All Forum Posts by: Andre Jones

Hi BP! Any recommendations for contractors in the Atlanta area that preferably work with out-of-state investors? Must be licensed and have somewhat of an online presence. Appreciate any suggestions.

For those that work with HMLs, how do you account for your contractor’s fee when creating your scope of work and requesting draws. I know it’s good to pay in installments, but how do you request a draw for only labor when an inspection report is required? Is it practical to only include materials in your SOW and cover the contractor’s fee out of your own expense, considering it’s part of the equation anyway? Thanks in advance!

Hi Everyone,

I am currently looking for any Real Estate Agents, preferably in the south Jersey area, who work with investors. I noticed finding deals the traditional way doesn't come with much success. You really need an agent who has the connections and resources to open the door. If anyone has any reliable and season agents, they are willing to suggest or share, I would greatly appreciate it.

Thanks!

Thank you, @Guifre Mora for your response. As a licensed agent, I'm familiar with a Purchase Agreement but wasn't aware some HMLs require you to be in a binding contract before being approved. I called a few more local banks today who are willing to provide a mortgage for the purchase amount, and I fund the repair cost, so that's an option. 

Will do, @Odie Ayaga, and if you don't mind sharing some of the ones you have in mind, perhaps through a DM, I would appreciate it. I reached out to some of the known players out there like Lima, Alpha, and ABL already. Some are only lending to experienced clients right now due to COVID-19. 

Hello Biggerpockets,

Forgive me if the question I'm about to present was similar to a previous post. I'm shopping around for financial backing for my next investment property. I currently have a rental and my primary with a HELOC to help fund my next project. I reached out so far to HMLs and local banks for additional financing. Only to be told I need to have a property in mind, which brings me to my question—going this direction, how does one accomplish finding a property, getting a GC quote or an inspection for rehab numbers, and applying for a loan in time to submit an offer? My initial strategy was BRRRR, but with potentially having to go through the seasoned period unless I have cash, I decided to do a few flips first to generate some cash. Any suggestions or shared experiences would be greatly appreciated.

Thanks!

Yes, I do make a decent salary, and my dti is below average @Robert Webb. Do you mind sharing the information about the loan provider you used? I would greatly appreciate it.

Thanks for your input, @Gregory Fazio. I read about the pros and cons of a construction loan, and as you said, most opinions expressed the hassle with the paperwork. Also, great suggestion about making real estate part of my day to day conversations.

Hello BP,

I’m a novice investor looking to become more active in growing my portfolio. So far, I have one rental and a primary. 

My purpose for starting this post is to get some advice on funding my next deal, which will be a flip. 

I planned to start a HELOC on my primary and used those funds to get started. However, I realize a HELOC of $33k may not suffice. In addition to the LOC, I also have contributions of over $20k from my pension I can borrow that is automatically withdrawn from my check and paid off within 5 years.

If anyone has some advice and is willing to share, I would greatly appreciate it. 

Thanks!

Thanks for the encouragement @Mel Anic.

my apologies for the newb mistake with the @ I haven't figured that out yet. 

Thanks, everyone for your responses it does clear some things up for me going forward. @Andrewsyrios I believe the "Flip and Hold" strategy sounds appealing in what I'm trying to accomplish. Even though I have a significant amount in contributions that is readily accessible in my pension, I would like to build some liquid cash up with some flips considering my one rental is not producing enough cash flow at this moment.