All Forum Posts by: Pamela Brady

@Benjamin Hurwitz Thanks. That is helpful. I have the money for down payment, monthly payments, and closing costs just not the rehab. The house is bad enough that I know my bank won't finance it. I was thinking of using hard money for a couple months then refinancing with my normal conventional loan. I Just wanted to make sure I understood "LTV of purchase price" and that my down payment comes off the amount of the loan. I know I would have to pay 3-4points but was really thinking closing shouldn't be as much as it would with a normal conventional bank loan. But you are right, I should just contact them. Thanks for your insight.

@Mark Safrin I have a question for you regarding hard money. I am looking at using hard money for my next fix and flip and below is the info given on the website for one of the companies I am reviewing. When the lender says 90% Loan to Value of purchase price, does that mean I am paying 10% of purchase price? The purchase price will be $60,000.My assumption is that I am paying down (skin in the game) $6000. The ARV is $155,000. The house needs approx $40,000 in rehab. So am I right? 10% down of the $60,000 or should I be thinking more like 10% of $100,000? Also, I am pretty sure the interest rate is 10% non-annualized interest. Payments are interest only. So does that mean I am paying 10% of $94,000/12? Therefore my monthly payments are $940 and I still owe $9400.00 in interest at closing whether I use the money for 6 months or 12 months? Just want to make sure I am clear on this before I actually start reaching out to people. Thanks in advance.

Fix & Flip up to 90% LTV of purchase price + 100% of rehab.

Rental Properties as low as 5.4% with 80% Max LTV. Minimum $60K ARV.

Loans up to $2M

@Tai Bhattad When I called and spoke with someone at the State Office, I was informed that I was number 32 in line and that it would be a while before I heard anything. What I gather is that each person ahead of me has so many days (30-45 days) to decide what they are going to do when they are notified and they would contact me when it’s my turn. Basically, I haven’t heard anything. Property is still sitting vacant racking up lawn care fees from the city.

Hello BP Flippers/Rehabbers/Hard Money Borrowers, 

I'm curious if anyone here has experience with Straightline Funding and would share your experience with me.  This will be my first time using Hard Money. An opportunity has presented itself in my area but I am in the middle of a flip and my money is tied up.  Your thoughts on the company Straightline Funding would be greatly appreciated.  Thanks in advance. 

Thanks Charity. I will definitely reach out to you once we decide to move forward with the deal. I am in the middle of a rehab so I am not in a rush even though I should be :) 

@Eddie Sorrell How did it go structuring your deal? I’m in that boat currently. I have a couple relatives interested in contributing to a duplex I’m trying to buy. Any advice you have is appreciated. Thanks

@Jon Crosby Thanks Jon. You will hear about it in the near future. Only major surprise so far has been a leaking chimney and old termite damage. I’m learning so much and loving it.

@Peter Fennig Thank you!

@Carlisle Michael Baptiste This was our first home as a married couple. It was a slow flIp. We bought the house in 2010 because it was the ugliest house in a great neighborhood. We slowly fixed things over those years. When we bought the house, I knew we could make some money but our intent was just to live and sell it one day for a profit. However, I got serious when I heard Mr Gregory speak last yr. Thanks. I loved the kitchen too.

I am so excited about Real Estate. This post is a little late but me and my husband closed on our first live-in flip in Feb. I was inspired last year when I went to a REIA in Bham and heard this man named Matthew Gregory tell his story. I was so fired up that I called my husband on my drive home (1 hour) and explained Matthew's success verbatim (atleast it felt like it) and then I explained that we have to sell our house because as I exclaimed, "do you realize what type of money we are sitting on?" After a couple months of trying to convince my husband for us to get a HELOC, he finally conceded. We got the HELOC did the last of the repairs (roof, new carpet, new appliances and touched up paint.) The property hit the market and we had TWO full price offers in 5 days. I know my market very well but I never imagined 5 days to be under contract. We walked away with over $40,000 dollars. We were so excited. We have already found our next property and have began work. It is a HUD foreclosure. Its also a live-in flip but it will be sold much sooner than the first flip. Below are some pictures of the property we sold.