First Flip in Los Angeles

[Kurush Italia]

Hello BP community,

After listening to all the podcasts and reading many useful posts on this site I have finally decided to take the plunge! I was contacted by a wholesaler who had a property under contract. After about 2 days of back and forth we settled on the price. The preliminary numbers look as follows:

Purchase Price: $260,000

Rehab Cost: $60,000

ARV: $440,000 (conservaive estimate)

Now before I sign the assignment contract with my partner I wanted to get some advice as to what precautions to take to vet the wholesaler. What kinds of things should I ask from them to give me peace of mind? Also would it be advisable to have an attorney helping me through the process? If so can anyone recommend any that they have worked with?

One thing that has always resonated with me is that people on the podcast have preached go find the deal first and if it is a good one then the money will come. Well I found the deal. Has anyone worked with any Los Angeles based hard money lenders?

Any and all advice will be much appreciated! This site and it's members has been so great.  

[Nicole Collins]

Hello- congrats on your deal. I haven't worked with a HML but heard of Sherman Bridge Lending. Let us know how everything goes.