All Forum Posts by: Didier Bizimungu

Makes sense @Jeff Copeland! 

Thanks for sharing your knowledge/experience. 

Most HMLs have bridge loans with no construction built in as well. 

They are the original bridge loans meaning, just holding it for a brief period. Some banks do these as well. 

Thank you. 

I don't see any reason you can't have a lawyer look over your OA after making it.

All my LLCs are self-created as well. 

Thanks.

Great write up @Jeff Copeland! 

Any advice on how to split utilities besides WiFi since it's included? 

I'm a local St. Pete investor & rent by the room has been my approach as well. 

Thank you! 

Hi Thomas,

What are your  goals with real estate? Cash flow, equity, long term, short term etc. 

That should help us help you narrow down your options.

Thank you! 

Hi Ralph, 

I use Adam's and they haven't disappointed yet. Link is below. 

https://adamsfamilyplumbing.com

Thank you,

Hi @Greta Andrews! There is quite a bit to unpack here. If it's a triplex you can most likely get it insured like a regular single family home. It'll just be a bit more expensive. So talk to your insurance broker they should be able to guide you through your coverage & premium options. If you don't have a current broker - pm me and I can send you my preferred one for non-commercial circumstances.

As to the roof - I wouldn't recommend replacing a roof that's not causing you any issues except in extremely rare circumstances. Especially since you plan on getting a loan to do it. As part of the insurance process you have to get a 4-point inspection, in that inspection they will evaluate the condition of the roof and give you any recommendations as to replacement or repairs. 

I hope that was helpful & I'm here for any follow-up questions you might have. 

Thanks and happy investing!
 

Hi Connor, 

I'm not sure about your other questions -- but yes it is typical for hard money lenders to require 25% down followed by interest only payments with the interest in the 7% to 10% range unless you have previous flipping experience (usually 3+ homes in the past 2 years before you get any advantages). 

If you're only looking for homes that need light cosmetic updates I would highly recommend you go with traditional lenders. Hard money lenders are usually reserved for homes that won't pass inspection. 

And just a heads up private lenders are different than hard money lenders. Private usually implies a specific individual vs. an established flip lending company like a hard money lender.

I hope that's helpful. I'm in St. Pete too by the way, love investing here!

Thanks, 

Didier

Correct on your last question. But there are also a few smaller cities around St. Petersburg where you can look up their short term laws.

Gulfport, Lealman, & Kenneth City to name a few.