All Forum Posts by: Erin Elam
Erin Elam has started 44 posts and replied 336 times.
Post: Ohio Hard Money Lenders
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Account Closed:
About 3 weeks. Not a painful process but not as fast as they state. I add at least 2 weeks to any lenders “we can close in as little as X days claim.”
It's good to hear a decent story about GroundFloor, thanks for the personal experience.
Post: 1st Deal:From the 90 day challenge to closing on my 1st flip!
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Jason McVey:
Hey Erin,
These are rounded numbers but this is the overall
Purchase with CC was 107,500.00
Flooring 3800 Roofing 800 Bathrooms 3000 Kitchen 1800 Appliances 500 Windows 2000 Doors 800 AC 5000 Loan 6300 Tools 2000 Lighting 200 Rock 800 Paint 1500
$28,500 rehab and loan
offer was $167,000 with $8,000 in concessions so really 159,000 and then right around 10k even on profit.
the loan had no fees but 12% Interest.
Nice Jason! Thank you so much for the inside peek! Look forward to hearing about your next one.
Post: BRRRR private money question
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Frankie Woods:
Originally posted by @Erin Elam:
Originally posted by @Frankie Woods:
Depends on the terms of the refinance. Most banks doing the refinance will require a payoff of the original loan plus any additional fees / accrued interest / penalties. The refinancing bank wants to be in first position.
Hi, can you please elaborate on this? Since the BRRRR strategy is to pull funds out in order to payoff the original lender... do you find it impossible to find a lender who will refi, in order to process that 'R' and move to the next 'R'? If no banks refi with an existing lien, how are investors using this strategy the way it is described on the webinars, podcasts, blogs, etc?
Thank you for your insight!
Sorry if this was misleading. it is fairly easy to find a lender to refi as long as you bought the property right. You can generally perform a no-cash out refi immediately upon closing. If you want to do a cash-out refi, you'll need to season the property for 6 - 12 months depending on the bank. The key aspect is buying the property at less than 75% ARV.
Thank you Frankie! Would 'buying the property right' mean buying at the right price?
Post: [Calc Review] Help me analyze this deal
- Little Elm, TX
- Posts 356
- Votes 47
*This link comes directly from our calculators, based on information input by the member who posted.
Hello BP, please take a look at this deal with me. I have a few questions if you don't mind.
I figure since it's already fully occupied i shouldn't need to make too many repairs but due to the age of the home I used a large capex percent.
Also this was the first time in my calc attempting to use estimates for a HML ... is it usually better to roll the points and fees into the loan or pay out of pocket?
Also since it doesn't specifically ask, when entering in the purchase price and repair costs - is the calculator only using the purchase price for the loans calculations and IR portion? Or if I am using my own cash for part of the rehab, would I enter that cash amount in the cash field and then fill out the other parts subtracting the amount I would pay in cash? (It says cash purchase so i don't know how you can use the calculator with cash and financing).
Also, sorry so many questions but I appreciate the knowledge available from everyone :)... what if I am using a private lender in addition to a HML? Is there a way to calculate using 2 loans?
I look forward to your insight!
Post: BRRRR private money question
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Frankie Woods:
Depends on the terms of the refinance. Most banks doing the refinance will require a payoff of the original loan plus any additional fees / accrued interest / penalties. The refinancing bank wants to be in first position.
Hi, can you please elaborate on this? Since the BRRRR strategy is to pull funds out in order to payoff the original lender... do you find it impossible to find a lender who will refi, in order to process that 'R' and move to the next 'R'? If no banks refi with an existing lien, how are investors using this strategy the way it is described on the webinars, podcasts, blogs, etc?
Thank you for your insight!
Post: Looking for investors who have used either Angel Oak Prime Bridge or DoHardMoney.com
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Paula Wallace:
Originally posted by @Erin Elam:
Originally posted by @Paula Wallace:
Hi Niki,
DoHardMoney is legit. I have done 2 deals with them. The 2nd deal I only had to put down a total of $5k including my insurance payment. I plan on using them again and again. As long as the numbers work, they will finance it. They are the only company that gave me a chance in this business because it their down payment requirement was much lower than everyone else's PLUS they are the only company that kept to their word. All these other lenders talk the talk but don't walk the walk. If you need any other information or want to partner up with me on your deal first so you can see first hand how they operate, let me know. With this business always throwing negatives at you it was nice to have a company like DHM.com be there to help me get started. The skies are now the limit for me!
Hi Paula,
Can you give more information of your successful deals with DHM? Location, purchase price, rehab cost, exit strategy, timing of draws (did you have a contractor willing to fund all rehab then receive payment later?), was a specific amount of reserves required to be in your bank account?
I've actually paid their fee before and used the colorful software, no deal came out of it and that $2500 upfront fee is only good for like 1 year.
Hey Erin,
I have done 2 deals with them. Both I sold one was within the 6 month time frame and the other was closer to 8 months. Renovation for first was around $35k and the second was $50k. The contractor for the first one did get reimbursed as work was being completed. I had some cash reserves so I did not do that with the second one. I sold both of them as they were both in a great area. Both deals fell under the $250k max loan amount.
Thank you for the response!
Post: Temple View Capital HML
- Little Elm, TX
- Posts 356
- Votes 47
Hello BP,
I came across Temple View Capital and of course was amazed.... the first draw available before the work is completed??? Get out!! Their site looks nice and pretty transparent, although the FAQ about pre-payment penalty is a bit vague. I'd say yes they have one, but not exactly sure how much.
I wasn't able to find any review on BP about them from an actual borrower. Has anyone used this HML?
Please provide as many details as possible. Thanks BP!
Post: Temple View Capital HML
- Little Elm, TX
- Posts 356
- Votes 47
Hello BP,
I came across Temple View Capital and of course was amazed.... the first draw available before the work is completed??? Get out!! Their site looks nice and pretty transparent, although the FAQ about pre-payment penalty is a bit vague. I'd say yes they have one, but not exactly sure how much.
I wasn't able to find any review on BP about them from an actual borrower. Has anyone used this HML?
Please provide as many details as possible. Thanks BP!
Post: Does anyone have experience with Corevest Finace line of credit?
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Vik P.:
The rate is quite competitive 9.95% IO and 2% for each advance (per deal).
The LOC is for 18 months and no draws alllwed in the last 6 months.
It does have underwriting and closig fees of about 2-2.2k. After 18 mnths line can be renewed for another term for about 800-1000.
I havent closed on it yet and wanted to run it by you all to get an opinion from some of the experts here on BP.
Does anyone have experience with Corevest Finance for their LOC or with Corevest in general on any of their other offerings.
I did some research on the company and they are definitely legit. They were Colony American Finance which was renamed and are or were a part of blackstone group I believe
If any of you have any experience or information about the company it will bw great if you can share.
Thanks in advance
Hi Vic, thanks for this post. I hope you don't mind me tagging along. It's interesting I couldn't find more posts from people on this company here on BP... makes me wonder why... I look forward to what you find out!
Post: Nonrecourse on Hard Money Loan?
- Little Elm, TX
- Posts 356
- Votes 47
Originally posted by @Asim Alam:
Dammit, why can't unicorns be easier to catch!!
Thanks, Jay. But that is awesome to know that non-recourse is available at the 50% mark. I think that's the way I'm going to go (once I've accumulated enough capital.)
Hi Asim,
Did you end up using Groundfloor?