All Forum Posts by: Deborah Wodell

This is definitely true. I always make it a point to be upfront with my clients about potential fees from some of the lenders I work with, like application fees, appraisal costs, and others. It’s crucial to set those expectations early on to avoid surprises. I once had a situation where a client’s appraisal came in way below the expected value, and the numbers just didn’t work anymore, so we had to forfeit the deal entirely. It’s tough, but being transparent from the start can save a lot of frustration down the line.

Thanks for sharing that insight—it’s so true that the rep can make or break the experience, no matter how reputable the lender is. It’s great to hear you’ve been able to step in and save deals!

I’m curious—what’s your process for vetting lenders or account executives to ensure they’re legitimate and ethical? How do you spot the red flags and make sure you’re not dealing with a scammer? Would love to learn more about your verification methods, as it’s always good to hear different approaches

As both an investor and a broker, I’ve worked with a variety of lenders, and while many are solid, some have issues—whether it’s delayed closings, surprise fees, or poor communication.

I’m curious to hear from the community: have you had any bad experiences with lenders that we should all be aware of? Which lender was it, and what were the biggest problems you faced? I’d love to hear about the red flags to watch out for, so I can hopefully avoid the same headaches.

For me, clear communication and transparency upfront are key, but I know not every lender operates that way. What’s your worst experience, and how did you handle it?

I can help you on this. 

I’ve had experience with real estate investing in the past, but now I’m planning to dive into fix & flip projects. Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.

For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project? Whether it was a win or a tough learning experience, I’d love to hear your insights on what you’ve learned about flipping that’s different from other types of investments. I’m gearing up for my first deal and want to go in with as much knowledge as possible. Thanks in advance! 

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In today's market, with rising interest rates and fewer good multifamily deals available, focusing on (SFH) might be a smart move to get started. SFHs are often easier to finance, and there's usually more demand, which gives you better comps and exit strategies. Plus, as a beginner, you'll get a feel for managing a deal, working with contractors, and understanding your local market. Once you've got some experience and equity built up, you can more confidently move into multifamily properties when the right one comes along.

That said, if your goal is to scale into multifamily, don't lose sight of that. Be patient for the right deal, but in the meantime, you can build your capital and experience through SFH flips or rentals. The market will shift, and those multifamily opportunities will come—just make sure you're ready when they do.

For a flip, you'll want to get a builder's risk policy, which covers the property during renovations, including any damage from fire, vandalism, or weather while it's vacant. Since your regular agent won’t cover it, you can work with a broker who specializes in investment properties. If you’re considering turning it into a rental, once the renovation is done, you can switch to a landlord insurance policy that covers both the property and any liability related to tenants. Just make sure the builder’s risk policy is in place while the property is vacant and under construction to protect your investment.

If you're hesitant to dip into savings, hard money can help without draining your personal funds. Just make sure you have enough reserves for unexpected costs—rehab always ends up pricier than planned, and you don’t want to run out of cash mid-project. Be prepared for things like carrying costs, permits, and any surprise repairs that come up. It’s all about balancing the funding so you’re not caught off guard when costs inevitably rise.

Hard money lenders are often a good option because they’re specifically geared toward short-term investments like flips. As you get more experienced and build relationships with lenders, you'll likely be able to secure better terms. The first few deals are about learning the process and getting comfortable with the risk, so make sure the numbers work before you move forward. This will help you avoid any surprises that could drain more of your equity or savings than you intended.