All Forum Posts by: Marcella Sykes

Hi Everyone,

This will be my first attempt to secure a hard money loan and I would like to know what to expect.

Is the loan based on LTV or ARV. What type of interest is the norm, how many points should I expect? How long can a short term loan be? What type of payments should I expect on a $100,000 loan? What type of things should I be alert to that may make it a bad deal?

Thanks

Hi Everyone,

This will be my first attempt to secure a hard money loan and I would like to know what to expect.

Is the loan based on LTV or ARV. What type of interest is the norm, how many points should I expect? How long can a short term loan be? What type of payments should I expect on a $100,000 loan? What type of things should I be alert to that may make it a bad deal?

Thanks

Thank you for responding Chris,

ARV is pretty accurate, Reno cost not so much, best guesstimate. I am considering a 203K loan. I think it will help to make Reno costs more accurate.

Hi J,

Thank you for responding.  Yeah its pretty much a gut job. Just trying to cover all the bases in case I miss something.

Hi Dante,

Thank you for responding. Would that 10% be on top of rehab amount or the ARV?

Property purchase of $53,000, ARV $234,000. Estimated repairs $110,000 7 months holding.

Considering a property purchase of $50,000, needing a complete overhaul. ARV $234,000. Estimated repairs $110,000 how much should I include for contingencies?

Considering a property purchase of $50,000, needing a complete overhaul. ARV $234,000. Estimated repairs $110,000 how much should I include for contingencies?

When purchasing a short sale or foreclosure can you grandfather the taxes?

When doing an analysis should the numbers reflect monthly or yearly

ex: 50% rule

Rent * 50% (is rent amount per month or yearly?