All Forum Posts by: Sam Bannister

I found, what I believe to be is, a deal. 4 properties currently rented with a 5th vacant, in need of a serious rehab. All 5 for about $150K. I don’t have that much cash, so I’m trying to figure out a way to finance it. Are there loans that cover multiple properties like that? 

So I've found a couple properties, dug up the owners info, figured ARV and figured an offer. Once we've agreed on a price (if we do) how can I send an offer without an agent? Or should I find an agent to help me write it up and just offer a flat fee to go through the paperwork process?

@Don Gouge oooooh good idea. I didn’t think of family tree service. Thanks for the idea! 

I heard of a house that’s vacant. The owners were hoarders and have passed away leaving the house to the two kids and they’ve never done anything with it. I have the name of one of the kids but I don’t know how to find them. According to county records it’s still in the name of the parent. Maybe it’s still in probate? I’m new to finding my own deals so any information on how to get in touch with the kids or how to deal with a property in probate is useful. Thank you! 

Could I just get that loan then refinance into conventional with fixed rate when I’m done with the rehab? 

This question may have been answered elsewhere but I’m not seeing it. What would be the issue with getting a conventional loan, rehabbing, renting, and refinancing? Is it simply that most off market deals require cash? Or are there obstacles with conventional financing that I should be aware of? I have a deal I’m considering that I should have plenty of time to get a conventional loan and would prefer not to carry the risks of hard money. 

@Andrew Postell awesome. I get it now. Thank you! 

Yeah I think a HELOC takes just as long and I don't know if it will cover what I need for this one. Frankly I don't know if they'll do a heloc that small.

I’ll look into that. Thanks! 

So, I have 3 houses I bought for cash. They’re very inexpensive, like $30-55K each. One I co-own with my brother that’s rented(I’d prefer not to involve that one), of the others one is rented and one is being rehabbed. I’m under contract now to buy the fourth for $85K off market, which I don’t really have; I can swing about half. Obviously I don’t have time to go conventional financing since they want to close in about 3 weeks. Originally I was going to get hard money, rehab, and refinance although I’m thinking the cost of hard money is more than I prefer to pay. So, I’m thinking about finding a private lender to give me a loan based on the equity of 2 of the other houses. Then rehab and get delayed financing after a few months. I have some family members that may be open to that, but I’m not sure if their involvement would affect delayed financing since there’s stipulations as to where the money derives. I’m open to any and all ideas you have.