All Forum Posts by: Anu G.

Great thread.  I used Foremost as well.  What insurance do you use AFTER the flip is done, but it's still vacant and on the market?  Can I change my foremost to a post-flip type?

Hey,

I'm looking to get into the airbnb game (did it for 2 years in LA and loved it) in Miami/Coastal Broward areas.  I have a friend here who  does it with a 7 bedroom house.  I hear that Miami-Dade is way stricter than Broward.  

I'm trying to build my real estate film reel and am looking for agents or sellers with a high end house (ideally in the Hollywood Hills or coastal house with views) that need filmed.  It will include drone footage fully compliant with FAA.  LOS ANGELES area only.  You can view my work at 

https://www.youtube.com/watch?v=MDtPHcOTzdM&list=P...

Victoria, thank you. RS has a 3 month prepayment penalty. I'm planning on doing a brrr soon but I'm still undecided if I'd use HML/PML for the purchase & rehab. It seems like it would wipe away years of profit. I'd definitely run the numbers. I've also been feeling a lot of what

@Jay Hinrichs & @Ben Leybovich have been saying about getting lower end houses that the expenses would wipe out the profits for years.  

@Jay, I listened to your BP podcast today.  It feels like flip ops are drying up.  What would you focus on in this market especially in the Indy and KC market? Immediate cash flow is a high priority.   

@Tony Castronovo yes, they charge origination points 2-4pts and 8-12%. This rates change based on your experience level and your assets to cover their loan. This IS HML, private money can be lower and have less hoops to jump through (mainly the draws and appraisal - which are the most time consuming and can hold up a deal). I was going to do a whole post about this, but this industry wide practice of getting appraisals is weak. The first one we got was off by 75% of as-is value. It's like asking a flunky to give you answers to a test. When my team had over 500 flips under our belt combined.

@Rich Lopes they only fund to LLCs not individuals.  It doesn't matter how "large" the investor group is.  Only that the like the deal (which has been an issue regarding the industry standard of appraisals/BPOs) and that you can cover all the interest costs for about 6 months.  It's actually way easier to get a loan through them than standard mortgages. 

I just saw their ad on facebook so at least they're still around. 

Ditto for hearing about someone's experience with them.  

Thanks Jeff.

@Jeff Greenberg do you have any flip contacts in HRL?

I'm deciding if I want to a flip a SFH (3/2 2200sq ft) in Treasure Hills Harlingen, TX 78550

My options:

-Do a flip myself

-Joint Venture (JV)

I provide the house, you provide everything else (flip financing, GC, etc) for the flip

Split profits 50/50

-Sell it on the MLS (it's decent but all original from the mid-90's) at market rate (not interested in selling it to a wholesaler)

-Rent it out

I'm leaning towards the JV, if you're intersted and have serious experience in that area please message me.