All Forum Posts by: Emmit Giddings

Thank you all for the input. I am talking to Realtor tomorrow. I can add a closet in FROG for 500.00 with out a problem. The stated income loan may be an option if all else fails I have an 820 fico score. Thanks again for all of the advise.

Thanks James, I talked to Homer in the beginning about making the Frog a bedroom and he said it would not make a difference in selling the property.

I appreciate the input. One of the things that is hurting me is this area behind me just changed High School Districts and a lot of properties in the other neighborhoods have gone on the market. There have been sales in the Neighborhood that are smaller than mine and sold for more per square foot than my property. And sold very quickly . Most of the sold properties in the neighborhood are $120-$125 sf  I am at $99sf. The only thing that I can see if my home is much bigger then the ones that sold, maybe it is to big? 

I have a house in North Carolina that I have flipped. I purchased the Property January for $220,000 with a combination of hard Money 198,000 @ 9.5% + 2 pts.

I have a private money loan @ 60,000 @ 8%. The property was finished and listed in March for 369,000 have dropped the price monthly and I am now at 320,000. My issue is my hard money loan comes Due September 12 or goes to 26% interest. Is there any thing I can do to get out of the hard money loan before I get killed with Interest. My payments are $1,560 a month (interest only)  I do not have a problem making the payments now .The Private money loan is not a big deal it is a friend of mine and does other flips with me. I can not go to traditional lending to get a loan. The Property is at 1948 Cornerstone Dr Winterville NC 28590 if someone wants to check it out. Any Advice will be appreciated. I am running out of time and the noose is tightening.

Hello David,

I double close most of my deals in NC. I have done a couple of Assignments in NC. The NC Offer to purchase contract  states that both parties must be in agreement for Assignment. ( Not foreclosures or banked owned)I am in New Bern and do not sure of any attorneys in your Area. I am sure there is some one on the sight who will know of one near you.  I hope this helps.

 Emmit

Has any one used The dominion Group to fund there deals? I received a letter from them for possibly lending on projects.

I would rather trust the judgement of the Experienced Investors on this site.

Any help would be appreciated.     Emmit

The Millionaire Real Estate investor by Gary Keller is a great book.

I would read up on all you can for marketing, that is one of the most important parts of Wholesaling. Best of luck

I want to put together a portfolio of the rehab projects I have completed to give to potential investors. Is there a template or example of how to put one together. Or can any one break down how I need to do this I would like to make it as professional as possible. Any help would be appreciated.

Emmit

Being a former General contractor and now Flip properties, I started doing the work my self. I have found in the last 3 years that budgeting for contractors on projects is better for me, It allows time for marketing for finding more properties. I do think that any one who is flipping properties should get there hands dirty, and understand what goes on in all aspects of a flip. I will give you a better understanding of what needs to be done and the time it takes to do it.