All Forum Posts by: Jorge Betancourt

Quote from @Ryan Stuckey:

On $300k ARV, max loan size is 75%/$225k. Your costs are below that so they could be fully financed on both purchase price and rehab components. The loan size would be at the level of those $210k in costs. You would have no down payment but you would have some closing costs.

Feel free to get in touch if you would like more specific info on any project.

These are the requirements on the website;

• Minimum Credit Score of 600
• Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account
• No Recent Bankruptcy or Foreclosures (subject to review by Longhorn)
• 
  $15,000 has to be seasoned? I have my own funds plus 2 of my family members are willing to lend me a couple extra dollars to have that $15k in Checkings
  

Quote from @Ryan Stuckey:

At Longhorn, we can lend to first-time investors if the numbers are right (including 100% of costs, up to 75% of ARV) but a credit check is needed (650 needed for standard terms). If any questions, please let me know.

Hi, that's awesome! Just so I understand though, what does 100% of the costs up to 75% of ARV actually mean?

Example;

house price $165k
rehab is $45k

Total needed is $210,000

ARV is $300k (If you lend 75% of that)

that’s $225k , meaning there’s $15k left.. what would this go to? What are my costs out of pocket? Am I understanding it correctly? Thank you for your patience 🙃

Anyone willing to do a JV agreement with me on a fix and flip? This is my first deal and because of that most hard money lenders won't work with me. I also don't have "seasoned funds" , which is another requirement. I figured bringing a partner could help a lot since I would also gain experience from someone who does this professionally.

property details:

Located in Georgia

5beds / 2 bath / 1,900 sqft

Purchase price: 165k

Rehab cost: 45k

ARV: 300k

my realtor is the one who helped me with ARV and have comps available too.

would also appreciate any advice on how to approach this fix and flip deal :)

Quote from @Justin Brickman:

Quote from @Jorge Betancourt:

Does anyone know any hard money lenders that are willing to work with your deal based off the ARV? No seasoned assets, credit checks or bank statements?

how much money would I have to come out of pocket to work with a hard money lender in a fix and flip deal?

One of my client's is a hard money lender - Longhorn Investments, and it's based off the ARV. I can connect you with them if you private message me

 Will do thanks!

Quote from @Chris Seveney:

@Jorge Betancourt

You typically would not find a lender based solely off arv unless it’s one you have a considerable track record with.

Would you recommend I find a partner instead of a hard money lender? Cause it seems the only way they will work with me is if i’m not a first time flipper lol if so do you know where or how I would go about finding a partner? 

Quote from @Logan Singleton:

Hi @Jorge Betancourt, Can you please tell me more about the property?

5 beds , 2 bath , 1,900 sqft

purchase price: $165k
rehab is $40k
ARV is around $300k

i got the ARV from a realtor with comps available as well.

let me know what more information you need please :)

Does anyone know any hard money lenders that are willing to work with your deal based off the ARV? No seasoned assets, credit checks or bank statements?

how much money would I have to come out of pocket to work with a hard money lender in a fix and flip deal?