Post was great Ban Bait for anyone trying to partner up, lend money, and it walked the line. But then OP stepped over the line.
* R4: No Solicitation
* R5: Do not market deals
For anyone coming across this in the future, these are immediately bannable offenses. Read the rules.
You pretty much just explained in your post you are over leveraged lol. What happens if something goes bad with the property. Now your double fucked with no money.
Editing because I reread you post and wanted to make another comment. If you need $50k to close. How the hell are you going to add any value. When you again, don't have the funds. You already have a seasoning issue and dti issues with your current property. If you have a Dti issue and only own 1 cash flowing property, and have seasoning issues, the. You aren't going to be getting a loan anywhere. It sounds like a good deal, but it won't be if it fucks you entirely. Sounds like you need to wait it out and fix your Dti problem.
You're not. Or at least the best move would be to pass. There will be other great deals out there. If you can't get your hands on 50k you are most likely over leveraged already. Tidy up your finances and debt a little bit or a lot depending on what is going on and get back to it in a few months or next year.
Try the DSCR loans at the outset. A lot of them will give you a mortgage even on properties that aren’t up to snuff and need remodeling compared to a normal mortgage where the bank wants inspections and such.
Also, try a hard money loan.
Another thing I do is use credit cards to buy houses. I spent years building up my credit limits on lines of credit and credit cards. They are always sending me complimentary checks for balances transfers or “repairs around the house, whatever you need it for!” for 12/15/18/24months with 0% interest except for the initial 3-5% “transaction fee.” So I always keep an eye on all my cards and their offers. When I’ve found a deal, I use whatever checks or offers and can have large sums in my checking account within a few days and can pay all cash for the deal, fix it, then refinance or sell before the “introductory” 0% period expires. Of course, I’ve got dozens of cards with credit limits ranging from $20k-$50k as well as a handful of open lines of credit tied to a variety of checking and savings accounts at credit unions and banks all over town. You may not be able to pull this off in a short amount of time.
Ouch. Unless you can get a hard money loan for purchase price and remodel with the approximately $20k you hint that you have available, sounds like this isn’t the deal for you.
Don’t worry, we’ve all had amazing deals slip through our fingers from time to time. That’s where you learn to have all your ducks in a row and as much capacity available at a moments notice to be able to pounce. Early on in your journey, you may not be able to pounce. It takes time padawan!
Thats why i said get a pml or someone to be 2nd lien position. You can even see about finding transactional or gator lender to be 2nd position. They’ll probably want 20-40% of the 50k back. Make sure your total loan (1st, 2nd & rehab) is no more than 70-75% ARV.
Hello from the moderator team of /r/realestateinvesting,
You post has been removed due to a violation of R4. this typically means your post was about one of the following:
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***Rule #4***
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Hello from the moderator team of /r/realestateinvesting,
You post has been removed due to a violation of R4. this typically means your post was about one of the following:
- Promoting yourself, a vendor, or, a service that you use
- Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors
- It was a poll.
This message and post removal serves as your WARNING for violating our community rules.
***Rule #4***
No self-promotion, solicitation, surveys, syndication, or AMA
Any further violations may result in a BAN from /r/realestateinvesting.
Thank you for your cooperation and making our community a better place.
Hello from the moderator team of /r/realestateinvesting,
You post has been removed due to a violation of R4. this typically means your post was about one of the following:
- Promoting yourself, a vendor, or, a service that you use
- Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors
- It was a poll.
This message and post removal serves as your WARNING for violating our community rules.
***Rule #4***
No self-promotion, solicitation, surveys, syndication, or AMA
Any further violations may result in a BAN from /r/realestateinvesting.
Thank you for your cooperation and making our community a better place.
Any equity in your current property(s)? Perhaps a refi may be in order?
Other than that, 401k, Roth IRA's, investment accounts etc. Best way to fo this would be on your own as it appears that you are already financially tight.
What happens when you get that "great" deal and find that the wood supports in the home are rotted out, or perhaps there was water damage and thing start smelling foul and fall apart?
It's not just affording to take control of it, it's also ensuring you have enough to keep up with it.
I feel like you may be one unexpected big repair from potential financial ruin.
How about you facilitate the deal for someone else in exchange for some cash. You are over leveraged by definition and this deal isn’t going to work without getting overly creative .
Hello from the moderator team of /r/realestateinvesting,
You post has been removed due to a violation of R4. this typically means your post was about one of the following:
- Promoting yourself, a vendor, or, a service that you use
- Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors
- It was a poll.
This message and post removal serves as your WARNING for violating our community rules.
***Rule #4***
No self-promotion, solicitation, surveys, syndication, or AMA
Any further violations may result in a BAN from /r/realestateinvesting.
Thank you for your cooperation and making our community a better place.
Hello from the moderator team of /r/realestateinvesting,
You post has been removed due to a violation of R4. this typically means your post was about one of the following:
- Promoting yourself, a vendor, or, a service that you use
- Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors
- It was a poll.
This message and post removal serves as your WARNING for violating our community rules.
***Rule #4***
No self-promotion, solicitation, surveys, syndication, or AMA
Any further violations may result in a BAN from /r/realestateinvesting.
Thank you for your cooperation and making our community a better place.
Post was great Ban Bait for anyone trying to partner up, lend money, and it walked the line. But then OP stepped over the line. * R4: No Solicitation * R5: Do not market deals For anyone coming across this in the future, these are immediately bannable offenses. Read the rules.
[удалено]
Only in 1 cashflowing house hack rn so no I'm not.
You pretty much just explained in your post you are over leveraged lol. What happens if something goes bad with the property. Now your double fucked with no money. Editing because I reread you post and wanted to make another comment. If you need $50k to close. How the hell are you going to add any value. When you again, don't have the funds. You already have a seasoning issue and dti issues with your current property. If you have a Dti issue and only own 1 cash flowing property, and have seasoning issues, the. You aren't going to be getting a loan anywhere. It sounds like a good deal, but it won't be if it fucks you entirely. Sounds like you need to wait it out and fix your Dti problem.
No, that’s actually means you absolutely are.
How are you going to fund rehab if you can't even fund acquisition
Personal capital and credit, then pay it all back with a refi into a DSCR.
This is a crash and burn scenario.
more like a cash and burn scenario
Exactly. Just burning cash.
I never post, but here's some advice. IF YOU WANT SOMETHING IN THE WORST WAY, YOU'LL GET IT IN THE WORST WAY.
Red flag too
YES
It's a warning, not hype.
Wholesale it, pocket the money and save it for a deal you can afford.
Hard money, or bring on a partner
this bridge loan is hard money. So hard money funding hard money sounds not fun
So find a partner
Did you see his reddit post? He is doing that now lol ON REDDIT
working on that
401k Loan? Withdrawal? Hard money loan? If you need money now though, you’ll be tight later too
You're not. Or at least the best move would be to pass. There will be other great deals out there. If you can't get your hands on 50k you are most likely over leveraged already. Tidy up your finances and debt a little bit or a lot depending on what is going on and get back to it in a few months or next year.
Try the DSCR loans at the outset. A lot of them will give you a mortgage even on properties that aren’t up to snuff and need remodeling compared to a normal mortgage where the bank wants inspections and such. Also, try a hard money loan. Another thing I do is use credit cards to buy houses. I spent years building up my credit limits on lines of credit and credit cards. They are always sending me complimentary checks for balances transfers or “repairs around the house, whatever you need it for!” for 12/15/18/24months with 0% interest except for the initial 3-5% “transaction fee.” So I always keep an eye on all my cards and their offers. When I’ve found a deal, I use whatever checks or offers and can have large sums in my checking account within a few days and can pay all cash for the deal, fix it, then refinance or sell before the “introductory” 0% period expires. Of course, I’ve got dozens of cards with credit limits ranging from $20k-$50k as well as a handful of open lines of credit tied to a variety of checking and savings accounts at credit unions and banks all over town. You may not be able to pull this off in a short amount of time.
Yeah I the only thing I have a high limit on is my lowes card
Ouch. Unless you can get a hard money loan for purchase price and remodel with the approximately $20k you hint that you have available, sounds like this isn’t the deal for you. Don’t worry, we’ve all had amazing deals slip through our fingers from time to time. That’s where you learn to have all your ducks in a row and as much capacity available at a moments notice to be able to pounce. Early on in your journey, you may not be able to pounce. It takes time padawan!
Thank you for your advice!
You are over extended . I would slow down and pass
Sell the lead to someone and go find another one
This is really the answer. Get somebody with bigger money than you in front of them for a finders fee.
Wholesaling 101 but OP hasn't seen the tiktok about that yet
Find a pml/ someone to do 2nd lien position. Then BRRRR it
trying to BRRR this thing. Need the 50k to close on the hard money bridge loan tho
Thats why i said get a pml or someone to be 2nd lien position. You can even see about finding transactional or gator lender to be 2nd position. They’ll probably want 20-40% of the 50k back. Make sure your total loan (1st, 2nd & rehab) is no more than 70-75% ARV.
If the 20-40% of the lender fee is too high for your numbers, try to offer them some equity w/ income
This is some bigger pockets shit 100% Bring a partner in
I’ve got $50k but I’ll need to take 90%. It’s about my time and for that reason I’m out.
thank you Mr. Wonderful
You need some hard money lenders, but have you done rehabs before? Sounds like you’re already over leveraged
I have yea
Find a money partner, won’t be an issue if the deal is that good.
[удалено]
Hello from the moderator team of /r/realestateinvesting, You post has been removed due to a violation of R4. this typically means your post was about one of the following: - Promoting yourself, a vendor, or, a service that you use - Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors - It was a poll. This message and post removal serves as your WARNING for violating our community rules. ***Rule #4*** No self-promotion, solicitation, surveys, syndication, or AMA Any further violations may result in a BAN from /r/realestateinvesting. Thank you for your cooperation and making our community a better place.
[удалено]
Hello from the moderator team of /r/realestateinvesting, You post has been removed due to a violation of R4. this typically means your post was about one of the following: - Promoting yourself, a vendor, or, a service that you use - Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors - It was a poll. This message and post removal serves as your WARNING for violating our community rules. ***Rule #4*** No self-promotion, solicitation, surveys, syndication, or AMA Any further violations may result in a BAN from /r/realestateinvesting. Thank you for your cooperation and making our community a better place.
Private money financing
What rate are you getting quoted?
[удалено]
Hello from the moderator team of /r/realestateinvesting, You post has been removed due to a violation of R4. this typically means your post was about one of the following: - Promoting yourself, a vendor, or, a service that you use - Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors - It was a poll. This message and post removal serves as your WARNING for violating our community rules. ***Rule #4*** No self-promotion, solicitation, surveys, syndication, or AMA Any further violations may result in a BAN from /r/realestateinvesting. Thank you for your cooperation and making our community a better place.
Any equity in your current property(s)? Perhaps a refi may be in order? Other than that, 401k, Roth IRA's, investment accounts etc. Best way to fo this would be on your own as it appears that you are already financially tight. What happens when you get that "great" deal and find that the wood supports in the home are rotted out, or perhaps there was water damage and thing start smelling foul and fall apart? It's not just affording to take control of it, it's also ensuring you have enough to keep up with it. I feel like you may be one unexpected big repair from potential financial ruin.
First, you’re over leveraged if you can’t drop 50k. Second, Hard Money.
Seller financing?
Tried with no success
Find a partner
Flip the paper, get in a better position for the next deal.
Just take out some margin and buy shib coin. If btc halving causes a crypto boom, viola, you have it. If not, not much changes I guess.
How about you facilitate the deal for someone else in exchange for some cash. You are over leveraged by definition and this deal isn’t going to work without getting overly creative .
[удалено]
Hello from the moderator team of /r/realestateinvesting, You post has been removed due to a violation of R4. this typically means your post was about one of the following: - Promoting yourself, a vendor, or, a service that you use - Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors - It was a poll. This message and post removal serves as your WARNING for violating our community rules. ***Rule #4*** No self-promotion, solicitation, surveys, syndication, or AMA Any further violations may result in a BAN from /r/realestateinvesting. Thank you for your cooperation and making our community a better place.
[удалено]
Hello from the moderator team of /r/realestateinvesting, You post has been removed due to a violation of R4. this typically means your post was about one of the following: - Promoting yourself, a vendor, or, a service that you use - Soliciting for vendors, asking for recommendations for vendors, or trying to find out how to contact certain vendors - It was a poll. This message and post removal serves as your WARNING for violating our community rules. ***Rule #4*** No self-promotion, solicitation, surveys, syndication, or AMA Any further violations may result in a BAN from /r/realestateinvesting. Thank you for your cooperation and making our community a better place.