All Forum Posts by: Arshiya Taami

Me and my buddy are partnering up to get Into our very first fix and flip (we both just turned 18 & 19). We have experience in construction and have family connections. Since I just got a credit card my credit score isnt the best (his is 700 mine is 600). the good news is we have saved combined $20,000 to put into our real estate. we have no debt and We both work full time and have Paystubs to back it up. So my questions is do you think a traditional HML will be our best bet or are there any other type of loan types I haven't found out about.

0 Votes

San Diego, California

Hey guys I want to do a fix and flip in the near future and was wondering what are some general advice you would give me?

2 Votes

San Diego, California

Quote from @Ko Kashiwagi:

Hi Arshiya,

Typically a Hard Money Lender will look at your:

Down Payment (assets/liquidity to put into down payment) - 20-30% for first time investors
Property value and After Repair Value
Rehab Plan and Timeline - detailed rehab plan with realistic timeline and budget
Experience - not necessary but helps
Financial Strength - credit score, track records
Exit Strategy - how you plan to pay the loan off

thank you for the information! :)

0 Votes

San Diego, California

Quote from @Mike Klarman:

So as a newbie, you can't bring experience. So what can you bring? Strong credit and liquidity. Lenders are open to doing business with a new investor if:

The deal is the right deal: Not to expensive, accurate numbers, strong ARV, good market....

And...

Borrower has good credit and ample cash to close.

I've lined up financing for about 10 new investors last year. Some got 90%/100% because they're credit was 720+ and the deal was right.

thank you for the information! :)

0 Votes

San Diego, California

my friend and I are looking to do our first fix and flip as partners using a hard money lender, we have never done a fix and flip before but we have experience/connections with remodeling houses/construction.

2 Votes

San Diego, California

All Forum Posts by: Arshiya Taami

Arshiya Taami has started 14 posts and replied 25 times.

Post: Whats the best loan option to get for my situation?

Post: What are some general advice you would tell newbies?

Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?

Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?

Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?