All Forum Posts by: Jonathan Martin

@Jason 

@Jason Bott Jason I'm contacting you regarding the insurance program your clients use to cover their properties during rehab. I'm 60% completed and need to get a new policy on my property. Rehab has taken wayyy longer than planned. Thanks!

I've got a property I'm waiting to hit the market to use as a house hack using the BRRR method. The property is 3 units, 2 buildings with front building (2 units), and back property in-law house. Its a HUD property and they just had work done on it last month. I'm looking for a private lender willing to lend at a reasonable interest rate with a relatively short-term balloon (up to 1 year). I currently doing a flip so money is tied up. I'm not sure when it will hit the market but I anticipate around Jan/Feb 2022. I'm willing to put skin in the game (earnest money) but need funds for acquisition and rehab.

I'm not expecting 2-3% but I'm also not going to pay 10-12%. We are just exploring some more creative options.

I'm not sure what HUD would list property for. ARV is 300-310k. The property was sitting for 8 years. The property needs updating. HUD had contractors to install new furnace and water heater for each unit, replaced roof on both properties, new gutters on property in back, repairs on porch and exterior railings, and replace some windows. I would prefer a lender comfortable with early repayment.

The multi-family down the street sold for 300k in April.

Offering a First position lien. I'm okay with a QC deed being held in reserve as well.

Please PM me for more details or to discuss further.

I will first have a attorney or title company that is familiar and does double closing often. Essentially, you have 2 contracts 1 with seller and then a different contract with end buyer. If possible you want to have both contracts signed before sending to attorney/title company. When I done it I used the end buyer EMD to fund the EMD on the seller contract. The attorney/title company should handle everything through the transaction.

@Chuck Stephens No you do not need a hard money lender to do wholesale deals. 

@Account Closed I don't know of an alternate solution. I guess you can get them all under contract. 

@Account Closed You can do a double closing instead of an assignment. You would have a different contract with end buyer. 

@Jaason White I believe you are correct in that interpretation. I'm in Illinois and I don't have my license. I bring on a license agent in the deal and pay them a percent of the assignment fee. As long as one of the parties is license you would be OK.

@Kevin Rosa YouTube Max Maxwell or Sean Terry. 

@Dimitri Paspalaris Thanks for your response. It would be buy and hold. I’m here now so I will look into these areas and take a drive. What agent are you working with? Are they on BP?

@Dimitri Paspalaris Thanks for reply. I will be in Jville for a week. What areas are you investing? What areas I should check out?