All Forum Posts by: Danielle Palleschi-Browne

Hi BP community! I wanted to reach out and get some advice about what type of home owners insurance you get when flipping a single family home. Been doing some research and coming up blank. Called AllState and State Farm and they will not offer insurance unless the property is occupied. Seems like I have to find an independent brokerage for this type of insurance. Any input or advice would be greatly appreciated. 

Thanks!

Hi Jonathan, 

My business partner and I are interested in this property. When will you be showing the unit this week?

Thanks,

Danielle

Jamal, 

Could you please send me photos of the house. 

Thanks,

Danielle

So a bit of an update! I made an offer that included much of the purchase price being owner financed as this is an estate and the house is owned out right with no liens against it. I was told by the owner's agent that they are not really interested in waiting long for a payout down the road (I had offered 36 months).  A conventional loan is not an option right now because my wife and I are relocating and underwriters view our business as starting from scratch even though we will retain a successful business in NY.  Hard money is an option but it start to really shrink the margins to a tight level.

I am actively working with the owner and their agent right now to keep the conversation going and prevent the house going officially on the market. We are newer to flipping but very experienced agents and project managers and are worried about finding a financial partner to collaborate with.

Any recommendations?

I was definitely considering that! The house is owned out right by the owner of the estate so it could work.

Thank you so much @Doug W., so excited to be in the DMV! 

We are still new to investing ourselves and looking into lots of options but a lease-to-own loan hasn't come on our radar as of yet. Will definitely be looking into it! Would love to chat with you as this would be our first flip in the area.

Hello! My wife and I are interested in buying a 4 bed/2.5 bath home in Alexandria, VA. The property is an estate that the owner is looking to sell as soon as possible. They have not put the house officially on the market yet but plan on doing so in the next week. My wife is leaving her teaching job to join me full time in real estate and because we will be a fully self-employed household we are worried that a conventional loan is going to be out of reach (Hillary is legally employed until end of August).

We have about 10% that we can put down on the purchase of the house. Knowing that we could have some difficulties with a conventional bank loan, what would be the best avenue to finance the rest of the purchase as well as some rehab? The rehab in cosmetic and the house is in really good shape but outdated. 

Appreciate your thoughts!