All Forum Posts by: Josiah W.

Hello, I have a several projects I am seeking funding. We already secured 80% or purchase price. We are now looking for second position 20% lender who will also fund rehab costs. Total amount of loan should be around 250K to 350K. We would gladly pay monthly interest payments - rehabs will last about 4 to 6 months. We can send you track record, pictures, inspection reports, contractor bids, CMA report etc. Whatever you need.

Please send me message if you have funds or programs. I will send you all the info. 

[email protected]

ok guys, 

I have found the property of my dreams. Ive went threw twice, set up a business plan for the 3 rentals, had a professional heating and plumbing company go threw and give me an estimate. I have everything I need and I want it!!! I went out seeking a hard money loan/ private loan. I recieve many scam emails, that i could pick out instantly as half of them couldnt put a sentence together in english.

one man has contacted me and sounds very upfront, blunt, and legit, but he is from a different state.. he offered me the loan at only5 percent?? I asked for credentials or a website or more information on him, he says hes certified by Georgia gov. And is not a company. He has offered to get the contract written up and signed and money sent out monday so I can seal the deal on the home. I told him I will be opening a seperate account,so I can protect my personal account and he was ok with that. He said he needs some ppersonal information a long with the plan for the money and repayment. For personal info he wants a copy of my drivers license... no soc sec # or anything. But I for some reason dont want to send a copy of my id to someone. Lol I cant do it... how do I find outif its a scam??? I hate to ignore him and end the deal if he is actually legit?? :/ I have told him I will not send out my personal information with out some sort of protection... but I have no idea how this all works or how to go about that!!??? how can I protect myself and find out if he is for real??? Help me out please. 

Would it be best for my first deal to be though a FHA Loan Or with a Conventional Bank Loan? I know with a FHA Loan I would have to live in the property for a certain amount of time, plus the Down payment is lower 3.5% I believe. I don't know the full details with FHA loans. Any Suggestions?

Hello all.

So here is the deal. I have a 1600sqft SFH in Duval county FL. Purchase price was $16k. Realtor is giving me estimate of around $70k-$80k, after researching my own comps I feel more confident going with an ARV of around $65-68k. Contractor rehab estimates range from $25-$32k. My exit here is to rehab, rent, refi, and hold for 3-5 years.

The issue I'm running into is securing financing for the rehab. The home is owned free and clear. Since the home is owned under my LLC, some banks will not do a personal mortgage on it. Some of the bigger banks require you to hold the home for at least 1 year for they will loan on the ARV (I've only had it for about 3 months). I did find some possible options with a local credit union and another local bank, but I'm still having to explore those further.

So other than hard money lenders, does anyone know of any mortgage brokers, institutions, or other places to look that might give a 10-30yr loan on this type of property?  I'd rather borrow money from the existing equity or take out a low interest secured loan then have to borrow money from a hard money lender and then try to refi later.  Any ideas would be greatly appreciated!

Thanks!