All Forum Posts by: Noah Wright

I can't write my own loans, so when I'm getting a loan I prefer working with less busy people when I'm doing my own real estate investment, they're more responsive and dedicated it feels like.

1 Vote

Quote from @Shayne Hickey:

Does anyone have a recommendation of a lender that does a flip type loan that has the ability to roll into a DSCR loan? All of the lenders in my network says it doesn't exist anymore. Just putting the feelers out if anyone has the ability. Thanks in advance!

Absolutely! Happy to help --

0 Votes

Dallas, Texas

Have you considered joining America? Jokes aside, RBC is usually a solid first choice.

1 Vote

Absolutely, we do this all the time. Happy to help --

1 Vote

Absolutely, happy to help --

0 Votes

Philadelphia, Pennsylvania

We have a wide array of funds available - happy to help.

0 Votes

Birmingham, Alabama

There are hundreds of hard money lenders out there, ultimately I'd work with someone who has time to focus on ensuring you get a tailored mortgage instead of a cookie cutter solution. Happy to connect on this --

0 Votes

Quote from @Jessica Cook:

okay , thank you for your advice .I currently have the property under contract so as of right now I should try my best to make it as good of a time as ever .

We can go low depending on your unique credit profile. I just did a 10.5% + 2pts for a first time flipper with only 10% down. Keep looking, and let me know if I can help :)

0 Votes

New York City, New York

Why?

Start with your primary, rent out any spare bedrooms "house hack"

Use that to practice upgrades, kitchen, bathroom, curb appeal... etc

Now you have experience as a landlord and flipper, use that to buy a distressed property

Add 40% equity to the property through home makeover, refinance into a low cost mortgage

Now you are cashflowing a healthy margin on a second property, use that to build equity over time, cashout later and buy your duplex/quad.

If it's going to take you 10 years to save up a down payment for a small apartment building, yeah it makes more sense to start growing your portfolio with cheap SFR flips instead.

Every market is different, every borrower is different, every property is different, it would be ill-advised to recommend anything without recognizing the individual's nuanced goals and objectives with their next acquisition.

2 Votes

Quote from @Ryan Dunn:

Hi,

I have two BRRRR loans with Fixated Funding, both starting and closing on the same day. One loan was locked at 6.9%, the other at 7.1%. However, I just received the closing docs, and the rate on the 6.9% loan has been increased to 7.8%. I wasn't notified about this change until I saw it myself.

When I asked why, they said the home inspection found some issues that were fixed and re-inspected, but I’m confused why this would result in a rate increase. Also, Fixated moved my closing date a few times, but luckily I didn’t have another deal at risk.

Does this sound typical? I’m mainly concerned about the rate change happening without prior notice, especially since both loans started and are closing on the same day.

I’m scheduled to sign tomorrow and close on Friday. Any advice would be appreciated!

Thanks!

I would suggest finding a lender that treats your transaction with the same care and attention with which they would treat their own. All very best

1 Vote

All Forum Posts by: Noah Wright

Noah Wright has started 0 posts and replied 136 times.

Post: Choosing the Right Private Money Lender: Key Factors to Consider

Post: Flip Loan conversion into DSCR loan -

Post: Canadian Lender Finder?

Post: Im running into road blocks with lenders regarding BRRRR method

Post: HELOC or Home Equity Loan lenders

Post: Private Money Needed

Post: should i use hard money to grow quicker

Post: First Flip lending concerns

Post: Starting with a SFR is a mistake - prove me wrong

Post: Unexpected Rate Increase on BRRRR Loan – Is This Normal?