All Forum Posts by: Charlie DiLisio

@Wayne Brooks, can I get the name of the company you use.  That is a good price and I assume you can get it for month to month for flips?  

Sounds to me that you have your answer. You are with an experienced flipper and you know the players. I think its a good starter for you and wish you the best on it. HML would work for you also if your turn around time is only a month until listing but the points and junk fees can be a bit pricey but either way you make money and its a great learning experience. All the best.

Another option is if you have the money to do the re-hab you can lease option the property, do the re-hab and do a double close when you get the buyer in place.   You would have to do your due diligence on the property to make sure there are no liens etc.  I would be careful dealing with someone that you do not know personally and the contractor would be paid up front as well!  He has nothing to lose and you are the one sticking his neck out.  Just a thought because I have seen many deals fall apart or the buyer gets caught holding the bag.  Good luck.

Nice job.  I agree totally.  Patch the sidewalk and paint it and do a little landscaping and they will be beating your door down.   Enjoy the day.   Cheers.

I say island also but not crazy about the backsplash on it.  can be a bar, sback space and counter space.  just my 2 cents.  looks great.  have a gfeat week.

The first thing I would do is have the buyer qualified.  It sounds as though they don't have the money to do the improvements after the purchase so you would be the one taking the risk.  If you agree and the appraisal comes up short they may not qualify so I personally would not do the deal without my lender checking them out.  They can use any lender they choose but you would have a backup if their lender balks at the deal.  Good luck!

Find a good deal, get the contract and JV with someone for the money to fix. 20% down will get you most HML's if the deal is good.

I went thru a similar situation in Lake Worth and had to pull a permit thru my GC and the problem was getting the drawings and approvals took about 2 months before they issued the new permit before I could even start the re-hab.  Due to the expired permit the city also imposed a 100 a day fine and they had a 24,000. lien on the property which kept on accumulating until the work was completed and in compliance.  I would definitely check for city liens and how they handle the abatement process.  I was in luck with Lake Worth in that they counted all of the re-hab costs to correct the violations and accepted them and ended up with 0 owed to the city in my case.  Interesting scenario but luckily city was pleased with the re-hab and was glad to close out the case.  I did more than they asked and was very attentive to their directives.  Good luck in Plant City, I hope they will work with you as they did for me.  It got settled before a magistrate hearing and many people didn't get anything taken off but I don't know what their situation was.  

Yes on the first position. I will send out the opportunity to my local REIA and associates who can see the deal first hand. Thanks for the great idea. I appreciate the feedback.

5000 is my guesstimate depending if it is a standard size 5x8 for labor and material.  ii would definitely do it for sure.