All Forum Posts by: Kris Marmol

@Daren H. Thank you very much for the input, that was excellent advice. That sounds like what we are planning to do and with the use of a hard money lender that lets us do 10% down and then 100% of the financing for the rehab. Thank you for explaining how it works to be reimbursed.

Would you recommend any Hard money lenders that operate in multiple states?

Also as far as conventional financing goes have you found it it’s easy or difficult to get a bank to refinance the property? Assuming that credit and income should qualify as the guarantor.

Hello I am looking to opening a new real estate LLC I was hoping to see if you guys could help me with examples of good contingencies to have our lawyer include into our operating agreement. I am going into business with a partner on the first property and will add more partners to other projects that we do. Thank you for your help!

@Jay Hinrichs Thank you Jay, that’s a great point. Our money could be better used in other ways plus we would have more control of the process with our own money.

@Mike Burkett thank you very much Mike, that is great advice. We will be keeping these as a long-term rental properties. And of course we want to have as minimal as possible in each of the properties. I think we’re going to be going with the route of paying the minimal down through the hard money lending while paying for the majority of the rehab with cash. 

Hello I am looking to invest in a few properties out of state and throughout my search I've found a few private or Hard money lenders that are willing to finance 100% of the improvements and 90% of the homes purchase price. My question is should I pay for the repairs separately instead of the initial HML to finance the repairs? Our goal is to BRRRR these properties and would like advice on the best way to start with the initial loan. We could put more than the 10% minimum down but should we?

Beyond the obvious benefit what other advantages are there to having a hard money lender finance the repairs?

@Tim Herman thank you Tim, it is quite possible that I missed something in the process. I understand that when it's all said and done the goal is to have the refinance pay me back the down payment and the rehab costs. My question is should I put more than the 10% minimum that the HML requires? Will that lower my risk or give me a better approval at the ReFi? Also as far as the rebab should I let the HML finance that amount of the repairs or pay cash for those? Thank you for your help and for your time.

@Andrew Angerer the goal will be long term cash flow

Hello I am looking to invest in a few properties out of state and throughout my search I’ve found a few private or Hard money lenders that are willing to finance 100% of the improvements and 90% of the homes purchase price. My question is should I put the down payment (25%) that I am planning on putting for each property through the hard money lending loan and pay for the repairs separately? Beyond the obvious benefit what other advantages are there to having a hard money lender finance the repairs? Does it make any difference if I put the money down then or when I refinance?

Hello I am looking to invest in a few properties out of state and throughout my search I’ve found a few private or Hard money lenders that are willing to finance 100% of the improvements and 90% of the homes purchase price. My question is should I put the down payment (25%) that I am planning on putting for each property through the hard money lending loan and pay for the repairs separately? Beyond the obvious benefit what other advantages are there to having a hard money lender finance the repairs? Does it make any difference if I put the money down then or when I refinance?

Hello I am looking to invest in a few properties out of state and throughout my search I’ve found a few private or Hard money lenders that are willing to finance 100% of the improvements and 90% of the homes purchase price. My question is should I put the down payment (25%) that I am planning on putting for each property through the hard money lending loan and pay for the repairs separately? Beyond the obvious benefit what other advantages are there to having a hard money lender finance the repairs? Does it make any difference if I put the money down then or when I refinance?

Thank you for any input device that you’re willing to offer.