All Forum Posts by: Kevin Mcilnay

@Rob Beeman  Thanks for the info!  I've downloaded a couple SOW worksheets, but wondering if you have one that works especially well for you.  I'm all about details and need to make sure that I'm documenting everything.  Thanks again!

@Gabriel Watts  Thanks for the advice. Would love to know which lender you use if you don't mind sharing.  Feel free to message me.  Thanks again!

@Michael Kinsella Another quick question: If I purchase the house with a 20% down payment + a 70% LTV from a hard money lender to cover purchase and rehab, would I be able to do a cash out refi as soon as the house is finished? I'm not sure where the "seasoning period" comes in with that situation.

@George Hariri  I realize this is an older post, but this video provides an outstanding way to analyze markets with FREE tools.  I've been using it a lot to double check any areas in which I might invest.  Definitely worth your time.

@David Ginn  Thanks for that advice.  I'm pretty sure that's where my nagging discomfort has been coming from when considering that method.  The wife and I will most likely be going a different route.  

@Evan Polaski  That's definitely some great advice.  I'll make sure to be specific about what I need from them. After all, I assume the better the documentation, the quicker the draw is going to hit my account. What do you mean by "due on 30"? Luckily, my best friend is a general contractor in town and says he'll provide me with whatever subs I need, as well as helping me manage the rehab overall.  

That's less time than I thought, but still more time than I'd like.  I'll be sure to hammer out those details with the lender.  Thanks again!  

Okay, so ultimately I just need to make sure I've got enough cash to cover the most expensive part of the rehab and try to get that part done first.  They keep paying me back, and when the house sells, they get all their money back...ideally.  Any ideas on how long the draw process takes from completion of work to receiving funds?  Sounds like it could make the rehab process a lot longer than it needs to be.  I appreciate all the information so far.    

Okay, I'm having a hard time understanding how draws work with a rehab loan from a hard money lender.  The way I understand it is:  I have to pay for the work initially.  Then I apply for a draw and provide invoices. They inspect the work, then they reimburse me with money I have to pay back to them anyway??  If I could afford to pay for the rehab myself, why would I need a hard money lender in the first place?  None of this is making sense to me right now.  Any help is appreciated.  

@Will Pritchett Hey man! Thanks so much for this post. As a veteran, former firefighter, and current school counselor, I could really identify with your story. It wasn't much more than 8 years ago I was struggling with PTSD and addiction. When I finally got right, I used my GI Bill to get my Masters in school counseling and started doing that 5 years ago. My wife has been an agent/ property manager in this area for 20+ years, but I've only recently discovered the possibilities that REI holds. I guess maybe because we're finally doing well enough for ourselves that we can afford to jump into it. I don't want yachts or sports cars, or even to quit my job. But I also don't necessarily want to be dependent on a 9-5 for the rest of my life. I'd like to be in a place where my wife could walk away from her job if it finally gets to be too much (Property Manager for a military community of 1400 homes), or we could sell some properties to help out my children down the road when they're pursuing their own dreams. Your story gives me hope, and today I was really in need of some.

Thanks, brother!  All the best to you and yours.