All Forum Posts by: Andrew Hunt

Hey everyone - I've heard differing views on this so just wanted to check. 

Is there a lender out there who is willing to work with me on a potential short-term refinance? 

I have a hard money loan on a property here in San Antonio, and unfortunately the house has been on the market for a little while. Looks like it may continue to be on the market for a bit. I'm trying to refinance out of it, but I don't want a restriction such that I need to keep the property for a year. 

Do you recommend a lender down here who I could work with?

Thanks so much

Hi guys - just wanted to check if anyone recommends an agent here in SA to work with? I know a few good ones but always looking to build contact book. Just looking for help pulling comps and identifying areas for target acquisitions.

Let me know - thanks so much,

Andy

Hi guys -

Do you have any tips on the best way to refinance a property with a hard money loan without W-2 income?

I'm a medical student full-time and have been active in real estate investing for over a year now (did 4 flips last year). We currently have one home going on the market that's past the 6-month seasoning point; however, I've had trouble refinancing the property because despite having plenty of assets and cash on hand, I don't have a current income and they are concerned about interest payments.

Are there any lenders on here that would be willing to work with me? We can hang onto the hard money loan for a bit and sell the property, but would prefer to cash out.

Lastly - does anyone know if it's possible to cash out refinance without the "seasoning" period? Most of our rehabs are done in 1-2 months and going forward I'd like to use as little of the "hard money" as necessary. 

Thank you!

Hi all -

Do you have any tips on the best legal structure on partnering for a fix and flip?

I met with another rehabber yesterday, and we'd like to pool funds together. We'll be using hard money on most flips. Our plan was to both personally guarantee the loans, split the costs and split the profits on each flip.

I believe a simple two member LLC is the easiest way to do this, filing 1065 at the end of the year and schedule K. Then, we'd simply sign an agreement for each project outlining the financial responsibility and ownership percentage. (I know these agreements can get quite detailed in the "what if" scenarios, but best to keep this simple to start).

Does anyone have any tips here?

Thanks!

@Chris Mason thank you so much for this reply!

Do you have any insight into the downside of selling within 6 months? I'm getting to the point where we can buy, rehab in 4 weeks, be on market for 7-14 days and be out of it. 

How much is the penalty here vs the savings you get with lower interest?

Hi guys -

Just working on my first three fix and flips right now. All three are looking good :)

I used a hard money lender on one project and found them very easy to work with. However, I've also heard that portfolio lenders can be used for fix and flips.

Is this true? I thought portfolio lenders could only be used for long-term rental property but not for fix and flips. However, if we can get a lower interest rate using a portfolio lender (vs 12% through hard money), that would be a big win.

Thank you,

Andy

Hi all -

Just doing some reading and seems like several wholesalers get lead lists from public records.

Does anyone have experience sourcing leads from San Antonio courthouse records, such as properties with a tax lien? 

Otherwise, I was going to use a list provider for pre-foreclosures, etc., but I've heard public records are often the best bet.

Andy

Is it possible to flip in other markets without being geographically present? 

Hi guys -

Just wanted to get a sense from the experienced flippers on here. What ROI are you targeting on home flips in Texas, and specifically San Antonio (if anyone here does flips in SA)?

I've gotten the sense from speaking to a few agents that the market is so "hot" right now that a 10% margin on a flip is good. However most flippers I've spoken to aim for 20%.

Do you have any advice here?

I would like to flip in SA but also don't want to be in a market where I'm constantly getting outbid, as that's a losing situation.

Thanks!

Not sure yet, only A&B neighborhoods to start