All Forum Posts by: Account Closed

@Jean Norton Thanks for the advice, I'm looking into the JV partnerships a bit more. Have you partnered up on any flipping deals in the past? If so, how did it work out for you?

Would you happen to have a contact with whom I could speak to directly at Dominion?

@Suzanne Griffiths What Kind of qualifications does your HML require in order to obtain the 80% loan on the purchase price and rehab costs? What did you have to make readily available to them (if anything)? Business plan? Financial statements? I'm sure the answer to this is obvious to most, however, not having any prior experience with HML's I'm trying to prepare myself in the best way possible :) Thanks!

@Jean Norton Very helpful, thank you!

So it's basically just a matter of finding the right HML for what the project you're looking to do? My only concern is being new to the game and not having the experience that they typically look for. I know I'm limited in my resources just starting out however, I don't want to let that stop me from pursuing every option I have.

I see that you're out of state from me, have you had any experience with HML's that lend to NY residents or know of anyone who has?

@Chris Seveney Thanks for the response.

In your experience, what is the best way to go about finding a J-V partner when doing a deal such as this? There are multiple properties in my area that are going for 15K-25K needing minor cosmetic work that I'd like to be able to get into but I'm limited on capital at the moment and would like to get creative to make them work (if that's even an option for me).

So I've seen a variety of answers to this question so I'd like to hear some personal experiences with this one. I'm wanting to know if a HML will lend rehab costs in the loan. Say a property is listed for 25K and needs 25K put into it, but will be worth around 120K after it's all said and done. I see most HML's lend around 60% ARV on the loan (so in this case, they'd lend about 72K?). That would be enough to purchase the property and fix it up with enough cash left over for unforeseen repairs. Not having a whole lot of experience with HML's, what has been some member's personal experience with them and is there anything you'd recommend me do/not do as a new user of hard money loans?

Thanks!

Amber

@Michael Ablan Congrats on the deals! How are the rehabs coming along? Are they in Watertown? I haven't had the chance to do a rehab as of yet, but I am actively looking to do one, whether it's on my own or with a partner. I am also aiming to accumulate a number of rental properties to bring in a steady cash flow while I'm doing rehabbing properties and flipping them.

Hi @Michael Ablan, I'm also from the Watertown area. Would love to hear about how your direct mail campaign went. Look forward to talking!

Amber  

@Dylan Henke I did the same thing this weekend. I really want to star taking action NOW and get that first property under contract. I think that after I build up a portfolio with rentals, I'll then be able to shift towards flipping full time, like you said. I wish you the best of luck out there, and keep pushing yourself past your comfort zone!

@Michael Ouvrard What a great post! I myself was on the road to becoming a pharmacist but I stopped before I got too far into debt and decided to pursue a different path. I became a property and casualty insurance agent to improve my sales skills and now I'm building a real estate business from scratch. It's crazy the sequence of events that get you from point A to point B. Having the same A type personality, I have to work at overcoming procrastination and analysis paralysis every day. Being able to recognize that in yourself is important, especially when you're trying to move yourself forward. From the sounds of it, you're on a great path to achieving your goals and building upa solid foundation for yourself.

I think your end goals are very neat as well! Your approach to commercial multifamily certainly is a unique one and I can't wait to see how it goes for you. How did you come to the decision that the green boutique urban housing was the niche that you wanted to tap into?

PM'd you @Hoseah Njuguna!

@Jeff Greenberg Every step counts!

@John Walker Excellent point. I've seen that the typical seller spends about 6% of the home's value in commission once the property is sold. Would you say that's accurate for the most part?