All Forum Posts by: Magnus Wikström

Hard Money Co can do this but it's very expensive. But there are a bunch of others that do $50k+ / $75k+. Can't remember their names straight up.

Sounds like it's gonna blow your credit.

That's a good post by Travis.

If I'd be US based I'd look to what you are doing in Cleveland OH or Augusta GA. That's perhaps because I just researched those two for my own sake. But Eastern US is not gonna benefit you. Like the others, I'd say Mid-West or somewhere where you can pick up cheap property. My recommendation is numbeo.com, checking prices and yields. You don't need to go that far, so maybe AZ or another closeby state, and not rural. Check where the lender you intend to use lends in advance. Some Mid-West states can be more difficult. Beware of too high fees, particularly in origination and junk costs. Best of luck.

5% more down means your equity contribution is 50% higher than if at 10% down. A significant difference.

Agree. Use a fix & flip loan. Reach out if you need help.

If you can use 100% of someone else's money at 11% rate and you're making more than that, great! I wouldn't hesitate a second. It's the lender that takes a larger risk, you're just saving more of your own liquidity, should you need it.

Realtors often don't have a clue. Overpaid, undereducated... Sorry if this offends anyone. Your contact certainly seems to be one of them. Not an entrepreneur, that would do this kind of deal.

Hi Matthew,

Congratulations on the deal.

I would just do a fix & flip loan, hard money. You'll probably be reimbursed when you take this out, because of the equity value. Although you want to Aribnb it, you're gonna pay high when refinancing and the ARV is so high compared to your costs. It would make more sense to sell it in my mind, but I'm not the lucky buyer.

Hi again Matthew,

How's it going on this one? Good to see your ARV seems higher than last. Gives you good ground to complete it.

75% ARV shouldn't be an issue. Drop me a message if still of interest.

The deal is probably gone, I hope you got it. You could have used a lender that would allow for deferred interest payments and origination fees, which would have saved substantial liquidity. PM if the deal is still on and if of interest.

Nothing wrong with the deal itself but horrible HML.