All Forum Posts by: Katlynn Teague

 Good to know and happy to hear! It should be a must to hold a license for an individual to write a loan! 

 I completely agree and absolutely not! 

Good Afternoon BP,

Let's talk hard money loans..

In the state of Georgia, where I am from you do not have to have a MLO to write hard money loans. 

Would you as a buyer, feel comfortable and confident using a loan that is not written by someone who does not hold a license in the practice?

Investment Info:

Single-family residence wholesale investment.

Sale price: $145,000

This house was a cutie tucked away in a great neighborhood in Jonesboro. Sits as a 4/1.5 and will be super easy to convert to a 4/2. My buyers were looking for their first one and we walked multiple before this deal came down the pipeline. We just could not find one that was a perfect fit for them until this one. What made it even more special was signing the contract in person!!

How did you finance this deal?

My clients purchased this deal with our in-house lender 212 Loans. From close to resale, it should take about three months and their projected net profit of $20k with a return of 63% in only 3 months!

Investment Info:

Single-family residence wholesale investment.

Sale price: $145,000

This house was a cutie tucked away in a great neighborhood in Jonesboro. House is a straight forward cosmetic deal. Sits as a 4/1.5 and will be super easy to convert to a 4/2. My buyers were looking for their first one and we walked multiple before this deal came down the pipeline. We just could not find one that was a perfect fit for them until this one. Now that they finally found their first one, they have a deal that they will be in and out of quickly. What made it even more special was signing the contract in person!! From close to resale, it should take about three months and their projected net profit of $20k with a cash on cash return of 63% in only 3 months!

 Absolutely agree!

Good morning BP,

Obviously, as everyone knows interest rates have risen and properties are sitting on the market longer than they used to, at least in my market. 

I know a lot of investors on here take full advantage of hard money loans. Hard money is a great option if you are able to get in and out of the property quickly without tying up your own capital. Another great thing about hard money is that you are able to diversify your risk into multiple properties instead of putting all your cash into one property. But the key is to be out of the property as soon as possible to avoid the interest payments, some interest payments can be pretty hefty. 

With all of that being said, since properties are sitting longer after renovations has this changed how you finance your deals? Are you looking for the private money route? Are you saving your cash and doing deals that way? Or has nothing changed at all for you?

Personally, I would sell it and move it on. Alleviates the risk altogether. Take it as a learning lesson and deep dive to see where things took a turn from when you first started the project.

Sacha, just adding to the previous comments as well. You got some fantastic feedback! 

Another thing to consider, would making that garage a bedroom make the floor plan funky? I had an investor of mine do this and the property did not appraise as high due to the fact the bedroom was unfunctional. Having to walk through a living room and kitchen just to use the restroom, doesn't really make sense. Obviously, we do not know what the floor plan looks like in your property but your decision to keep the garage as is sounds like the best game plan. Another plus sense you do not have to pull permits so you are able to get out of the project sooner! 

 Thank you Scott! 

The house right now is practically leaning over and there is serious foundation issues. It's actually pretty dangerous that is she living there. Due to the condition, the house would need at least $400k in work if everything goes as planned. My buyer is a GC and actually built the house two houses down from us. With his experience and access to materials, he said it was cheaper for him!