All Forum Posts by: Abe Alam

After looking at a few potential flips, I always find myself using pencil and paper to take notes of things that need fixed and then using a generic it will cost 5k to renovate a bathroom, flooring is $4/sqft etc. Are there any tools out there that are mobile friendly where I can develop a scope of work and get a more realistic idea on pricing?

 @Jessica Stern   

The strategy we use all the time which is to give borrowers a bridge loan for your cash out. It is our money and our loan so we do not have any seasoning requirements (assuming a solid appraisal of course)  In that case we would lend you 75% of the appraisal. We would then refi you into a conventional loan right away using the same appraisal. This gets you around the seasoning requirements as they ONLY applies to cash out loans. In this case the conventional loan is NOT cash out, but rather a rate/term refi where you can use the improved value. So, you get your cash out and your fixed rate all right after the property is complete. 

Hey everyone,

I'm currently in the Tampa area and I am looking to get into the flipping business. For starters, I'm looking into expanding my network with agents, contractors, attorney's, accountants, lenders, etc to get started! Since I'm just getting started, I'll definitely need some guidance along the way. I'd be happy to work with individual agencies that specialize in this field. I am open to learning about many markets across the nation other than just my own. 

Any advice would be awesome! Feel free to reach out directly. 

@Abe Alam love that tax free money...but don't love the lease option.  I can't tell what state your property is in but in some states those tenants have rights with those lease options.   And those rights could delay your tax benefits.  Just use a standard lease and call it a day.

I was recently in a similar position. The math I did was: How many months will it take for the cash flow to equal the amount of capital gains tax I'm saving or ultimately paying? In my case, it was going to take far too long to justify keeping the property, so I sold and diversified into more units.