All Forum Posts by: Lisa Sluss

Hi all -

I have a house on the market that is not selling. It’s priced below value, but people aren’t fond of the area, low walkability score, near a bus stop, etc.

I’m nearing the end of a hard money loan and I’m wondering if it’s possible to do a cash out refinance on a HARD MONEY loan. Will someone lend me money to pay off another hard money loan?

Hi all -

I have a house on the market that is not selling.  It’s priced below value, but people aren’t fond of the area, low walkability score, near a bus stop, etc.

I’m nearing the end of a hard money loan and I’m wondering if it’s possible to do a cash out refinance on a HARD MONEY loan.  Will someone lend me money to pay off another hard money loan?

Hello all -

I’m about to purchase some land to build a house on.  The seller has accepted my offer but is waiting on me to sign off on some stipulations.  One of those involves a 1030 exchange.  Can someone help me with this? Is he asking me to pay closing costs for his 1030 exchange?:

“In selling the Property, Seller may elect to utilize an I.R.C. Section 1031 tax deferred exchange where the proceeds from the sale of the Property are used by a qualified intermediary to purchase like/kind property. In such event, Buyer agrees to cooperate with and assist Seller in connection with Seller’s like/kind exchange and execute an assignment of this Agreement to the qualified intermediary. Notwithstanding the above, Seller shall pay additional expenses, if any, in connection with Seller’s exchange of Property. Moreover, Seller shall remain fully obligated to perform all obligations of Seller under the Agreement even after it has been assigned to a qualified intermediary.”

Thanks in advance!

 Thank you…I will certainly look!

 I purchased the house in Aug 2021.  My contractor, aka my dad was verrrry slow (don’t do business with family!).  I had to fire him.  I now have a lightning-speed, very skilled contractor who is waiting to finish.

 Yes, if you loan me $75,000, with no pre-payment penalty you can hold onto my deed.  It’s worth $300,000 in as-is condition.  I’m going to list it for $450k.

 Yes.  I made a cash purchase on the house in the amount of $225k.  I need money to finish the job.  I’m about 2 months from completion.  It will sell for $450.

I have a fixer-upper that I own outright.  I’m 80% finished on the rehab.  I need cash to carry me to the finish line.  A cash-out equity loan of $75000 with no pre-payment penalty would be perfect.  A hard money lender would be ideal, however they seem to be focused on fix and flip loans.  Any suggestions?  (I purchased for $225k  with ERV of $450k.)

 The location….exact address?  It’s a single-family house in a popular historic area in SW Atlanta.  It is 80% finished.  I purchased it for $225k a year ago.  Recently fired slow contractor and hired lightning-fast, highly skilled contractor. I could walk away with $350k now, or finish and sell for $450k-475k.  My FICO score is 750.  I need $50k to complete the project.  Thanks for your reply.

 I will research - thank you.  If you can recommend anyone though, I would be most appreciative.