All Forum Posts by: Wyatt Wolff
Wyatt Wolff has started 6 posts and replied 452 times.
Post: What are all of my options for financing a fix and flip project?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Jake Baker:
We do 20 Flips/BRRRRs per year in Jacksonville FL and we fund with a combination of Hard Money and Private Money.
Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.
Our Private investors will fund the remaining 10% of the purchase price, the first portion of the rehab (to be drawn later from the HML), and the holding costs.
THIS IS THE WAY haha
Post: What is Soft Money?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I would imagine that it is just a marketing play off of "Hard Money". Like Hard Money with better rates.
The HMLs have been getting very good, and much cheaper.
Post: In need of advice
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Pretty much the same as above. Do the househack first. You have more control, and you can literally SEE what your money is doing.
Lending is a great avenue to explore when you don't NEED the money.
Post: Found a 4-plex with great cash flow but I’m stuck
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
You have step one right. Find the deal. Money follows deals, not the other way around.
Next, reach out to friends, family, etc. Have your numbers, know them cold. Have a presentation, or at least be able speak about the next 6-12 mos, and what's in it for them.
Then, reach out to a mortgage broker, and see what your options are. Build that financial gameplan.
Hope this helps!
Post: How to find financing for a larger multifamily property in North Carolina
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I agree with Devin and Marty. Once you have some details (or a contract), a commercial broker can get you priced up on this one.
MF is not as hard to finance as you would think!
Post: I Love Realestate
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Welcome to the rabbit hole! Its a good one.
Keep us posted!
Post: HELOC on Primary Mortgage that is a recent rental?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Kasey Hardt:
Hi Ashton!
Congrats on your house hacking! I did the exact same thing (bought, house hacked, bought another, rented that one). I attempted to take a HELOC on my rental that was once my primary and the bank told me I could not. However, I do believe different banks offer different products and I have heard of some banks doing HELOC on rental properties now (more expensive). I would try shopping around, good luck!
Post: Looking for local and regional investors to grow my network in NC
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Welcome!!
Ill shoot you a PM and we can connect.
Post: Managing property for family.
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I believe you do eventually need a license, but Ill ask my resident expert PM:
Post: New Investor Looking to Buy First Deal 2024
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Welcome!
Keep in mind, BRRRing is going to be an involved process. You may want to look at building, and house hacking. Your ROI may be better.
Looking forward to hearing about it!