All Forum Posts by: Brittany Harrington

Hi William!

I worked as a Project Manager for 7 years for two different commercial contractors here in KC and was responsible for building school additions from the foundations up from $4.5 Mil to $22 Mil.  I've had my real estate license for about a year and a half and have purchased and rehabbed four properties to this point. I also have some good subcontractors now (after much trial and error). But I'm currently looking for more business partners and can help on a multitude of levels, through the construction side and real estate side. Feel free to PM me if you're interested and we can chat!

I found a great off-market flip deal where the owner is willing to do owner financing (great for me since I've exhausted my personal credit on other rehabs) My summary and specific questions are below:

The Deal: $250k purchase price, 10% down, $50k rehab costs, $375k minimum ARV

Structuring the Terms: 

1) Owner is giving three financing options:

a.Amortized 6 month loan w/ scheduled provided by Seller (interest of early pay off will be required)

b.Balloon 6 month loan w/ scheduled provided by Seller (interest of early pay off will be required)

c.No monthly payment with amortized interest added to money due at time of closing

2) Owner wants to keep title under their name until loan is paid off, but the owner still has a note on the property. So, knowing that I won't have a big enough down payment to pay off their mortgage, is this legal? Are there contracts that could be used to work around this: Lease to Own? Contract for Deed?

I understand this is risky, but I'm eager to make this work no matter what in this extremely hot market! So, please don't tell me I shouldn't do it, tell me the best ways to protect myself and the best ways I can make it happen! Looking forward to the wisdom!

Thank you, @Thomas Franklin. Your advice is solid. I actually sent in my application for my Real Estate Salespersons License a couple weeks ago so I'm currently waiting for acceptance. I wanted to be able to utilize the MLS under my own search criteria and pocket the profit from the agent's aspect. However, I would be very receptive to sharing profit for other agents or investors who can bring in some off-market deals.

Financing always seems like the most difficult aspect for me. I took advantage of an FHA 203k Loan for financing the construction portion of my last flip and I will never be restricted to the regulations imposed by lenders again. As a commercial contractor, I understand the contractual safety nets that need to be put in place to safeguard both the client and the contractor if a disagreement occurs. Therefore, I'm really looking to expand my network of private lenders and unconventional loans.

Please feel free to message me if you have any interest in a potential partnership.

Hey thanks, @John Van Uytven. Great advice!

I should be receiving my real estate license in the mail any day now, so I'm trying to grow my client base for that aspect.  At the same time, my goal is to grow my own portfolio in buy/hold and flipping.

My current growth goal is to be able to double my current payroll income with a combination of passive and active income in the next year. 

If I can help either you or @Josh McNicoll, just let me know! I'm always looking with an investor's eye.

I love everything about real estate and I have some pretty hefty goals for flipping and buy and hold investing for this year and I would be happy to chat. I am looking for like-minded wholesalers, lenders, or investors that see the benefit in partnerships and building relationships that benefit and elevate both parties. 

I have an Architectural Engineering degree from Missouri S&T, 6 years of experience with a Project Engineer role in commercial construction companies, and a knack for interior design. Message me if I can help you in any way!

Brittany H.