All Forum Posts by: Kalonji Mitchell

Thanks, guys for the follow up.

This post is a bit old, but a question... if the end buyer is getting a loan for the purchase, using a hard money lender, how does the wholesaler justify the increase in price? Doesn't the hard money lender check for ownership and/or asking price prior to funding?

This post is a bit old, but a question... if the end buyer is getting a loan for the purchase, using a hard money lender, how does the wholesaler justify the increase in price? Doesn't the hard money lender check for ownership and/or asking price prior to funding?

I agree, if the potential is limitless and the risk is minimal, why not go for it? Thanks for the feedback.

Any investors out there getting cash back and/or seller's credit on short sales? I am trying get all closing costs and a bit of repair credit. Realistic or not?

I was watching CNN last night and I heard Donald Trump state that Banks are so desperate to get rid of property that they are holding 2nd's in order to move deals? Has anyone witnessed this on a personal level? If so, what are the pitfalls to look for?

That's a wonderful option. I will be open to that as well.

I have a property in which I have already secured private money for the rehab of the property. Problem, I only have some of the purchase price. Here are the numbers:

Purchase Price: $60,000 (I have $20,000)
Rehab Cost: $70,000 (already secured)
Amount needed: $40,000
ARV $310,000 - $365,000 (based on appraisal that is completed)

Is there either a Private Money source or creative way in which I can structure this deal?

Omni Bank has served investors in Chicago very well. I have not personally used them, but many of my associates have and they have all been pleased.

Good morning all.

I have a friend that has a 3 unit building that is worth $280,000 ARV. He is willing to sell it to me for $60,000, it needs $80,000 worth of work. The building is currently free and clear. My problem is that my credit has been hit hard because of the RE market. I am self employed and just now getting back on my feet. I have an end lender that will refinance me, but I don't know how to finance the initial purchase and rehab. Any suggestions (besides wholesaling... that one I know).

Thanks all!!