All Forum Posts by: Eric Wheeler

No no...don't be sorry at all. I value all comments. Something can ALWAYS be overlooked I am sure.

Great. Thanks for the information, Andrew.

Thank you for your repy, Kuba. Not family at all and he, and myself, are aware of the risks involved without a contract in place. My question related to reputable hard money lenders investors have used in the past and have great success with.

Hi Guys. Super stoked about our first flip. My girlfriend and I have a few rentals already and want to scale tour business as fast, however as safely, as possible. We are wanting to pursue 3-4 flips this coming year to aid in purchasing more rental properties. I will keep this quick.

We have a "silent" investor that is going to cut us check for the purchase price, no contracts between...we will be using our LLC however to purchase. Since the purchase price is exactly, or very close, to what it will cost to rehab the property, we are 50/50'ing the deal and will fund the rehab on our end. We will have to use hard money/private lending to come up with the needed 70k and would like to have it 100% financed considering there is a ton of equity in the deal. Quick numbers:

Looking to purchase at max 85k

Rehab rough costs: 70k

ARV/Comparable sales 230-269k.

My question to you guys, any 100% hard money rehab lenders that you recommend? I have viewed the lenders in our marketplace but it is considerably overwhelming as we have a lot in there. I simply want to know who you guys have used and have had a great experience to possibly see a trending name among the forum.

Look forward to seeing your responses and hope everyone had a great holiday.

Eric Wheeler

BrilmoreGroup

http://www.biorestore24.com/

Contacted Kevin to get a quote for some work, foreclosure cleanout and demo. Seemed very knowledgeable about this business and chatted for a bit. Was promised a quote later that night, Saturday. Contacted him back on Sunday, said I would have it on Monday. Contacted him Tuesday....advised him I don't want his services. Response was "OK". Wasted 3 days on this guy like he was doing me a favor. Don't recommend at all. If you don't value you business relationships, not sure why you are even doing this.

thank you for the input! 

correction *at the end of the year*

Hi Everyone,

Newbie here out of Jacksonville, FL. Closing in a few days on my 1st rehab/rental and I have a quick question regarding Cap Ex and Vacancy %'s. When we calculate monthly cash flow, we obviously factor in these percentages as a cushion. My question to you is....where does this money go?  Do we keep it in our operating account even though we haven't necessarily tapped into it? Isn't there tax drawbacks to keeping large sums of cash on hand at the end of the yet? ( I realize you may not be an accountant but just want to hear some ideas/thoughts)

Hope to chat with you all very soon. Thank you for the opportunity to post.

Eric