Looking For Rehab Funding Private Lenders.
I am currently looking for Rehab Money. Is there anyone who can referr me to a Collateral based lender that lends in Texas?
NO CREDIT CHECK
NO UP-FRONT COSTS
NO INCOME VERIFICATION
COLLATERAL BASED PROPERTY)
Plenty of hard money lenders in the Dallas area for deals that make sense. www.DHLC.com is one that comes to mind.
So the question is does your deal make sense. And yes they want you to have income.
Having an income is very important in deed to your potential lenders. The property as security I suppose is fine depending on the qualifications of your lender. The ARV is what makes you and your lender money at the sale of the property.
the sites below has been helpful to me in my research in knowing exactly what is needed before I go to a potential lender.
scotsmans guide
craigs list
[ Edited by cdnsi on Date 07/04/2008 ]
no credit check 713-784-7676 65% ltv only
People really like to step out of bed on to carpet. I would carpet the bedrooms. Also, laminate is terrible if you spill on it. I would personally avoid it for a rental, but if you insist, I think your idea of thresholds is a good one.
A competitor of mine uses inexpensive throw rugs... good idea cjmazur.
The laminate shows really well. It is a tough call between laminate and carpet-- neither take well to spills as carpet stains make the carpet look dirty even if they are clean. I like the staging idea, even if it is a rental. I have two properties for sale right now and both are staged. It really makes a difference in how the place shows. Alas, neither has sold.
Are you referring to linolium type flooring or laminate hardwood floors?
The wood-look laminate flooring that hooks together... Pergo is one manufacturer. Not the vinyl 12x12 stuff.
What kind of wood laminate did you use? What did you pay for it?
finniganps is on it... I am using laminate for lower end rentals as a differentiator (since few other properties have it) but for anything priced higher than about $150K, I would put in hardwood floors. The laminate I have installed seems to hang in there better than carpet... so far I have not experienced any moisture issues, which apparently kill laminate.
Of course they count. Just as he will be reimbursed for all of his expenses before PROFITS can be calculated.... you need to be reimbursed for your expenditures.
[addsig]
Make sure you have this all spelled out in the partnership agreement BEFORE you start.
These type of deals often break down because of poor contracts.
Often the worker feels that since he is providing his talent and knowledge to the deal, that in itself should be worth more then an hourly wage.........which I agree. At the same time, the worker needs to understand that you are the one with the financial liability.
I personally would come up with an agreement whereas he is getting paid whatever the going rate of whatever of work that he provides.....ie. painting x-amount a square foot, overseeing the project ~ so much a square foot etc.
You get paid (or add to the note) the amount of interest that you normally would get for such an adventure / loan.
Other things that need to be address is; what happens if the project sits for a long period of time.
About 20 years ago, I did several projects with an investor We ended up sitting on several of them for approximately 2 years (he would not negotiate the asking price).........he made money off the interest and I lost all my "profit" because of that. I was pissed when he walked away with 100k on the deal and I had nothing to show for it other then being broke.
You see what I mean........all these things need to be addressed. He should be compensated for his knowledge just as you are being compensated for your resources with both of you then splitting the profits or whatever percentage you come up with.
regards
NC_Yank
Seems like everyone else is asking "how do you get paint off of brick?" Covering it over is simple enough- just paint it. But most people think brick looks better than paint- and of course once you paint it, you have to repaint regularly, while brick is essentially maintenance free other than tuck pointing every fifty years or so.
Chris
Slurry Brick is an attractive way to paint brick.
Slurry brick is applied by either adding a granular substance to the paint or plastering the grains directly on the brick and then painting over it.
Just painting brick can make it look flat, but by using slurry paint it makes the brick look like it has more texture and actually look similar to stucco. It does take some of the definition out of the brick (where the mortar and brick meet,) but the sand in the paint adds some depth to it. IMO it looks much better than just paint.
Unfortunately there is not much info out on the web, so you might be better off talking to some exterior house painters. It is somewhat popular in the south, but it is more expensive than straight paint.
Anybody else have any input on slurry brick?
anyone thought of stucco?
B-lowS-high:
Thanks for the info... Sounds like a decent alternative to out all RE-bricking.. I wonder how it holds up in the weather?
I would say parquet looks very dated.
I also think parquet looks dated. For kitchens I prefer tile - holds up better, easier to clean and tenants like it. Yes, it costs more in the short run, but it will last a lot longer than either of the alternative materials you mentioned under normal conditions.
I think you answered yourself if you are scared.
I would venture to say, that in every market there are deals to be found.. Panning for that gold is the hard part.
Get someone from your local REIA to help you review this. Being scared is not a bad thing or a deal killer.
Every market is good for a fix and flip if you buy right and sell at the right price.
I always figure that the sixty day sale price is the right price for a property. You make your money at the purchase so buy right..
[addsig]
Investing in Rehabs is good anywhere right now if you have a great exit strategy like doing a simultaneous closing and using a note buyer to buy the note. I am using a group that pays up to 90 cents on a dollar and they work with credit scores of 550 and up with a 50% DTI. This is awesome and it opens the market up to 40% more potential buyers.
I would suggest partnering with someone who can provide the credit. Interest on a HML can eat up all your profit. If you split the profit with a credit partner, at least you get half instead of the hard money lender getting everything (and perhaps then some...).
Once you have your system down and have a good idea how long the entire process takes, then you can consider high interest loans.
Chris
If you have good credit get some credit cards that offer 12 months plus at 0% BT. Also, look at partnering with people. Check with banks about lines of credit .
The financing is always, seems to me, the big hump in the road. Check craigslist for harmoneya nd regular lenders. I have actually found a gem or two advertising on there. Just make sure you do you homework. Call local mortgage companies and ask if they work with hard money lenders.
You might have to start with really low end properties until you have some more experienced.
Hi there,
I am in Chicago an ran into this a few projects ago. We just got the carpenter to adjust the door frame sizes enough to fit the security doors. Simple solution, but saved us hundreds in custom doors.
Ted
good job Ted!
Look at commercial salvage yards and they will have doors of different sizes as well.
[addsig]
Probably cheaper to adjust the doorways.
And also HomeDepot should be able to order a few off sizes.
Resizing the doors can work but will probably be a couple of hundred as well once it is all said and done.
Very rarely is this painless and I have done over a hundred of these.
IF you can find something that will fit without making modifications then I would suggest that but if it is a non standard size and you are in for the long term hold then see if you can convert the door to a standard size that will be easier in the future to replace....
[addsig]
Thanks for the heads-up Chris!
what about the Bruce warranty. The stuff I used in my how has a 20 warranty.