All Forum Posts by: Christopher Short

Very inspirational, hope all is going well! 

Hello Investors,

So i've just gotten my list of vacant properties in the area. I'm slowly going through them, marking what are great flip opportunities and what seem to be good rental opportunities, though im not quite sure what makes a good rental property. I know what to look for when looking to flip a property, but is it essentially the same criteria? Also, is there a tool to use to figure out what rent is going for in the area of the potential rental property? 

Ned, I feel that way as well, I don't want to call them out because I am technically still working the deal. Hopefully they find an evaluation company soon but in the mean time i'm looking for local HML to help save the deal if this falls through. The lender in question has a big reputation here on bigger pockets i'm finding out. I've just read a forum thread about them that has about 200 responses, some good some bad. I guess it just all depends with them.

Good Evening Everyone, 

So I have this issue where I have a property under contract and the lenders are letting me down tremendously. I won't mention their names but the lender is a Hard money lender and I had to make a substantial investment to become a member with the company. Long story short, a time and date was set for an evaluation to be done. Also, my agent's contact info was sent out to the lender for them to coordinate dates and times to access the property. Well the company they sent out did not call my agent, therefore could not access the property. There was no follow up email or call sent to me, I had to find this out by calling  the lenders myself. The lender is saying that they are trying to get more evaluators out to the property but some have cancelled and others don't operate in the area. On top of that, they won't allow a referral for a company by my agent. Basically i'm in limbo here and the closing date is rapidly approaching. What should I do? I don't want to lose this deal, and I cant just request the money back that I put in to become a member. Anybody ever dealt with anything like this?  

@Frank Wong thanks a lot. I’ll get right on it.

@Frank Wong would this be ok to do with an owner occupied loan as well. Me and my fiancé are buying our primary home within the next 3 months. Being that I would be doing the rental property loan in my LLC's name would that hinder me with looking for my primary mortgage?

So I’ve been involved in real estate for about 3 months. Mainly focused on fixing and flipping properties. Recently I’ve stumbled across some great opportunities for rental property. I have experience with hard money lenders but they do not do offer assistance with rental properties. Anyone can point me in the right direction to find funding for these type of properties?

@Carson Wilcox yes, I have about 8 days left before I have to go into using earnest money as the due diligence period expires.

@Chris Youssi I thought like that at first as well. Using the MLS The competition is so high that most people make the offer based on the photos. It’s definitely a pain but it’s necessary to get the “deals” off of the service. Question, being that you don’t make offers until after viewing, where do you find your properties? I’ve been branching out more and more trying to find off market properties, is that what you do also?

About a week ago i got my first property under contract. Price was a little higher than what i wanted to pay but i got it off of MLS and it had "multiple offers" so i had to come in at highest bottom line price. I thought this was still a good deal. House looked like it needed minimal work in the photos. It has original hardwood floors, nice open floor plan. Looked like the most i would have to do is turn the garage into a bedroom, update appliances and a little paint, 15k at most in renovations. Well of course that didn't go as planned. We get the house under contract and visit.... everything looks good on the outside. When we get into the inside I see hairline cracks in the ceiling and on a few walls, big red flag. On top of that, the center of the ceiling has a big hole that has been badly covered up, which makes the ceiling come together at a curved angle on one side and a straight angle on the other. I was sure that I would run into some things but I am kinda nervous for this estimate from the contractors. On top of having that foundation issue, i just don't know if its worth the hassle. I'm using a hard money lender for the flip and its already looking like i'll need more cash to close than I intended on spending. When should I pull the plug in a fix and flip property and what are some of your personal red flags in properties as investors?