Wondering if anyone had any recommendations for a good funding source to do small to medium rehab/wholesale deals on properties in the Dallas area. I moved to McKinney 8 months ago and I am in the process of setting up my operations to move on properties. I used First national Bank in Lubbock for the last 3 years for my financing, but have a partner and some other changes in finances here and was needing to set up a new relationship in this area. Also I don't know what's changed in the last 1 1/2 years with lending practices and what banks might need to see from us to setup the accounts. Any help would be appreciated.
FYI - my deals in lubbock were set up on a 12 month note with interest payments due every 3 months and the total amount due at 12 months. I was set up on a draw with the bank for the estimated repair costs and that money didn't accrue interest until I withdrew it. Each deal was setup with a ARV appraisal and I generated a C.A.D drawing of the house with all items to be repaired and/or replaced and a line item breakdown of expenses with co-ordinated coding to the drawing to show exactly what was being done. The bank would loan up to 75% LTV on ARV appraisal at 8.5% interest. Anybody know if I can set something up like this in the Dallas area in the current market? My credit score is in the high 600's to low 700's and my partner is around a 750. Our target properties are below 100,000 purchase and ARV at 150,000 to $200,000. Also, any others interested in wholesaling properties to me shoot me an email at Garro30@sbcglobal.net and I'll add you to my invester list. Thanks
Garrett
FYI - my deals in lubbock were set up on a 12 month note with interest payments due every 3 months and the total amount due at 12 months. I was set up on a draw with the bank for the estimated repair costs and that money didn't accrue interest until I withdrew it. Each deal was setup with a ARV appraisal and I generated a C.A.D drawing of the house with all items to be repaired and/or replaced and a line item breakdown of expenses with co-ordinated coding to the drawing to show exactly what was being done. The bank would loan up to 75% LTV on ARV appraisal at 8.5% interest. Anybody know if I can set something up like this in the Dallas area in the current market? My credit score is in the high 600's to low 700's and my partner is around a 750. Our target properties are below 100,000 purchase and ARV at 150,000 to $200,000. Also, any others interested in wholesaling properties to me shoot me an email at Garro30@sbcglobal.net and I'll add you to my invester list. Thanks
Garrett
