I live in NC and need lenders for rehabs - Posted by John Rock

Posted by Ben Carmona on March 15, 2006 at 14:49:48:

Hi John,

There are several brokers on this site that would love to help answer some of your questions but there were a lot of details that you missed.

What is your credit score?
Do you have enough documented income and assets?
Are you planning to sell immediately or hold long term?

These are just a few of the many questions that somebody will need to know in order to point you in the right direction.

For the most part there are 3 different types of rehab loans.

  1. Through the commercial loan officer at your local banks. Not all will do with no money down.
  2. Conventional rehab loans. These are through the typical lenders you would receive residential financing on. Only a couple will be able to do with no money down and there are many vairables to qualifying.
  3. A hard money lender. They can base the loan off the after repaired value. Most times they do not need any money down. Payments can be rolled in too which frees up cash flow. For loans under $100k the expenses are not much more than a conventional loan. Much quicker for investors too.

Would be happy to answer more questions.

Ben Carmona

I live in NC and need lenders for rehabs - Posted by John Rock

Posted by John Rock on March 14, 2006 at 13:05:01:

I have 15 years of private home sales with a good track record of making money even in ‘soft’ markets. Friends have said I need to do this full time. The only things I don’t do personally on a home is roofing and HVAC. Have bought and sold four homes in the past eight years. Two here in NC, one in FL and one in CT. All brought very good cash minus the expenses.
Now I’m looking at taking this effort to another level. Eight to twelve houses per year. The problem is with finding the funding. I would appreciate all positive input.