All Forum Posts by: Eric Odum

It all depends on your local code.  Does your planning commission have a comprehensive development plan?  In Florida, that plan is what drives your ability to modify usage, parking density, etc....that and the zoning code.  

I am not sure of the regs, but the handful of clients we have had who acquired 504's have experienced no issues.  There doesn't appear to be an audit down the road after closing to make certain you are in compliance.   I am sure people's situations change and these loans must take this fact in to effect, I would think, anyway.  I would love to hear if someone else had a different experience.    

Thanks for the mention, @Account Closed! 

I don't think I know any commercial wholesalers, guys.  Maybe you could make an introduction to someone who does this?  

thank you @Adrian Smude!

Exactly what I was looking for @Sean Blomquist.  Thank you!

Thank you all for the response.  @Sean Blomquist I am a little confused as to the percentages you explain. Your program does not require 20% down...it is 65 to 70% of ARV?

What would the % the buyer would have to bring to the closing table?  

Let's take this example:

ARV = $120,000

Purchase price = $65,000

Expected repair cost = $15,000

How would you loan on a deal like this?  

I am curious what tactics your hard or private money lender uses to arrive at a value in which they are willing to loan.

Do they use a 3rd party appraiser?

Use 3rd party real estate agents for an opinion of value before repairs and after repairs?

Do they have internal staff to value?

and lastly, regarding repairs, I assume (please correct if different for you) the loaned funds designated for repairs are based on a draw system in which funds are dispersed based as certain tasks are completed. Is this how it is handled in your experience?

Thank you in advance.  

I am curious what tactics your hard or private money lender uses to arrive at a value in which they are willing to loan.  

Do they use a 3rd party appraiser?

Use 3rd party real estate agents for an opinion of value before repairs and after repairs?

Do they have internal staff to value?

and lastly, regarding repairs, I assume (please correct if different for you) the loaned funds designated for repairs are based on a draw system in which funds are dispersed based as certain tasks are completed.  Is this how it is handled in your experience?

Thank you in advance.  

Thanks @Adrian Smude! 

@Natalie Heo, what demos and traffic criteria are you seeking?