All Forum Posts by: Samson Tefera

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Thank you all for your input. Very informative and educational. 

I took out a 1 year hml on my second flip, thought the project would take 3 months to complete, instead it took 6 months and I will be listing the property for sale shortly.

I am concerned as to what would happen if I am unable to sell the house before the hml is due in full.

The hard money lender has assured me that for a fee, they could extend the loan, but I don’t see why they would since taking over the house would make them larger profits that extending my loan until I sell the property. 

Also, what happens if the loan is due while a property is under contract pending?

And lastly, the loan is under my llc, and I would like to, if property does not sell, refinance under my llc instead of my name, and I can't seem to find any lenders that will refinance & keep the loan under my LLC.

Thank you

Ok thanks Geordy

I bought a home that flooded during harvey. The home has been vacant for just over a year. In talking with my contractor, who has been doing this for 30+ years, he is asking me not to involve the city as far as permits, when I suggested that want all necessary permits pulled prior to starting project. 

The property seems to have good structure, framing looks good, and it even has electricity. So I am torn here, should I follow his advice of getting your own inpection done and moving forward with the property or request that permits be pulled? 

The house had about 3 to 5 feet of wanter during harvey. Contractor believes the current condition of the property doesn’t warrant me going through city for permits. 

Thanks