All Forum Posts by: Bridgette Delva

@Michael L. Tower Hill Insurance for every flip and rental we have here in Florida, at least 10 policies in the past 2 years. They’re competitive and will ensure just about anything.

@Steve Morris a Seller who lies on a disclosure isn’t relieved of his legal obligations simply because the property may be sold “as-is”. If the Seller hadn’t lied, this would be a completely different discussion so I think the main point is that they lied.

@Randall Re II you certainly do have recourse, have you brought this up with your agent yet? This should be cause for you the cancel the contract without penalty if that’s what you want. I guess the question is, what do you want to happen?

@Nailah Diaz unfortunately as a newbie, you have to "pay to play" so HMLs are the quickest path for newbie's to get money.  We use LimaOne Capital and have associates who have used LendingHome and I also have a colleague who does HMLs, I'd be happy to send you the contact info.

If your deal is truly a good one, the fees shouldn't be detrimental to a flip so you may want to re-evaluate if the deal is good. We use the 70% rule but I know some others use the 75% rule. For simplicity, if the ARV is $100K then we would make sure our renovations + purchase price are less than $70K. With that level of margin, a few thousand in fees won't kill the deal.

The higher your personal credit score and the more liquidity you have, the better the interest rate. You'll like find that you can get anywhere from 75-90% of the PP funding and 100% rehab funding but you'll have to shop around. 

@Chris Harden are you looking to wholesale or are you looking to buy one (or all) of them for yourself?  Do you have the Seller's contact information? If so, I'd say the first step is having a discussion with the seller to see what their goals are.  Find out if they want to sell them individually or if they're looking to do a portfolio sale.

Additionally, you'll want to see if the seller has a number in mind.  Those are just a few top of mind questions but I'd also ask if you have the funds or access to the funds to secure the deal for yourself?

@Jose De La Macorra why not just have him add you to the deed in addition to the will? If you’re on the deed, it shouldn’t matter what family comes out of the woodwork, at least I would think so.

@Sumit Sehgal in addition to the spot on responses from Marcus and Joe, I would say YOUR specific goals for investing set the expectations you have of your Realtor. While every Realtor has basic responsibilities that include a fiduciary duty for certain types of relationships, you will need to find a Realtor that can add value in the areas that you need.

A "first time home buyer pro" Realtor is likely not going to add value to your team while a Realtor who's also an investor is more likely to know what you need and are looking for but they may not have the time to dedicate to helping you build your investment business.  You need someone who is hungry and knowledgeable because you'll need to submit lots of offers, quickly with market data to drive your analyses. 

@Robin Gravlin you could always look at hard money lenders to help you get started independently.  HMLs are more expensive but when you are a newbie and don't have many options the traditional way, you have to pay to play.  HMLs will want somewhere between 10-20%, maybe 25% for a newbie but they look at the financials of the deal and almost none care about your credit or work stability. 

The interest rate will be anywhere from 8-15% but as long as you factor in the cost of money and your deal still turns a profit, who cares?! HMLs are great for flippers and many are BRRRR friendly as well however when you BRRRR out of a HML loan and into a traditional loan, the traditional lenders will be looking for the traditional financial risk factors (job stability, credit, assets, etc.) so BRRRR might not be the way for you to get started.

I like @Jay Hinrichs's idea to become a licensed Realtor and get paid to learn!  Good luck!

@Kaustubh Johri apologies for the late response. We used http://amtathens.com/website/ in case you're still looking.

@Kaustubh Johri yes we did thank you