All Forum Posts by: Chris Policicchio

Hey @Jesse Goldstein!  Welcome!  What kind of advice are you looking for?  General flipping advice?  Something specific to the property?  More information and context will allow the community to give you a decent response.  I'd include some information on your experience, too. 

Hi Rachel!  I would strongly recommend reaching out to Damion Lupo.  You can get in touch with him via www.totalcontrolfinancial.com.  He manages QRP (qualified retirement plans).  There are a few differences between QRPs and SDIRAs.  IMO, the differences are all pros for QRPs.  I used to have two SDIRA but converted both QRPs.  

@Matthew Mueller I sent you a connection request. Feel free to DM me info.

Thanks!

Ditto to what @Michael Wolffs said.  I switched to Riva Ridge at the beginning of 2019 and they've been very good compared to my previous to PMs (who were terrible).

Hey @Megan Fisher!  I would strongly recommend listening to the older BP podcasts featuring Michael Quarles (he's from YellowLetters.com).  If you follow what they layout, you will have success.  Of course, "success" varies from investor to investor. Direct Mail Marketing has worked and continues to work for many.  I started mailing in the Pittsburgh area following the template laid out in the those podcasts, using YellowLetters.com, Listsource, and PATLive.  I had immediate success (meaning I was able to buy properties).   The market continues to be hot (basically everywhere), so deals are definitely harder to come by.  Good luck!  Don't hesitate to reach out with questions!

I have a friend who has done an amazing job building his contracting company. He's been flipping in the area for a couple of years now and he's been pretty successful. He's been using hard money to fund his flips. He wants to start applying more of a BRRR strategy, however, his challenge is he has bad credit. He currently has a handful of properties financed through HML. They are all rented and even with the existing hard money loans, they are cash flowing really well. The properties are probably worth 2X what he owes. Ideally, he'd like to refinance each property at about 7-8% over 20 years (or 30 if he can get that). He's probably looking for around $250k. He asked me for some advice. I'm not sure how to find this type of lender. Can anyone point me in the right direction?

@Ali Groat I have an old duplex that needed a new roof this year.  It was slate with box gutters.  I started trying to get estimates around May and it took about 6 weeks just to get estimates.  I ended up only getting two.  It was frustrating.  I ended up going with Windows R Us.  Their price was was about what I expected and they did the job on time.  I have no concerns with the quality, but time will tell on that one.  If you need a contact, PM and I can send you details.

Without any specifics of what you saw or where you were at, it's really hard to say.  How many properties did you look at?  What was the location?  What was the price point?  Just because a house has been flipped doesn't mean everything is going to be high quality.  I think a lot of the quality is really going to depend on the area and general price point of the properties you are looking at.  

@Kyle Wehler Hey Kyle! I recommend Riva Ridge. If you PM me I can share contact details with you.

First - awesome job on bootstrapping that first property!  Well done!  

To (try and) answer your question, I hate to say it, but it really does depend on our your goals and current situation. Normally, if someone wants to scale quickly, I think a BRRR strategy (and leveraging your properties) makes a lot of sense. In advance of using the HELOC, I would save about 6-9 months worth of payments. Then use the HELOC to acquire your next property and you'll have 6-9 months to get it finished. Then, I would probably take a mortgage out on that and keep it as a rental. So you'll still have your first property free and clear (b/c the mortgage on property 2 would pay off the HELOC) and the second property will have a mortgage, but should still cash flow for you. Anyways, that's a bit off the top of my head. Just be careful you don't get in over your head. I think having some cash savings is very important. Good luck!