All Forum Posts by: Brandon Siewert

I would quit the second the check cleared. Flip until I had cash reserves to replace w2 income, b&h small multi family, flip some more and develop a tiny house community(ites) then repeat not necessarily in that order. 

@Jerry Padilla thank you for the information very helpful

This is either a rookie question or stupid question. We just did our first solo in and flip (currently on the market). Is there a way to purchase/rehab and the cash out refinance while it sits on the market so you can move on to the next property? I can see how this may not always make sense financially but I'm curious

not s lot of information to judge costs but sounds pretty close to reasonable. the upside is you could find an estimate for $40k and not be able to sell the house

I bought our first solo flip in early October, listed for sale in mid November and now we're just waiting for our 2nd open house.  

The flip went pretty well.  Everything went pretty much as I expected with only a couple of minor surprises.  The biggest mistake we made was not having our materials suppliers in place, which took additional time.  The house was less than a mile from a a big box supplier, which we thought would be convenient, but what I discovered is that the big box stores don't necessarily keep the volume of what you need on the shelf and the lead times for even simple things like lights and sinks can range from a few days to a few weeks.  Rather than start our supply list over, we stuck with it and it was not a smooth process and through the process I also learned the savings by going to a big box versus local suppliers results in only a nominal to zero savings and not worth the extra hassle.

The biggest lesson learned is that compiling fixtures lists is time consuming and unless you're engaging a designer to spec materials and fixtures to be used, like I do on my commercial projects, you need to be better prepared than I was.

Finaly have first deal under contract, a week or so from closing, but...

We've been working with a private lender terms were generally good, until it went through underwriting when it dropped from 70% to 60% LTV.

My career is directly related to construction, but they'll require me to hire a GC because its my first personal deal.

My FICO is 691, plenty good to qualify, but because its my first deal, they require a score over 700 to get the 70% LTV

The deal has strong potential profit and we have the cash to do 60% LTV, but I dont want to use it all.

This late in the process, what are my options to reverse course with the lender without killing the deal?

thank you all for your response.  I have not tried direct marketing, but it's definitely in the near future.

@Lisa Kohl

Thank you, that is exactly what I was thinking, but thought I may be missing something.

I'm not new to the industry, construction or real estate, but primariliy I operate in Commercial, Multifamily construction and management. My preference is to go full time SFH/Small Multi Family fix/flip, maybe some holds. I have some capital and borrowing ability.

I've been looking serously since June, even got as far as a contract on an REO untll the inspection revealed an additional $10K in repairs, for which the bank was not receptive in a lower price.

Basically, my vetting of properties includes taking an avg comp at 65-70% of ARV, to determine if taking a look is even worth it. Then atfer an initial inspection and rough construction budget coming up with an MAO.

So my real question is after vetting maybe 75 properties, looking at 25-30, contracting ONE property in 2 months...am I being too conservative, over thinking, or is this the life of a flipper?  I DO NOT want to continue being an employee for ANYONE, but I really want to know whether or not I'm crazy or just impatient.

I have a decent amount of cash, but probably not enough to purchase, rehab and carrry.  Are there any funding partners or lenders that work with Auction purchases?  Just curious, I'm not sure how that would work.