All Forum Posts by: Colin Lee

Hi Charles 

Thanks for your input. I agree. Been waiting for too long! 

Fear?  I'm about to purchase my first 4 plex in Los Angeles. It is a turnkey and has a decent cap for considering LA that's just built. Also, interest rate is low so I want to take advantage of that. But still. market is volatile so of course it forces me to review. Should I wait till November election? or just pull the trigger now? any thoughts? Thanks 

@Jason D. Hi Jason Yes i worked w the agent before and he did my flipping and turned out great. I just never been on the lender side so wanted to see what kind of points that I should be looking at. Yes he just confirmed that I will be in the title as the 1st lien. So i guess that's good? :) Thanks! 

@Jason D. 20% renovation cost is what investor is brining in additionally . So the investor is putting down about 45% (25% downpayment + 20% additional in reno) and Im loaning 75% of the purchase. So if they default, I get the property for 75% of the purchase price plus the money that investor put in for renovation of the property. 

@JingJing He Yes and ARV should be at least 135% so I have room if they default. But just in case they default , how hard is to get the property in my possession? Thanks!

Hi

@JingJing He Too much risk? 

Hi BP members! Good morning!  

I have an real estate agent who wants hard money loan from me for flipping an income unit. The investor is putting down 25% of the purchase price, and extra 20% in renovation. I'll be loaning 80% of the purchase price and I'll get is 10% interest for about 6~8 months. Is it relatively safe? Is there anything that I should be aware of and be cautious of? Thank you so much for your comments in advance! 

Hi BP members! If I were to buy defaulted notes from the bank, is it hard to go thru foreclosure process? Any comments will be helpful Thanks! 

@Logan Allec Yes just closed the escrow on my first flip today :) I'll PM you for more info Thanks!