All Forum Posts by: Melissa M.

Hello anyone out there?? LOL

Doesnt work as of Jan 1, 2018  :(

Good evening everyone!

I have been a real estate investor since late 2016.  I had started out in wholesaling but then starting into the flipping side of the business.  In 2017 we have completed 9 deals which was a mix of rentals and rehab purchases. 

During this time we were able to use private lending to completed these deals and the total projects were less then 100k in total so finding private funding for these amounts was very easy. 

Our next project is in a neighboring county where the house prices are a bit higher.  So at this time we do not have someone that can lend on 100% of the project.  The lender we do have is offering 85% of the purchase price and 100% of the rehab.  I will be $50,000  short for the project.  I am bringing in a second lender who will be able to cover the extra amount that I do not have at this time. 

I am just learning about "Gap funding" and was hoping someone might have some advice on this.  In order to secure his funds do I put him in second lien position? Or do I do unsecured with just a promissory note?  I assume the answer will come down to what my first lender prefers and what the second lender is most comfortable with.

Just looking for some expert advice. And honestly the private lender that is lending in first lien charges 15% so I am thinking it might make more sense to just JV with someone once we pay out all of our lender fees.

Thank you for you help!

@JR 

@JR T. & @Ben Wilkins Thank you I will try both!!  Ben We are usually in Chester County but this happens to be such a great deal we couldn't pass it up!! I always love meeting new investors near me!  Thank you for the help!

Good Afternoon BiggerPockets

I am looking for a bank that can assist us with a Cash out refi on a rental property we are going to purchase hopefully next week.  This property is located in Lancaster Pennsylvania.   I am trying to find a bank that is easy to work with who can cash us out at around 75% of the value of the home.  The problem we are running into is our credit.  When they pull our credit it isnt the best so I need a bank who is willing to work with us based on the rental property / deal in addition to considering our credit.  

Any assistance provided is so greatly appreciated!  Thank you so much!

This is an investor special and is being sold "as is". Could make a great income property for the right person or invest a little more money and make this a flip project. The choice is yours.  

This is a 4bed 2bath home with 1400 square feet. Taxes are $2025/year.

Purchase Price- $15,000

Estimated ARV- $60,000

Rent- $900-$1100

Retail Sales:

381 N Pearl St Bridgeton NJ 3bed 2bath 1600 sqft Sold for $51,000

323 N Laurel St Bridgeton NJ 2bed 2bath 1400 sqft Sold for $79,000

20 Bridgeton Ave Bridgeton NJ 4bed 2bath 950 sqft Sold for $56,500

254 N Laurel St Bridgeton NJ 3bed 2bath 1400 sqft Sold for $42,000


" As-Is" Cash or Hard Money Deal

**Please perform your own due diligence**

Please call 484-202-3901 or email for more details.

This is an investor special and is being sold "as is". Could make a great income property for the right person or invest a little more money and make this a flip project. The choice is yours.

This is a 4bed 2bath home with 1400 square feet. Taxes are $2025/year.

Purchase Price- $15,000

Estimated ARV- $60,000

Rent- $900-$1100

Retail Sales:

381 N Pearl St Bridgeton NJ 3bed 2bath 1600 sqft Sold for $51,000

323 N Laurel St Bridgeton NJ 2bed 2bath 1400 sqft Sold for $79,000

20 Bridgeton Ave Bridgeton NJ 4bed 2bath 950 sqft Sold for $56,500

254 N Laurel St Bridgeton NJ 3bed 2bath 1400 sqft Sold for $42,000


" As-Is" Cash or Hard Money Deal

**Please perform your own due diligence**

Please call 484-202-3901 or email for more details.

This is an investor special and is being sold "as is". Could make a great income property for the right person or invest a little more money and make this a flip project. The choice is yours.

This is a 4bed 2bath home with 1400 square feet. Taxes are $2025/year.

Purchase Price- $15,000

Estimated ARV- $60,000

Rent- $900-$1100

Retail Sales:

381 N Pearl St Bridgeton NJ 3bed 2bath 1600 sqft Sold for $51,000

323 N Laurel St Bridgeton NJ 2bed 2bath 1400 sqft Sold for $79,000

20 Bridgeton Ave Bridgeton NJ 4bed 2bath 950 sqft Sold for $56,500

254 N Laurel St Bridgeton NJ 3bed 2bath 1400 sqft Sold for $42,000


" As-Is" Cash or Hard Money Deal

**Please perform your own due diligence**

Please call 484-202-3901 or email for more details.

This is an investor special and is being sold "as is". Could make a great income property for the right person or invest a little more money and make this a flip project. The choice is yours. 

This is a 4bed 2bath home with 1400 square feet. Taxes are $2025/year.

Purchase Price- $15,000

Estimated ARV- $60,000

Rent- $900-$1100

Retail Sales:

381 N Pearl St Bridgeton NJ 3bed 2bath 1600 sqft Sold for $51,000

323 N Laurel St Bridgeton NJ 2bed 2bath 1400 sqft Sold for $79,000

20 Bridgeton Ave Bridgeton NJ 4bed 2bath 950 sqft Sold for $56,500

254 N Laurel St Bridgeton NJ 3bed 2bath 1400 sqft Sold for $42,000


" As-Is" Cash or Hard Money Deal

**Please perform your own due diligence**

Please call 484-202-3901 or email for more details.

Thank you Chris!!!