All Forum Posts by: Jason Taken

HI All,

I may be partnering with someone on a SFR fix n flip. Whats the best way to structure this? I would be putting up 50% of the funds needed to buy and rehab. Guessing we should start an LLC and do 50/50 membership ?

Thanks,

Tom

I'm from central illinois and looking for any events/gatherings to attend. I'm brand new in my journey to build something great. I'm lacking a network and relationships with like-minded people. Communities like these are terrific, but I feel getting out and actually meeting and getting to talk to other passionate people in real estate would help immensely. If not an event, what else could I do to reach out locally to start building these relationships? Thanks for any information you provide!

I don’t own my primary home outright. However, the purchase of the property did included three separate parcels on one deed. My question is, can I use one of the separate parcels as collateral for a construction loan to build a multifamily on it (of course adhering to zoning regulations)?

is there a way to cash out refinance 2 properties I own? the first property is worth around $69k is paid off and bought it 2 years ago.  the second property is worth around $68k bought that property on November of last year with a loan. those properties are occupied by tenants. do you guys know if I can cash out refi each property with that amount or can use both properties at the same time with a blanket mortgage?    these houses are  located in Rockford IL, if yes: any lender here that can help with with that? will appreciate your comments

Hello all,

Well, I have a special story to tell you why I am currently looking for a hard money lender (bridge loan) for a condo I am closing on in about 2 weeks. I have previously financed my 3 investment properties with traditional loans, and thought might as well with this latest one before going other routes.

I live in Florida, and I specialise in mid-term vacation condos tailored towards the snowbird crowd. The rents in Sarasota have exploded, so much so that an asset class that I never looked at before all of a sudden is very interesting. I am talking about small condo studios of about 350-400 sqft. I found a deal in a complex where I already own, offered 70k for it and finalised at 88k. Should be able to rent it out between 1500-1700$/month after a full rehab (estimate around 20k total).

Here is the weird part of the story. The final document the bank needs with all condo loans id what's called a condo form to be filled out, which is then used in Fannie-Mae underwriting. Well 1 month ago before any current owners knew about it, the association decided to no longer fill out these forms based on wacky legal advice, without knowing it pretty much shutting down any conventional financing and pissing off pretty much all of the owners in the process.... There is no real reason for it, the reserves are great, no assessments in view since the plumbing and roof are all brand new). I am working with the board now to revert this, but unfortunately will not get that condo form filled out on time, current board members do not want to fill it out themselves.

So, I have reached out to the agent to talk about seller financing (might be good for me), but thought I might as well learn about bridge loans on this very small project which at the end of the bridge term I can pay cash. Honestly, just don't want to lose any leverage on the deal.

I am looking for hard money lenders who would finance a project of around 80-100k total after renovations. My goal is to begin a relationship and see how this works more, to then use it to grow my portfolio over time. 

Let me know if anyone out there would like to get more info, and looking forward to getting this done

Have a great day!

Greg Georges

I'm having issues getting property under contract.

Agent/seller wants a pre-approval of funds first.

I can't get a pre-approval for every property or is that the way it works 

Thanks

Hello BP.

My name is El. I am an IT professional wanting to start investing in real estate.

I am based in Chicagoland.

Hello, 

I am a new investor and I am looking to use a hard money loan to purchase my first rehab property. I am looking to do an out-of-state deal but my head is all over the place right now. When I was trying to do a BRRR my mentor told me that the limit was 50,000 minimum on a purchase, not including the rehab. Now that I am trying to get back into the BRRR process the lender that I am dealing with says the lowest amount that they can loan is 75,000 and they could only loan up to 50% of that for the rehab which is about 35 to 36,000. I am stuck between Alabama and Ohio as a place to invest, but it seems that this limit constricts me more than I imagined. As a new investor, my head is all over the place so if anyone could give me tips or any hints as to where I can find a lender to help my situation that be great. Thanks in advance.

Hi all, we recently moved an investment property under our LLC. Our current tenants are about to renew, so we need to send out an updated lease. Should the landlord on the lease be our LLC or our personal names? We are finding different things online and we want to make sure we are set up for success when it comes to being protected. Any insight is helpful. Thanks!