All Forum Posts by: Steven DAmbra

Hey BP

Im always giving my email in Facebook groups and I come across plenty of "lenders" but sometimes something just feels off, like it could be a scam.

I emailed a Private money guy recently is offering 4% interest which sounds great but needs a $1500 origination fee.

Someone had told me there's a list or software out there to tell or identify whether the lender is legit or not.. so my loaded question is ...

1.) How can I tell if the Private money or even Hard money lender is legitimate?

2.) Is there always an Origination fee?

3.) Can someone please refer me to a PML???

_My experience level is 2 done flips.

_Used high interest hard money.

_woukd love to work with a Private Money Lender in Massachusetts or Rhode Island.

Please and thank you BP community.

QUESTION:so when you got the deal, you got the property, BUT all you really have for cash is the down payment. so that leaves the 10-20% of liquid cash you need to actually close the deal. so for a fix and flip... what's your best approach to getting that gap money you need? Is this called taking 2nd position on the mortgage? if so is anyone even willing to do that? please and thank you.

Hey Jay, Here's what my agent had to say about it

"Hey yeah, that lot in Johnston is listed at 20.5k, it's connected to public sewer and water. The dwelling should be demolished and rebuilt. Other lots in the area that are raw are listed anywhere from 10-45k. This lot in question is buildable though, with the proper sewage already there. will sell for about 140-160, depending on a lot of variables.

 Yeah it's in Johnson, there's currently a ran down home about 800sf sitting on 8000 SF of land. I can get it but just looking to either wholesale it to a builder or hire a builder to build and flip. What do you do Jay?

How do I calculate whether buying a piece of land for 30k is worth the investment if im buying, fixing (build) OR wholesale and flipping it? anyone have a good method or system to calculate land purchases?

Hey, what's up? I'm starting a kitchen cabinet company and I'm looking for flippers thoughts as far as, whats a good deal on kitchen cabinets? from the supplier I'm in contact with now, I'm getting the same cabinets for a little less than half the price as far competitors around here.  

Just curious how many people flip houses that would say for example 4,000 bucks is a good deal for a kitchen cabinet set for a 250,000$ home in the 

North East specifically 

anyone with any thought on this would definitely be appreciated. thank you.

Steve 

@Gabrielle Gibson hey I appreciate it thank you.  So yea i put 295 to be conservative considering how beautiful the end product was on Britannia st. AND it was also sold more than 6 months ago i think it was closing in on a year.  So all in all would you say its a good deal? 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey BP, looking for someone nice enough to please help me figure out the most important number here, the ARV? Im saying 290k based on the following properties--5 Parker Terrace, Taunton, MA 02780---264 W Britannia St. Taunton, MA 02780----I think its a good deal at the MAX offer , please let me know what you think, greatly appreciated

@Ken Nyczaj ^

i see ok. another question, i get confused about how much of the loan im paying interest on. Ive heard 12% of the purchase price (excluding the repairs) or is it all together, or does it vary by lendor?

Also my lendor wants 20% down, do i put the 20% down right into those closing cost slots? thats 20,000 i put it and it really hurts the numbers at the end? do you know what I mean?