loans.

Ken

Don't know any HMLs that will do 100%.  Only family or close friends will do that from my experience.  

In my area (California) we'll do Hard Money Loans up to 75% and rates from 9-12% based on that LTV, higher the LTV higher the rate. Points from 2-5. Local Hard Money Lenders I've found offer better rates and points and will do higher LTVs.

Yes you can refinance Hard Money into another Hard Money Loan or conventional/conforming if you qualify for that.  Hard Money loans generally are from a 1 year to a 5 year term.  We offer Owner Occupied Hard Money financing (California only) with a 15 year term.

Hard Money is generally used for a) short term financing a flip property or b) financing for a property if you don't qualify for conventional or conforming financing and once you then qual for it you refinance.  Such as when your credit is bad, need more time on your income to qual with a bank, etc.

Hope that helps.

Best, Ken

If you can't go Conventional or Conforming just yet, there are many Private or Hard Money Lenders that can give up to a 5 year term for Investment Properties.  This may give you the time you need to fix anything (credit, income, etc.) or gain the equity needed in the properties so that you are able to refinance them conventionally.

Best, Ken

I do Hard Money in this area.  Give me a call and I can get you something less than 12%.  Best, Ken - 707-523-2099

Hi Stephen, 

I am a licensed private money lender in California and I know regulations can vary state to state.  However, my father who is my Broker, has been doing Private Money loans for over 25 years and if you find a licensed and experienced Broker who offers private money, you do not have to work with an attorney.  

If you want to work with investors directly to "cut out any middle man", then it would be very beneficial to also find a local, licensed Broker who can then draw up all the legal documents for the both of you. The Broker will charge some fee for drawing up the documents and all, but this will ensure everything is legal yet not cost as much as attorney fees. 

Hope the above is helpful. 

Best, Ken

Sun Pacific Mortgage & Real Estate

I've utilized equity to purchase other real estate.  It honestly comes down to math.  Best is to find an experienced local Lender who you really trust and lay everything out.  

I started with Hard Money loans and then refinanced some to conventional loans while others I worked my butt off to pay off so I owned the property in full.  It was all math though, and I never bought anything that would give less than 7% return. 

Hope this helps. 

Best, Ken

Sun Pacific Mortgage & Real Estate