All Forum Posts by: Mike Burkett

Lots of hard money available in this town.  If you have any specific questions, I'm happy to help.  A lot of folks will also use friends and family money.  If you have patience and can qualify, there are some banks that have rehab programs for flippers.  

@Menalik Archer, if you were flipping the property, 80%-90% of purchase price is available along with 80%-100% of the rehab amount.  However, your exit strategy would need to be either sell it or rent each unit out on a long term lease.  If your plan is to rent per bed or per room, I'm unaware of anyone making those types of loans.  

@Brandon Miller are you looking for residential or commercial?

@Lesley Resnick, I'm not sure what local banks are doing and I have yet to find any institutional lender willing to do a line of credit backed by investor properties.  Portfolio loans are definitely available.  You need at least 5 properties and minimum loan is $500,000.  Those will be 1st mortgage loans, so you will be refinancing any existing loans you have on the properties.  These are not Fannie Mae loans.  They are based on the cash flow of the property and do not consider other income.  They require more paperwork than individual loans they you can expect 60 days to close.  If you sell a property, you will need to payoff that property's loan + 20%.  

The only advantage I see to a portfolio loan is writing few checks each month for the mortgage payment.  You have far more flexibility doing individual loans.  

Thanks.   

@Andrew Postell I can probably help your client out.  PM me with some details.

@Greg K.  BP doesn't allow me to provide details in open forums.  It is considered marketing/advertising.  BP provides a pay forum if I want to market.  

@Daniel Porter Why did the other 5 turn you down? If you have some other specifics, I can let you know if someone will approve you ie purchase price, rehab amount ARV. How much cash do you have? How's your credit?

@Robert Reineri You can get a proof of funds letter based on your experience, credit score, and amount of cash you have available.  I've never seen a seller reject one.  It is a very quick pre-approval process.  PM me if you want some additional details.  

@Ben M. Ben, if you are using a hard money lender because you are rehabbing the house and you use an LLC to buy the property, you will have some issues refinancing. If you refinance through conventional financing, you will need to put the property back in your personal name. That will create a "seasoning" issue. Depending on the amount of money you are interested refinancing, you may not get as much as you want. If that is the case and that creates an issue for you, there is a solution. It is faster to talk about it on the phone. Connect with me and we can discuss offline.

@Ryan Blake Ryan, I'm a lender in Dallas.  Happy to hook you up with the wholesalers I know in the FW area.