All Forum Posts by: Scott D Burrows

@Aviv Berkovitch

The absolute best person to help you in this situation is @Diana Muresan . She deals with international clients quite often and is familiar with the laws around it. I've worked with her and she absolutely knows her stuff.

Good luck with everything and congrats on getting your start in rentals! 

-Scott 

@AJ Aispuro

I don't have a clue about this type of situation or the laws surrounding it. Guessing that the guys for this question are either @Chris Mason or @Andrew Postell or @Jay Hinrichs .

Good luck and congrats on the loan! Hope you are able to multiply it over and over again!

Let me know if you need anything else and will be happy to help! 

-Scott

For what you are trying to do, I believe that @Justin Kane is correct. 

However, are you planning to flip or will you be keeping it for a rental? 

VA is definitely a very slow option and something that I'm doing right now.... if it's a good deal, more than likely, VA loan won't cut it.

There are other ways to finance the flip rehab, such as using VENMO or PLASTIQ to pay vendors and getting business credit cards (Chase INK, AMEX Business, etc)... but DONT GET CAPTIAL ONE- they are all PERSONAL cards, regardless of what they say. If you get a personal card and max it out, it will really hurt your credit score. 

Chase Ink should get you around $10-$15K and AMEX should get you around the same. The cool thing about the AMEX is that you can spend over the limit, you just have to pay the amount back by the end of the next billing cycle that you went over. Both are 0% interest-free for a year, so free money. 

Anyways, if you are going to go the hard money route, check out RCD Capital, I have worked with Jonathan Surak and highly recommend. All hard money lenders are going to be a little salty in the interest rate side of things, but not the worst. 

If you aren't worried about closing super quickly, you could always try to do a Homestyle Loan, which will fund your loan and renovation. However, wouldn't really work if you are doing work yourself, unless you could get a contractor to just sign everything for you... which isn't fun. 

Anyways, good luck and let me know if you need anything. 

If you are going to try and go the conventional route, a good investor-friendly lender that I have worked with and recommend, check out @Diana Muresan , she can lend in all 50 states. Again, this is no the fastest/quickest route. Hard money or a short term loan is probably the way to go. Worst case scenario, you could get a personal loan, if you can float the higher interest rate (usually these will have a little longer term such as 3-6 years, so payments would be lower, just higher interest amounts. Make sure it doesn't have a pre-payment penalty. 

-Scott

@Tim Kaminski

@Andrew Postell is the man... if you are ever getting a property in Texas... use him. Just saying :) 

He's probably one of the most knowledgeable, can-do lenders on BP. 

I love his teacher mindset. 

Again, if all people tell you is what you can't do, you are talking to the wrong people. 

The right type of people might say that you can't do something, but won't do so without offering solutions or referrals. 

Wish people wouldn't comment with only what can't be done... it's like... thanks a lot... so now what do I do? lol 

Good luck again! 

-Scott

@Andrew Postell

Great stuff as always.... you are the man! 

-Scott

@Najat F Kessler

Highly recommend calling @Diana Muresan . Rate seems a bit too high and I think you could work your angle differently.

Have worked with Diana and highly recommend. She is licensed to lend in all 50 states.

Agree with @Justin Kane completely and I would second that motion. House hack this one for sure. The amount you will save going conventional will save you thousands in the long run and increase your cash flow.

By the way, great job with this find. Great opportunity and you will smash it out of the ballpark I have NO DOUBT!

Good Luck,

Scott

@Alex Scaffold

Not that I have heard. In general, even at a very basic level, experience will help put a lenders mind at ease. However, this doesn't mean that you can't get a business loan. 

For example, a lender can't see the risks that you will take with the money, if you have no history of using loans for investing. In other words, they can't calculate the risk they are taking, so more than likely you will get a higher interest loan or some type of recourse loan that will strongly favor the bank if you were to falter on the payments. 

Have a great plan, good vision, be able to communicate it to a lender and you should be good to go. Might just take some leg work, but I have zero doubt that you can get a loan, if you have done your homework, know your numbers VERY well and call EVERY bank in your local area (preferably smaller banks-less than 10 locations). 

Try making a call to RCD Capital and asking for Jonathan Surak. He is very knowledgeable and should be able to give you an idea of what you'd qualify for. I have worked with him before and recommend.

Sincerely,

Scott 

@Tim Kaminski

Contact @Diana Muresan . I have worked with her and she knows how to make conventional loans and FHA loans work for investors. She is also able to lend in all 50 states, because she works for a federally charted bank.

She is very knowledgeable. 

Good Luck,

Scott 

@David Ordonez

Contact @Diana Muresan to go over your options. I have worked with her and she will be able to help navigate you through your questions. 

She is very good at working with investors using conventional or FHA loans.

Good Luck,

Scott 

@Andrew Earle

Be c areful with the list. Just because they are on here, doesn't mean they are trustworthy or reputable. 

A company that I have worked with is RCD Capital. Ask for Jonathan Surak.

Good company with straightforward products.

Good Luck and Be Careful,

Scott