I have been researching real estate for a couple of years now. I recently own a golf mgmt. co. and want to evolve into investing. I have taken classes (JG Banks) and read literature and have a reliable RE agent sending me rehab properties. I do comparables and discount analysis on the properties and have a few potential rehabs 30-40% below ARV. I have a few pro.rehab specialist ready to go. What I need is a lending source and some options. Credit in the 730’s.
property listed 92,000
loan desired 115,000
I know a man in South Carolina (Licensed in all 50 states) that works for a direct lender who deals exclusively with investors. I personally have done a lot of business with him and when it comes to financing investment properties he is the man. He will do CASH OUT INVESTMENT PROPERTY, TRUE NO SEASONING, NO DOC
You have a great advantage with your credit quality. You have a second advantage that you have an established business. Look to acquire a small unsecured business line of credit. It should not be a problem with the credit and business you already have. If you use this line for your rehab costs, you then can structure a straight acquisition and may stay away from higher priced money.
The line of credit is renewable capital so once paid back after liquidation of the property you are ready to go with it again. In addition, some rehab lenders will allow a draw down on an unsecured business line to be used as the required investment. It is an structure that will allow 100% financing on such a deal but not necessarily a 100% lien.
I’m from St. Louis (actually St. Peters). I can’t help you with residential but I would like to tell you about a local investment group. Its called the Wealth Improvment Network (http://www.stlwin.com). Its a great place to network. Marlene Trice is the administrator of the group.