[Winning]

SBuchholz Great info! I am seriously thinking about getting into new home construction this year. Will be calling to get more info from you.

Karen37a thanks for the link to that list.

[Karen37a]

SBuchholz Great info! I am seriously thinking about getting into new home construction this year. Will be calling to get more info from you.

Karen37a thanks for the link to that list.

You do not save money going straight to the source...you will still be paired with a broker either and inside one or an outside one...i am outside with 35 years experience

if your loan is above 150k...call me back...dont mess it up and have me dig you out after..

see you soon warrren buffet


** let me know when you are ready to cross over to the dark side and be a broker...you will do well

[Winning]

If anyone has any questions on Velocity, let me know. Yes, we are more of 'buy' & 'hold' collateral based, no income/stated income lender, as we have our Quick Fix that is a bridge loan, that allows a purchase LTV of 75% with no credit score minimum, it is a 1 year interest only loan, it works for 1st time investors (borrower must own their primary residence,) and there is no credit score minimum (keep in mind having mortgage lates- discredits anyone looking for a mortgage.) If you have any questions give me a call at 215-619-2543 or email me Scott at sbuchholz@velocitymortgage.com . We also have a promotion this month for March, any deal submitted before March 31st, we'll pay a 1 point override when it closes, this works for purchase and refi's.

SBuchholz, I am very interested in getting more info on your this loan product.
I own my primary residence, and was never late or missed a payment on the 15 year mortgage that I had originally taken out on it.

I am looking to get in to new construction this year.
In theory, I think I have it figured out. Now I need to vet my theory and get a complete understanding of all my financing options and there requirements.

Sent you a PM.. Thanks.

[abfunders]

These guys claim to do 100% LTV

http://www.aesgcapital.com/commercial-real-estate.html

https://www.hardmoneyhome.com/lender...sg-capital-inc

Says they do max 75% LTV minimum $1mm loans.
Nobody does 100% financing anymore on secured products.
The only way to make money on 100% financing in a way that will have ROI is to go with 0 APR credit cards.

[Karen37a]

https://www.hardmoneyhome.com/lender...sg-capital-inc

Says they do max 75% LTV minimum $1mm loans.
Nobody does 100% financing anymore on secured products.
The only way to make money on 100% financing in a way that will have ROI is to go with 0 APR credit cards.

There is only one way to do it outside of what ab just said...and it has something to do with blanket liening
properties.

I am not extending out any more free advice though..other than...start small do not take on huge multi-million dollar properties or my friends wind up buying them at auction and completing the projects that were 50-90% done ...watch out who you hire ,the electricians steel the copper wiring to take them to the next job site, or the windows vanish overnight... because they under bid the "cost" on purpose.

And pay the workers as it gets completed ...pay as you go

A local Real Estate developer friend of mine just lost 800k....a Reit is never going to pay him ( he doesn't realize it yet)

Ruthless industry ( fix and flips)...almost as bad as finance


Gl

[Winning]

steal the copper wiring....

Funny you mention that, I am currently looking in to what ways are supposedly best to prevent construction site theft..
There are all types of ways that I am learning about. Some are free and some costs thousands.

I have even learned that there is also insurance just for this problem.
https://www.nahai.com/construction-t...isk-insurance/
Don't know if it is worth the price. Need to talk with the people that's selling it and get a complete understanding of the product.

I wonder if I can just factor in a certain percentage for theft and account for it on the front end, and always assume that it will happen. That way I can just account for it as a cost of doing business..??

[Winning]

100% financing in a way that will have ROI is to go with 0 APR credit cards.

Thanks for helping me vet my theory out!
I already have this down as some of my funding options!
Since I think I want to buy empty lots and build on them.. One way I have down as an option to purchase the dirt is by using the 0% interest for 12 months checks that my credit card company is constantly sending me.. They charge $5 or 3% which ever is higher as a "origination" fee.. To beat that, I could always shop new credit card deals to see who has the current best deals. Some of the lots that I have been seeing cost as little as $8K that would support a $125K+ new home.. An $8K lot, I could just buy the land outright at that price, but that's the easy way out.. I feel that I should build this business for scale and I need to make sure this can be profitable when using other people's money, service all the debt, cover all expenses and still walk away from the closing table with thousands of dollars in profit.

That way we all get paid! And from what I have seen Real Estate has so much meat on the bone, we all can have a piece.

[IvanR]

been working with Velocity. Sales rep nice, processor told me he clocks out at 3 pm and to talk to sales rep about updates from underwriting on Saturdays. merchant is difficult. sends in whatever he thinks is good enough without notifying but over these pass two months i've learned to be a Velocity sales rep, processor, source a title company, change the insurance policy to renters/landlords insurance and request the appraisal myself(used to in-house processing closing with real estate-based deals).

its for a franchise build-out. 180k property, 120k deal at 1 year term, interest only payments. 650+ credit, dragging on because tenant is his dad. although paying the insurance, taxes, occasional repairs, plus 120-150$ cash monthly. Merchant is as-a-matter-of-fact a bit too lax for a paperwork necessary application process, BUT HOLY F+++. Wish our reps the best. They didn't know what an abstract from Oklahoma was. Neither did I, but I put together an ISO/referral package for them. Will gift it if this deal closes.

Don't want them fired. Want someone to impose better on them for growth purposes. Don't need additional Jobless Americans, need more of BETTER. What do yall think?