All Forum Posts by: Elizabeth Zuniga

@John Thedford @Michael Noto Thanks guys. I definitely will not be proceeding with that contract.

Hi @Jeff S.! I did not give him any credit info or anything. I found him online. He said that the insurance is for protection just incase anything happens.

@Guy Gimenez Thank you so much sir. 

@Guy Gimenez Yeaaa, it does have to be paid upfront, which is why I sought help! It sounded weird to me.

I need help with a hard money contract that I am about to sign. I need to make sure that it isn't a scam. This particular lender doesn't use collateral for his loan. He uses insurance and there is an insurance fee that I have to pay. Other than that, don't have to pay for anything else, but my monthly fees of course. What do you guys think?

@Chad Clanton I actually think that the person selling the property is a wholesaler. I have contacted her by email, but I am waiting on her response. The last part of your message was extremely helpful.  As for the lender, I am pretty solid about the person I will be contacting. What I am not clear about is what exactly will he be funding. Whenever you find a private lender or hard money lender, do they finance just the home, or do they finance the entire flip? I need clarity on that before I proceed too!

@Jonathan Foskey Most definitely! I really appreciate it!

@Chad Clanton Thank you so much sir! I'm a little nervous, but excited at the same time. I will definitely keep you updated :)

@Chad Clanton What do you think sir? Am I doing alright so far?

@Chad Clanton I am going with a hard money loan. I found a private lender, but I have not contacted him yet, because I want to make sure that I am doing things correctly. As for the home, all it needs is paint and kitchen and bathroom updates. The house is in great condition overall. I did the 70% rule, and this home is in that range. Most homes here in South Florida are way above that, for whatever reason. I am definitely getting an inspector to inspect the home especially since I can learn a lot from the team I put together since its my first deal.