I deal with a lot of investors. Everyone who knows me know they can just send a text, email or just call. I get so many investors asking me for a small loan just to finish a rehab they started.
I’m told or receive an email that says something like this. Hey Rob, I got this rehab I need to finish. I just need $15k, $20k etc just to finish.
There are two reasons I really hate these calls/texts/emails.
- I often can’t help them because they owe too much on their property
- I can help them but they don’t want to pay the cost, especially if they have a loan already on the property. We need to be in first position, and they don’t want to refinance their whole project.
Whether you are new at this or very experienced, the best way to approach your deal is to have some cushion. When you open a house, you don’t know what you might have missed when assessed your project. You need to have a cushion. You need to have a little room in there just in case you need it. I tell everyone I speak to, text, or email to ensure you have a little room, embellish your budget a little, or add a contingency line. We want you to succeed. If a deal is tight, you are in danger of losing money on the deal. Prices are coming down; be vigilant. We would love to be your partner today and 1000s of projects later.
We can help you with your fix-and-flips, fix-and-holds, buy-and-holds, refinance, new construction, unsecured credit, and more.