All Forum Posts by: Sean Richway

Looking for Buyers in North Jersey. Typical purchase of $50K-150K with rehab from $10-60K and an ARV of $200-$350K. Contact me for details.

@Deshan Kennedy  Are you a cash buyer or looking to finance the purchase?  Feel free to email me directly at [email protected].

We have a brand new rehab project available that is off market. The property is a single family residence in Newark NJ. The property can be purchased for $147,000 and will need an interior renovation done here for $12,000. We have an experienced local GC lined up for any buyer to perform the renovations. The property will need the following:

-New kitchen (cabinets, appliances, and floors)

-New baths (toilets, tubs, tile, and vanities)

-Paint the interior

-Service heating system

Based on the renovations the property will resell for around $235,000. We have an experienced realtor in the area that grew up in this area to help any buyer sell the home once renovated. This home will generate over $76K gross profit depending on cash buyer or financing. The renovations will take about 30-45 days and the home can be flipped within 4-6 months. Property could be used as a rental property as well.

Price: $147,000

Address: 393 Schley St Newark NJ 07112 (SFR)

3 Bed and 1.5 bath

1,983 square feet

Text me at 443-528-9699 or email me at [email protected] if you are interested. Must be able to show POF's if paying cash or provide financing information if using a hard money lender. We have a preferred lender as well we can provide the borrower with upon request.

We have a brand new rehab project available that is off market. The property is a single family residence in Newark NJ. The property can be purchased for $107,500 and will need an interior renovation done here for $25,000. We have an experienced local GC lined up for any buyer to perform the renovations. The property will need the following:

-New kitchen (cabinets, appliances, and floors)

-New baths (toilets, tubs, tile, and vanities)

-Paint the interior

-Moldings done throughout the house

-New heating system

-Flooring throughout the home

-New doors

Based on the renovations the property will resell for around $210,000. We have an experienced realtor in the area that grew up in this area to help any buyer sell the home once renovated. This home will generate over $77K gross profit depending on cash buyer or financing. The renovations will take about 30-45 days and the home can be flipped within 4-6 months. Property could be used as a rental property as well.

Text me at 443-528-9699 or email me at [email protected] if you are interested. Must be able to show POF's if paying cash or provide financing information if using a hard money lender. We have a preferred lender as well we can provide the borrower with upon request.

Infinity Capital Finance is offering our No Doc Flip Funding program in part with our exclusive GAP Funding program to leverage experienced borrowers.

No DOC Rehab Loans:

-Up to 90% of Purchase and 100% of Rehab (within 65-70% ARV)
-Interest rate of 10.99%
-Lender Points below 2.5 on all deals
-12 month term
-Closing in as little as 2 weeks on the first deal
-No Tax Returns or Income Verification
-No Asset Verification or Seasoning/Sourcing of Funds
-No Bank Statements
-Experienced Operators
-No PPP
-2nd Liens Allowed
-GAP Funding Allowed
-600 Credit Preferred
-Brokers protected on the HUD for up to a separate 1 point

GAP Funding:

-$2,000-$4,000 fee paid at closing on the HUD for the GAP funds
-No monthly payments
-Equity split on the backend of 20-50% of net profit, depending on the cash outlay of the sponsor vs. GAP investor
-Secured in 2nd position along with our 1st position

To get a quote you can apply right through our website or complete the attached, http://infinitycapitalfinance.com/apply/

@Katie P. You would have needed to secure the property for less in order to turn a profit. Based on your cash injection and your target ROI, I would say you should be at $725-$750K max for your purchase here. Rule of thumb is not to be over 70% ARV or else the deal most likely will not turn a profit. Most deals we finance if they come in over 70% of ARV will lose money.

@Brian Quigley  Typically if you are not looking for bank financing your progression would be private individuals then hard money.  Typically that individual will take less of a return on their money compared to a hard money lender.

@Joe LaGreca This is a very tricky question as there are many factors that go into picking a HML. You need to make sure you understand all the terms, fees, draw cost, draw process ect. that go into these loans. As a HML myself, the biggest factor we focus on is accuracy of terms presented. What I mean there is what we quote you initially and what we close you at. You need to understand how the underwriting process will affect your terms for the good or bad. The bait and switch phrase is the biggest problem in the private financing world and too investors bite without doing their DD first. Take your time to understand the entire process the lender is going to take you through and how their underwrite affects your loan terms. This will eliminate a lot of headaches for you at the closing table when these issues will come up. Don't always focus on the rate of the quote as the saying goes, " Cheapest isn't always the best". You will pay for the money as there is a large risk involved and that is the nature of these loans. Just make sure to understand the underwriting process and requirements as well as to do your own DD. These transactions move very quickly and can become very emotionally draining if not prepared properly. Communicate frequently and ask questions.

@Matt Pritchard  May be too late here but let me know if you have anything else on your plate you need to finance.  We have a no doc program up to 90% of purchase and 100% of rehab.  We are direct lenders.

@Jeremy Sainlar  May be too late to the party but if you are still looking for funding feel free to reach out to me.  We could potentially provide the construction funds here.  We don't finance land but since you own outright we could provide the construction funding.