All Forum Posts by: Wyatt Wolff
Wyatt Wolff has started 6 posts and replied 452 times.
Post: Real Estate Appraiser
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I would imagine that like the rest of real estate, its cyclical in nature. However, I can tell you that about a year ago, we couldnt get appraisers out to properties without paying crazy fees (in the SE). Good Luck!
Post: How to finance drilling a well
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Youre going to want a one time close construction loan... I am not sure that you can finance all of that in on an existing home, but you should be able to on a new construction. Shoot me a PM brother
Post: Addition onto an aging home?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Definitely separate off your electrical and use mini splits if allowed
-sincerely, someone who has experience with 130+ year old houses
Post: High closing costs.
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Points and fees seem high. Ask your lender to explain it to you. If they can't, shop around
Post: How to finance drilling a well
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
So lets go low side: land is worth 45k. You paid 14k. Thats 31k in equity. You could use that in a land in lieu deal so you have less or no cash to close. (Assuming its allowed in your state) If you finance a permanent property (mobile homes count), then you should be able to attach that to the loan.
That would be my approach. Otherwise, I would make it a camp, and propably build an above ground water tank and have it trucked in (look at what that would cost, your average usage, and then use that to calculate your cost basis per month). That actually might be cheaper than a well
Post: Cash-out Refinance on a Sheriff Sale Mortgage Foreclosure?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Ben Chung:
I'm not sure if this varies state to state, but I'm an investor that primarily works in the greater Philadelphia area. One of the avenues I use to buy properties is through sheriff sale mortgage foreclosure auctions, which require all cash to close. That's a substantial amount of money that you have to tie up into a property. Is it possible to cash-out refinance immediately after closing with the sheriff? I see that many HM lenders require a seasoning period, are there any that don't? Let me know your thoughts BP Community!
Check with a loan officer in your area, as I’m not licensed there. But I would imagine that if you own it free and clear, you should be able to refi or take a line of credit on it.
Post: How to finance drilling a well
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Eric Mcginn:
I got 10 acres in Joshua tree at auction. We will camp on it and list it for profit. But I’d love to do more and per the county that starts with a well. Local companies say 400-500’ deep and $30k-$70k. I’d like to move forward with it eventually but not sure how to finance? Any ideas?
Post: Loan Documentation Specialist referral.
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
What do you mean "preparing the documents accurately"? Are you getting a mortgage? If so, you will probably have an LOA for that who can walk you through the process.
What kind of loan are you getting, and what are the specifics of what you need?
Post: seeking advice for lending
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
If you have a company, you may be able to get some funding that way. Otherwise, it will be hard. If you can get your partner to agree, you may be able to get funding through him too.
Post: Looking For LOC For Home Flips
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Hey Isaiah,
Shoot me a PM, I have a private lender that may be able to help with a collateralized LOC. How much are you looking for?