All Forum Posts by: Chris Laino

@Dan Barli thank you!!

@Caleb Heimsoth thanks for the reply Caleb. Get a proof of funds letter from the lender or my client?

I am working with a client who is looking to flip a property and will be using a hard money lender. I am writing up the offer but I didn't know if it would be considered a "cash" offer or financing. If they ask for proof of funds, how do I show that?

Thanks!

@Bruno Nunes yes this is a flip..the roof and siding do look good, I didn't have them include that in the estimate. Water heater is pretty new so that was excluded as well. We didn't discuss boiler so I would assume that wasn't in the estimate and the doors are in pretty good shape as well.

I am looking at flipping a property (4 bed, 2 bath, ~1,800 sq. ft) in NJ and the estimate I received seems high, so I was looking for some peer feedback.

I was looking to change the following:

Kitchen (new cabinets, counter-top, flooring)

2 bathrooms (new flooring, new sinks and cabinets, new fixtures)

4 bedrooms (new flooring)

paint entire interior (~1,800 sq. ft)

Flooring throughout entire house 

Basement (new carpet, ceiling tiles)

GC came back with an estimate of $75,000 without HVAC and $85,000 with HVAC.

I am looking to potentially invest money with a developer, and I wanted to know how private lenders/hard money lenders protect their investment as much as possible? By "protect" I mean, not just give money to someone who is just going to run away and you'll never see/hear from again, or the deal "failing" and you not getting ANY money at all back.

Can I as a private lender protect myself the same way a hard money lender could? Also, what happens if there are a mix of multiple private lenders and hard money lenders investing in the same deal, does this affect how I can/should protect myself?

Thank you for your help!!!

I've done an analysis on a deal and I'd like another set of eyes to review:

- List Price: $250,000 (can probably get for $240k) - putting down 20%

- 2 units that rent for a total of $3,100/month

- Taxes: $7,150/year

- Assuming Insurance: $1,500/year

When performing a BRRRR, can you take out a bank mortgage to finance the project or does everything need to be done with just cash, and why?

@Rafael Norat Just sent you a PM. Look forward to speaking with you!