OK again by request...

Put your deals in progress here and ask your questions and someone will provide some great and some not so great answers / recommendation / or more questions....

OK... GO... What ya got???

Hey Reality, great to see you going strong... Well I am on "vacation" up North remodeling a house for a friend.. Some vacation hey... But I am only working on a couple deals right now... working on an 800 homesite development deal, a 35 acre piece of Multifamily a couple of blocks from the Gulf of Mexico... Hmmm let's see, a couple of house deals, and what else... Oh yes a couple of Golf Course deals and a few other small ones...

All in all a quite vacation for me... Ok everybody.. what is all going on in your worlds...

Duane

I just signed on 2 deals in Pittsburgh, PA.
Deal 1:
Cost: 24,500
Value: 70,000
fixup: 3-5K
rental: 600 per month

Deal 2:
Cost: 14,500
Value: 50,000
fixup: 2-3K
rental: 550 per month

My problem has been finding a lender who will do loan/line of credit for an investment property under 50K.

Deal in works
Deal 1:
cost: 12,000
market: 60K
fixup: 3K
rental: 550 per month
neighbor to deal 2 above

My agent in Pittsburgh said the bank will accept my offer in June.


Ashburn, VA Real Estate


Northern Virginia Real Estate

Hey Mike...

Congrats on the deals... Sounds like you got quite a few good ones going... Keep it up... Shop around a little, there are lenders who will loan to you... If anything, do a little searching for a private lender...

Keep it up Mike...

Mike, you didn't give much in the way of details on the "Cost" but asked about Banks Lending....

Have you evaluated "other" sources than banks?

Such as Purchasing Subject to Existing financing... if your repairs and market time to resale, is less than about 3 months it could work well for you with little money out of pocket except for repairs and a couple of mortgage payments. This would increase your ROI significantly and allow you to use your existing funds on more projects.... after a few... you will not need banks most of your projects.

Also consider Options... another good way to reduce up front out of pocket cost.

Key point is to avoid Banks and mortgages in your name where ever possible and use "Other Peoples Money/ Mortgages" when possible... which is a lot more often than 90% of investors realize.

Here's one we picked up yesterday - this property type is a first for me so I am kind of excited about it.

Refinance
$1.3 million fair market value, we're doing a 70% stated income loan on a campground/RV park. Park is privately owned.

Borrower has a 651 middle score.

It's a small loan amount but the first time I have had one of our investment banks really bite on a property of this type. It bodes well for future loans of this type.

------------------
W. Jeff Weatherspoon
Monarch Financial Services, Inc.
Commercial Lending Division
843-602-3322
843-497-9381 fax
monarchfinancial@sc.rr.com

[This message has been edited by jwxspoon (edited 06-09-2004).]