All Forum Posts by: Givonna Wiley

@Jon Holdman

OK.  Wow.  Thanks for this very informative breakdown.  This is a home where the comps are $699K  - $800K and rehab is worst case for 9 months.  I guess i will keep shopping for a lender, get a partner or maybe find a smaller deal because I don't have 50K.  

I've found a home that I want to be my first investment in a suburb of Cleveland, Ohio. It's $225,000 with $150,000 in repairs with an ARV of $600,000. I though that I had found a Hard Money Lender that would finance me with an unfavorable credit score and no money down, just pay closing costs. He told me to find a property that the cost + repairs were less than 65% of the ARV. When I called him ready to make an offer he told me that he needed a $2500 commitment fee? Are commitment fees typical of Hard Money Lenders? This lender is not local so I'm wondering if this is a scam.

He was referring to a $250,000 fix & flip loan vs a $90,000 fix and flip loan.  I don't know if this helps but he said that he generally deals with commercial loans.

A lender told me yesterday that it would be easier to get me a rehab loan for

$250,000 than it would be for $90,000 and it would be with no money down.   Does this sound right?

Thanks @Christopher Gilbert I checked them out but it appears that they don't have agents in Ohio :-(

What it the most accurate or close to accurate place for a newbie to get the best ARV when I don't have access to the MLS? I've read that Zillow's Zestimate is not accurate. I've tried Epraisal which seems pretty good.

I'm currently looking for my first property and I'm very eager to "pull the trigger",

I recently completed an online application to obtain a Hard Money loan.  Someone called me to deliver the unfortunate news that I would need 20% down.  I have no money!  So they (the lender) recommended that I start off as a wholesaler and they offered to show me how for $499.  

Is $499 typical?  Are there surefire ways that I can learn without paying any money? Would their mentoring be worth the money?  

Should I even change my focus to wholesaling and keep searching for ways to finance my projects with no money down and a low credit rating?

I found a SF home that I'm interested in purchasing from the Cuyahoga County (Ohio) Land Bank to rehab and sell. The County owns these properties and sells them to recoup the delinquent taxes. The home is in University Heights, Ohio. They want $32,000, estimates $35,000 for repairs and eappraisal.com quotes $98,000 for ARV.

What are the pros and cons for purchasing from a Land Bank?  Would you purchase it?