All Forum Posts by: Daniel Millner

7-9%. I mainly used Lima One. I also have a DSCR though Easy Street.

I have done 3 flips.  I have used hard money in the past, but I am at the point I would rather partner up with someone rather than dealing with the high interest rates. I primarily work in Michigan, I will have my builders license this year. I have 3-4 people that help out to knock out work fast.
Some background info
First house I did in 2016 held for 5 years as primary while going to school. Bought 60k sold 120k
Second was around 2020 and bought for 53k. Cash out refi at 260k current appraised value 300k. Currently grossing about 3k/m from STR
Third bought at 290k listing at 525k in the next 2 weeks. Put in about 70k. Was a short term rental and did alright.

I see a few houses around that I can make around 200k profit on, but trying to get two projects going with my proceeds from the sale would be a bit too tight. 

Anyways if you are interested or know anyone thats interested please have them contact me! 

 I was just about to post this in another location, but maybe you would be interested in partnering up on a few flips/STRs?

Im a Vet and have done a few VA loans. To my understanding the VA only cares that the initial person that purchased the property had the intent to live there and make the home their primary. If something comes up where plans change they understand, but they want to be aware. You can talk with someone at the VA regarding this, but you will likely need to ask for a manager a few times to get the answer.

I havent assumed any VA loans so thats bit outside my knowledge set, but they should be able to answer your question fully.

Did the prior owner live there for at least 1 year? If so it may have already met the requirement for the loan.

Im a bit confused what you will be doing in that situation... Why would someone that already has a deal and funding need a 50% partner... Are you going to be doing all the work? For example Im currently in the market for a financing partner and Im only planning on giving out 25% for allowing them to be involved. I do everything and they provide the funding. This makes sense to me since I will be doing most of the work. But why would someone give away 50%? This makes me ask more questions than I can provide answers. 

Found an interesting situation with a house and business included in the same sale. The business has been in place for 30 years and I am interested in continuing it as I have worked in that same industry in the past and could actually increase profits as there's no advertising. Its nonconforming for the township, but how its setup that will transfer confirmed with township. Point being its not a commercial lot so no SBA option there. We could break up the sale of business and house if that makes it easier.

I'm estimating that they currently make around 40-60k a year for about 3 months of work which is based on the numbers I know and some google maps information. (still waiting on P&L and details on assets that belong to the business)

That said this would cover the mortgage of the property but since the business is included is there some kind of product that would also take into account the income from the business? Since its included it would just be a new owner for an existing business, but since I have not seen this before I figured someone here might have delt with this in the past to some degree.

 Shot you a message. 

Three so far, two were 200%-400% ROI and the other was to get into STR, but made 20k so far in 3 months so its doing well. Ill talk with a few more, just figured it was a fairly normal policy to have.

 Just the one given working with them in the past. I assumed that the limit regarding land size would be the main issue given most are copy paste policy wise.