All Forum Posts by: Lisa Beard
Lisa Beard has started 9 posts and replied 39 times.
Post: Hard Money Lender that can Close in Three Days?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
Quote from @Jay Hinrichs:
Quote from @Lisa Beard:
Quote from @Jay Hinrichs:
Quote from @Lisa Beard:
Quote from @Jay Hinrichs:
I am sure you will get all sorts of sure i can do that.
And is title run and ready to go.. ??? if not probably not going to happen in 3 days.
Also 99% of HML require an appraisal so thats not going to happen in 3 days.
U will need a True private money IE an individual Like me that does these kind of deals. I do my own valuations of the asset I dont use 3p apprasials.. so we can and do fund in a matter of days If I really like the situation.. I make the decision not a Broker who has to send to an underwriter etc etc.. but of course there is a premium to pay for those services. I suggest you work it out with the existing lender thats going to be your cheapest ave.
Just be careful of fakes offering you things that sound to good to be true..
The existing lender may be cheaper, however with the sales contract falling through, it means pressure to get a contract quickly. I won’t want to feel pressured to sell for less due to a loan coming due. I’d rather close a 12 month bridge than a three month extension :)
simple ask for a 6 month extension and pay for it up front.. Being a HML for 30 years I would never turn that down for a client that is current.. but of course i make my own rules.
other lenders maybe using wall st. lines of credit to fund your deal and they are not the masters of their own domain.. they may have covenants that make these type of arrangements not possible.. but anyway I get what your saying but just ask I think you might find them accommodating again I know i would no problem.
PS do you live in Charleston I just closed on a lot downtown and will be going vertical in Dec. LOVE that town and Market its awesome.
Yes! I live on James Island, a 5-10 min drive into downtown. That is so exciting! I primarily have STR's (BRRRR STR mostly), so downtown is not the friendliest place to invest for my strategy, but I have always wanted an 1800's home to rehab and bring back to life down there. I'm sure what you're building will be beautiful! Vacation home? Investment?
spec builder I have built 35 new builds in downtown area.. I was one of the first spec builders to go across the tracks with new builds ( America st.) sold that house to Shep of Southern charm.. And i have done about 10 remodels and about 14 new builds in N. Charleston bought a few tracks and did minor partitions on them.. But we dont hold anything as you know prop tax's there for investment properties can be eye watering.. I did have one of my San Fran clients buy a duplex downtown that was zoned and permitted for STR and its been a big money maker for her.. Anyway good luck with your lending situation if you need to chat further just send me a Pm and we can take it off line.
That's wonderful! There are so many parameters here and such a small STR district. I'm finding greater returns on Folly Beach in Charleston and in the smokies. But I love downtown, so I will eventually have something there :)
I connected and messaged you - great to chat!
Post: Hard Money Lender that can Close in Three Days?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
Quote from @Jay Hinrichs:
Quote from @Lisa Beard:
Quote from @Jay Hinrichs:
I am sure you will get all sorts of sure i can do that.
And is title run and ready to go.. ??? if not probably not going to happen in 3 days.
Also 99% of HML require an appraisal so thats not going to happen in 3 days.
U will need a True private money IE an individual Like me that does these kind of deals. I do my own valuations of the asset I dont use 3p apprasials.. so we can and do fund in a matter of days If I really like the situation.. I make the decision not a Broker who has to send to an underwriter etc etc.. but of course there is a premium to pay for those services. I suggest you work it out with the existing lender thats going to be your cheapest ave.
Just be careful of fakes offering you things that sound to good to be true..
The existing lender may be cheaper, however with the sales contract falling through, it means pressure to get a contract quickly. I won’t want to feel pressured to sell for less due to a loan coming due. I’d rather close a 12 month bridge than a three month extension :)
simple ask for a 6 month extension and pay for it up front.. Being a HML for 30 years I would never turn that down for a client that is current.. but of course i make my own rules.
other lenders maybe using wall st. lines of credit to fund your deal and they are not the masters of their own domain.. they may have covenants that make these type of arrangements not possible.. but anyway I get what your saying but just ask I think you might find them accommodating again I know i would no problem.
PS do you live in Charleston I just closed on a lot downtown and will be going vertical in Dec. LOVE that town and Market its awesome.
Yes! I live on James Island, a 5-10 min drive into downtown. That is so exciting! I primarily have STR's (BRRRR STR mostly), so downtown is not the friendliest place to invest for my strategy, but I have always wanted an 1800's home to rehab and bring back to life down there. I'm sure what you're building will be beautiful! Vacation home? Investment?
Post: Hard Money Lender that can Close in Three Days?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
Quote from @Jay Hinrichs:
I am sure you will get all sorts of sure i can do that.
And is title run and ready to go.. ??? if not probably not going to happen in 3 days.
Also 99% of HML require an appraisal so thats not going to happen in 3 days.
U will need a True private money IE an individual Like me that does these kind of deals. I do my own valuations of the asset I dont use 3p apprasials.. so we can and do fund in a matter of days If I really like the situation.. I make the decision not a Broker who has to send to an underwriter etc etc.. but of course there is a premium to pay for those services. I suggest you work it out with the existing lender thats going to be your cheapest ave.
Just be careful of fakes offering you things that sound to good to be true..
The existing lender may be cheaper, however with the sales contract falling through, it means pressure to get a contract quickly. I won’t want to feel pressured to sell for less due to a loan coming due. I’d rather close a 12 month bridge than a three month extension :)
Post: Hard Money Lender that can Close in Three Days?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
We had a contract fall through last night and need to pay off a hard money loan by Tuesday (that or extend with the current lender for only three months, and I would rather have a 12 month bridge loan at this point). Any hard money lenders who can close in three days?
Post: Voice service company recommendation (Phone number)
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
We use Dialpad. My VA in the Philippines actually asked for that one because he was familiar with it.
Post: Do you have backup cleaners?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
I only invest in areas where tourism and STR's are the norm. This allows me to choose larger cleaning and maintenance companies who I know have the staff and ability to cover all turns. I do have one cleaner who is an individual, but she has friends who clean that have been able to step in before.
Post: Buying STR with current rates as a retirement plan?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
If you're wanting to stay fairly local, look for properties that have sat on the market for a while, attend local auctions, check FSBO and Zillow for FSBO properties. I found one of mine just driving around - A woman had a sign in her yard just to see if anyone was interested. Go to local REI groups, socialize on here with other investors or wholesalers. There are so many different avenues to finding property! Focus on the STR niche, if you're good at it, and go from there. Don't settle for 10% CoC return - There are plenty out there with 20%, 30%, 40%.
Post: Lenders/Banks/Credit Unions with no Seasoning Period?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
@Nick Belsky thank you! I have been contacted by a few folks who can do it with no seasoning period, but I am definitely still comparing rates. Do any of your lenders have no seasoning period?
Post: Lenders/Banks/Credit Unions with no Seasoning Period?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
@Andrew Postell Thank you! Yes, I have found a few lenders who say they can do it as an LTR with a signed lease. On one hand, I understand there is security in a long term lease, but STR's are so much more profitable, so on the other hand, it's funny lenders don't want to see the additional cash flow/reservations.
I appreciate the response!
Post: Lenders/Banks/Credit Unions with no Seasoning Period?
- Rental Property Investor
- Charleston, SC
- Posts 39
- Votes 12
@Erik Estrada How about the STR lenders? I am open to a 30 year.
I appreciate the help :)