All Forum Posts by: Matt Allen
Matt Allen has started 6 posts and replied 15 times.
Post: Realtor.com's vacation rental bonanza! Where you can make the biggest profits!
- Posts 19
- Votes 4
Anyone can put together a list of markets. It’s always interesting and sometimes comical to see what some come up with!
I’m looking for referrals for a hard money lender for a deal in Indiana. It’s an off market deal. Purchase price is only $53k but as is worth about $85k. hoping to purchase, redo flooring in kitchen, then do a cash out refi with another lender.
Post: Seller financing wholesale deal with property liens
- Posts 19
- Votes 4
Quote from @Eliott Elias:
I would build it in to the down payment, have him pay the liens at closing.
Purchase price is only $55k with $3k down payment and $7k assignment fee. I am trying to keep out of pocket at a minimum, as is the seller.
Post: Seller financing wholesale deal with property liens
- Posts 19
- Votes 4
I’m working on purchasing a property brought to me by a wholesaler.
Seller is willing to do seller financing. But the property has $15k in liens on it.
Since it’s seller financing, the seller doesn’t want to take care of liens yet.
But the seller will put in writing that the liens will be paid off if property is sold or refinanced.
I’m thinking it’s not worth it and to walk away at this point. Thoughts?
Post: Financing for rehab of duplex
- Posts 19
- Votes 4
Indiana
Post: Financing for rehab of duplex
- Posts 19
- Votes 4
I guess I should have stated that the duplex was purchased for $55k. It’s difficult to find a loan at that value to take any money out.
Post: Financing for rehab of duplex
- Posts 19
- Votes 4
I would get some some quotes from a few different contractors and then put together comps for your property when it is complete. Your real estate agent could help you with this. Then, I would seek out local, private lenders. Put ads in the paper, post on Craigslist, go to local meetups etc. Show them what your plan is with quotes and comps (i.e. property needs $50k worth of work; will resale for $200k). Tell them they will be 1st position. I would ask for 15%-25% over the quote you choose (cost overruns & closing costs). Ask for a 12-month loan term with no pre-payment penalty (even if you can do the work in 60 days). Offering them an interest rate with a minimum profit of say $5k. So if you do the work and sell it in 60 days; they are not just making $1k. This is a lot of work; but, the closing costs, fees among fees that you will save from going to a traditional lender, will make it worth it.
Thanks for the insight!
Post: Financing for rehab of duplex
- Posts 19
- Votes 4
I have a duplex listed for sale. It needs some work. Thinking about doing rehab instead, but could use assistance with funds. There is no loan on the property. Are there lender programs out there to get funds for rehab up front, then refi when completed?
Post: Michigan Short Term Rental Lender
- Posts 19
- Votes 4
Thanks Luke! I enjoyed listening to you and Avery on the podcast!