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All Forum Posts by: Angel Nieves

Angel Nieves has started 8 posts and replied 17 times.

Quote from @Nick C.:

There are ways. You could have a lawyer write a threatening letter. You could threaten to report the wholesaler to the DBPR for practicing real estate without a license. 

If the EMD is held by a title company they are not supposed to release it unless both parties agree to where it's going. If the EMD is held by the wholesaler that will make it more difficult.

My deposit is held up at the title company. Not sure you’re familiar with NW Aqusitions. They are licensed but in the contract do not provide you with any representation. It’s a pretty hefty deposit too. 

I know this is a shot in the dark but are there ways to get a non refundable emd back? 

Im under contract for a property that was brought to me from a wholesaler. They do not have equitable interest in this property. There is another wholesaler who is direct with seller. the wholesaler im involved with will buy the deal from them and double close / sell to me. 


however a few days from closing i find out from county that this property does not have a legal property card due to an illegal split and is non conforming so the property is useless you cant do anything on it 


I wonder what issues could arise especially on title if I do close however Id like to discuss my options with a licensed RE attorney any suggestions? 

Quote from @J Scott:
Quote from @Angel Nieves:

Rehab: $80k

This will be a tear down as the house is severely distressed however there's room for worst case scenario 

 Not sure if this was a typo or not, but you're not going to tear down and rebuild a house in St. Pete for $80,000.


reposting this just in case i replied incorrectly 

Hey J Scott,

It’s a small 766 would frame home on a small lot. It won’t be a new build, we are going to use the existing blueprint. It’s a Studs out Full rehab.

I did budget for worst case scenarios in the $100k and the deal seemed to work

I see you’re local here, I’d love to send you the deal so you can see?

I close in a week on a house I'm going to be flipping in St. Pete Fl. 

I got the bid from my partners contractor however I'd like to review it with another contractor to get a 2nd opinion and to see if my budget is realistic in todays market given the size of the project 

Quote from @Adam Benmbark:

@Kevin Wilson - I'm a local St. Pete realtor and I've put together a list of contractors that have all been used and recommended by myself, other investors, agents, and my neighbors.  I'd be happy to send you the list.


 Hey Adam! im about to close on my 1st flip and I want to run my bid by some vetted contractors. my project will be in st pete and would like to know if you can send me your list? 

Hey J Scott,

It’s a small 766 would frame home on a small lot. It won’t be a new build, we are going to use the existing blueprint. It’s a Studs out Full rehab. 

I did budget for worst case scenarios in the $100k and the deal seemed to work 

I see you’re local here, I’d love to send you the deal so you can see? 

the property is in st pete fl 

Hey John, I am under contract for a property that Im purchasing for a flip using that rule 

PP: $55k

Rehab: $80k

ARV: $220K

70% of $220k = $154,000 - $80K = $74K

This will be a tear down as the house is severely distressed however there's room for worst case scenario 

its not easy tbh to get a deal thats all in @ 70% but I got the deal through  WHOLESALER and I agree with Scott E, lending works out great when you can get it to meet this criteria 



Appreciate your advice @Bruce Woodruff

I agree, thats where my skepticism comes in. knowing Id be $25k in. The way I see it, im paying $25k for $150k. Once I clear that debt, every flip moving forward, Id have a reserve to pull from vs using my own capital. 

I was going to use my own capital to get started, but then I got introduced to this and seemed advantageous. just doing my research before i make my decision   

I met an investor who is actively flipping

He introduced me to his business and showed me his model / operations and some recent deals he closed on in the area and he is making some nice profits

He gets tons of deals everyday in his inbox. Sellers selling their properties, wholesalers wholesaling, Realtors sending him deals, everything. its like an engine that works 24/7 and I’ve seen his inbox and he has tons of deals to make offers on. 

Once under contract, he already has his team in place and it’s a streamlined process till closing. Very straightforward, duplicable model / system he has 

He is willing to bring me on, show me the ropes and show me the business in and out and how to build a business like he has and bring me on to his network

He does not use his own money to buy and fund his deals, he uses private money instead

So here is my concern …

He doesn’t want me using my own money either. So the first step is to get funded. Once I’m funded, I can now use a/his private money lender because My fund or “reserves” shows the private money lender I am financially capable of doing a project.

That’s really what the fund is for. To paint a picture to the lenders I have money so im not using my own capital. The fund is for holding costs, the rehab and all the miscellaneous things that come up in a flip.

So here is how the funding works, 

He put me in contact with one of his partners who his company uses and they help start up business (such as flippers) get funded through unsecured lines of credits.

These people are consultants who arrange financing on your behalf and they find you different financing options by presenting your information to different companies to submit for loan requests, Loc’s, and Credit cards. Then, they come back and tell me what I can get approved for based on what offers they got back and the amount I’m looking for.

It’s like they cast the widest net and see who has the best offers and terms based on my info 

so I’m approved for up to $150k. No collateral, No pre payment fees also I did not have to verify how profitable my business is because it ain’t, but this is what they do. They help get you funding. If I were to go through a bank, I would not get near that amount

So now, that $150k is my “reserve” and from here the investor will show me the A-Z process since im funded. Getting deals, Running numbers, submitting offers, getting private money and putting me on to all his resources and network the uses to do a flip project to build relationships. It’s all one on one with him, he'll be guiding me. 

I’m also licensed so I can sell my own flip which is plus. 

I am also not sharing a profit of the deals with him either. I can, if we jv on them or he does the flip for me but He wants me to keep as much as possible so hell teach me but this is not like 50/50. here is how he gets paid, Once I’m funded $150k, he takes $5k out of that and when I sell my first flips he takes another $5k. he takes $5k after to show he is invested with me but That’s it. $10k total. not out of pocket.

This isn’t a scam, and he has a legit business. My best friend who referred me to him did it and made a lot of money on his first flip with this investor and he had no RE background. I’ve seen the proof + Ive seen inside the business and seen some of his flips. 

but, I’m skeptical my about the funding phase. Ive never been through this process. if I get funded, This will result in a hard pull on my credit (771) but not multiple hard pulls as compared to me going to different banks and doing it on my own. The consultant does it all in one shot. Also, the consultant takes 10% of your fund for their cut. Which, once I flip a house it’ll cover that. But nothing is out of pocket.

ex: 150k ( my funding ) - 15k ( consultants fee ) - 5k (investor fee) = $130k left in funding 

So I have $130k left for a flip. once I flip I use my profits to pay back the LOC 20k + the $5k to the investor then im cleared. now I have the entire line free to use for projects.

I have good credit and don’t want to screw myself. im at A 771 so a hard pull might not affect me but later this year id like to buy my first home via fha and house hack but im going to flip to get some more capital. I did some research, but I haven’t heard any bad things from the people this investor has helped. 

Anyone have experience investing by leveraging lines of credit? any thing I should keep note of? Ive never been through a process like this but seems promising.