All Forum Posts by: Cheri H.

@Anthony Angotti thank you!

Thank you Justin!

Thank you Michael for the detailed breakdown.  Truly appreciate the insight!

Hi all!  I am exploring hard money options in RVA and would like to know what to expect regarding costs?  i.e. origination costs, appraisal requirements, interest, commitment fees, processing fees, etc. 

I have a decent (760+) credit score, a decent amount of cash reserves - I know this mattered to the lenders I have spoken with.  The figures I received were:

Loan Amount $80,800k 

80% LTV

Interest 10.95% 

Interest-only payment: $737.30

Origination: $2,750

Processing Fee: $785

Other Required fees through lender:

Appraisal Report: $405

Building Inspection Report: $290

Commitment Fee (returned at close): $285

Any insight into the reasonableness of these costs would be greatly appreciated!  

@Carlos Salazar sorry Appraisal Management Company

Hi BP fam! Looking for any recommended AMCs in the area and interested to see how those are going (timeline-wise)?

Thank you Shera for the reply! Very helpful and that is a great idea to pay a contractor to help with that initial process of getting more comfortable doing preliminary walkthroughs on my own. I have received a few recommendations to checkout RING, and am part of the Chesterfield REIA as well. Hope to run into you at one of the meetings! Thanks again.

Hello, my name is Cheri Hewlett and am a newbie in the RE investing world. I am a CPA, active in the financial industry over 13 years and have decided to go head first into the real estate industry. I've done TONS of reading during this quarantine and have gone 2/3 through the CCIM courses to work towards my designation. My long term goal is MF (120 unit) but am planning to leverage the profit from a few SFH flips to build up capital. I am seeking somewhere around 60% ARV, 1200-1500 sq ft, primarily cosmetic repairs, 3/1+ in the Richmond Or Chesterfield area.

With that being said, I hoping to find recommendations on real estate attorneys in the area as well as any wholesalers. I feel I’ve been struck by analysis paralysis for the very few possibles I’ve come across. I’d like to know how you all dealt with your first few and how you were confident in needed repairs? Did you put in an offer and have the inspection after, or are you having contractors walk through with you prior to making an offer?

Greatly appreciated and happy to be here!

Kindly,

Cheri Hewlett, CPA

I have been researching different programs that can assist with finding the right area as well as finding comps to help get the ARV..newbie investor