All Forum Posts by: Kevin M Finley

I paid 3.5% down on the purchase of mine. 

Just wanted to update- I went through the process and was approved for $166,500, which is about $90k less than my initial line with FOA commercial... however it took 4 days and was easy. FOA commercial took 3 months and made me pull my hair out. 

I just shot a signed contract to my contact at Dominion this morning, copied title, and they got back immediately and said they were working on it right away. This deal has to close in 7 days so it may be interesting to see how they react. Hardly any repairs but due to quick close I really can't use a traditional mortgage. Just have to BRRR it.

I'll update on how it closes out. 

Hey everyone, very common question but I'm looking for a local bank/credit union that will do two things for me: 

A. Cash out refinance to 75% ARV with less than six months seasoning.

B. Lend into LLC name with personal guarantee.

Any suggestions or help is greatly appreciated! 

network locally and tell everyone you know that you’re looking to buy. Call wholesalers. Go to tax auctions. 

I've got a buddy here who constantly says "half a sandwich is better than no sandwich" and it's consistently ringing true. I'm involved in deals now where I am 65% and 40% partner, and I'm perfectly happy to work with others to help build my portfolio. If you have a choice between sitting on the sidelines or getting in the game, it doesn't matter what the pay is. 

Decarion, 

I just sent you a PM and will be in Racine later today if you want some extra eyes/ help 

I have not. If you're in Chicago reach out to Milwaukee Hard Money or Geneva Lakes funding. I have used MHM and they are great, and I know Tim from Geneva lakes personally. 

Hi Decarion, here are a few answers:

1. Ambassador title in Racine, Summit LDS Milwaukee, Land title Waukesha, Landmark Title Kenosha, Southshore title kenosha. I have done wholesale deals with all of these. 

2. Use a WB-11 and write and/or assigns after your name. Then place a clause at the bottom allowing you to assign the contract to whoever you choose. Assignment contract can be done either with a WB40 or your own piece of paper so long as all parties sign. Simple. 

3. You do not need a RE license to wholesale, and I recommend not getting one. There's no need to open yourself up to further laws and regulations. Anyone that tells you that you do does not know what wholesaling is. 

Investment Info:

Single-family residence fix & flip investment in Kenosha.

Purchase price: $93,000
Cash invested: $30,500
Sale price: $169,900

Retail Sale flip. 4 bed 1 bath 1720sq ft.

New roof, windows, furnace, countertops, paint, carpet, doors, garage siding, water heater, fixtures. Painted exterior, poured new driveway, painted kitchen cabinets.

How did you find this deal and how did you negotiate it?

"wholetaled" from auction purchaser

How did you finance this deal?

FOA line of credit

What was the outcome?

profitable deal

Hey Dean, Great meeting you last night! It's also great seeing how many are active on this local forum- I had no idea and rarely check BP unfortunately. 

I've personally flipped two homes in Racine and am aggressively looking for more. Right now there does seem to be some "soft spots" in the market however, but it could be attributed to the holidays etc.