All Forum Posts by: Wil Jerome

Hey Jeremy

Yes a niche how small or large would be a guess. My thinking is the there's a large group how would want a house that is different like Darrell said. For an example why do people purchase i-phone and not the rest of them due to the fact that it's different and set them apart from the rest. I fell that this product that we're offering would be in this type of catalog but without the premium  price to pay.
And Darrell , i check on if this would be illegal in Florida. There was a case in Cape Coral Florida where the home owner wasn't connected for both the water and electric. She beat the case for the electric and fail on the water and waste part due to the fact of the city capping offer their sewer from her. But I will further contact my local city officials to find out if i will run into problems with this. My defense here is that the house will be able to connect once the electric is available or when the cost has reduce from 50,000 where it's at currently.
And with the financing i don't know if there will be issue with it. But i know that this lender will fund the project for me . I have able a year to figure it out .
sustainable living in Texas and Florida
Hey Toby,

I'm using roughly 40pcs  300watt panels for this project well over what you had . So I'm a little worried able this issue of not being able to get financing. I feel that sometime you must try something new and out of the box to find out the results and not just go off of FEAR. I'm debating on what to do next; i just receive a call from the agent today will have to return his call tomorrow and see if there's an issue. I have 2 more days for inspection period and the ability to cancel the agreement without penalty .

Hey Darrell 

Thanks for responding to my post. I will try that with the agent on Monday to see if i can get it extended. As far as the financing and knowing him ; he's my brother-en-law and he's going through conventional financing for the purchasing of the home  and the investment will be hard-money loan. I will have the money on Monday to provide the deposit for the appraisal/fees and earn money too.

I have not check if there's laws or restriction on that.

Hello everyone. Am Will and i have a problem here and need help on what do next. For the last several months i have been looking in my area for the right deals and lender to pursue my career as a developer. I graduated with my bachelor degree in Energy Technology Management in hopes of developing green housing. i have had a hard time of achieving this plan and my career. 

I finally found a property that is suitable to doing this type of development in sustainable living. I located this property in the market and its been there for over a year now without any serious buyer to step up (a lot of inquiry stated by agent). The price was at one time $65k and reduce to $54k and now its at $38k my offer. i jump in and made an offer on this property which is a pre-construction home meaning about 60-65 percent completed.

I did the research on what it would take to bring this property update to standard of living condition roughly $68k in repairs making it completely off-grid home without needed to used energy from the grid . The power company stated that in order to run electric to the home it would be $50k that's why no one purchase the property. I figure  it would take to run on solar and battery bank system $30k. I feel that this would bring a higher price in the marketplace due to the fact its the only one of its kind being offered. My estimated would be $208,000 once its done.

It was build in 2004 w/o occupancy ;sf: 1553; 3bedroom/2 bathroom . I feel that if completed it should be stated as a new home built in 2015 standards and energy efficient.

My Issue:

I place my partner as the buyer on this deal to qualify for the loan from a hard money lender that request to 1. fill app credit pulled 2.) DL copy 3.) 2 months Bank statement 4.) 1 mo pay stub  

And require $950 for appraisal and $500 for the deposit.We're closing at my title company.

The only problem is that the agreement was sign on the 19th and my partner is in the middle of purchasing another property which he want to delay sending in the application and other requirement until this is finish. I'm at a lost right now on what to do next??The closing is on 15th of June. What should i do next??? My hard money lender can close in 10 days but that is after all the information is in and that we qualify for the loan.

Hey to All ...From my experience and result over the last few months and years looking for the right lenders have come to a conclusion here it is: There are two types of lenders the ones that provide funding on L-T-V meaning loan to values which don't include rehab cost due to the fact that the property as it stands must have appraisal high to purchase and will only lend on 65 to 60 percent of value. The terms are 3 to 6 months and must bring in a down payment of 30 percent. And might still request the information below in what is needed.

The ones that i focus on are lenders that do ARV -- after repaired Values ---due in part because i can include the repairs and all cost into the loan. My goals are to include the payments as well into the loan to cover the term which is less of a headache in moving on to the next deal. The one i found will give me a loan for 12 months. The only problem that i have is the application and all the supporting documents that goes along with it in this deal.

What Is Needed.

-3 months of Bank statement---missing 

-credit pulled minimum of 550 score----( i have a 596 credit score on the low end)

-full application

-2 months of pay stubs ----missing 

-copy of driver license---(i have this )

The reason for this problem is due to the fact on a student that just graduated and lack of income to show. I'm still researching to find the right lender that only using the property to qualify and not the borrower. I might have call roughly 40 or so lenders from Craigslist and Google search . The questions that i ask each and every lender are this:

1.) What are the minimum loans that you do???

2.) What do you do L-T-V or A-R-V???

3.) How many points and terms???

4.) Are there any up-front fees?

5.) How quick can you close???

6.) How many loans can i do with you after qualifying?

7.) Are there any per-paid penalty ?

8. Do i need a down payment??

Only go with the ones that are ARV ..this will be the best for you. But always log each and every contact for future reference.

For Bridgewell Capital they answer  in this way:

no minimum credit score; income and employment verification; 90% of purchase price plus rehab cost ( up to 75% ARV); up to 65% LTV on cash out refinances; loan amounts 50k and up ; credit lines available for total rehab cost ; 2yrs term - 12.99% int. Hopefully this helps you Rob. There's several reason why i didn't chose them and others as explain in the post. For one the amount of the purchase on my project has change from 54K asking to 38k under contract. I will post further details on this property and my situation.