All Forum Posts by: Celia Lumbroso

I appreciate your response and suggestion! 

Please suggest some good networking events where realtors have found it beneficial to attend near Los Angeles. I would love to hear what you gained from prior experiences at these events and what you didn't like. 

Thank you! 

Hi @Steven Barr

David Friedman provided valuable insight on this. 

There really is no cap on how many you can take out at once.  I will say if you are actively trying to take multiple loans out at once, the lender will limit their exposure to you to 1-2 deals at most until those loans have been paid back.  Meaning you cannot takeout 10 loans with the same lender. 

Having (10) loans with (10) different lenders is possible but is not sustainable in the long run. 

It's best to utilize one lender and revisit them as you will get better terms/pricing on each new deal. 

Hi @Sasha Josephs

Steven and Jeremy provided valuable insight for Pittsburgh. 

Good news- you're in a good market for flipping. 

I have contacts in Pittsburgh that could provide additional insight. 

Please let me know if you're interested and I can connect them with you. Thanks! 

Hi @Chris Coleman

Based on what Jaron Walling stated- you do not need a program.  You need to spend time researching and connect with the correct individuals. 

I am originally from Washington state and know the area very well.  I have broker and developer contacts in Washington state which I am more than happy to share with you. 

I strongly recommend connecting with a local real estate agent in your area as well. 

Hi @Maria Putnam

This is a great question.  Private lenders look at a few key items but listed below are the most important items from a lender perspective. 

-Experience.  Do you have any prior experience in fix/flipping? If you do you will get better terms.  If you do not have experience you will get industry rates. 

-FICO.  As a private lender, we lend to all ranges of FICO's.  Private lending is an alternative form of financing where clients cannot qualify for financing elsewhere. The minimum FICO we lend to is 550.  

-Liquidity. How much do you have in reserves? The lender will want to see you put in a portion of the downpayment for the purchase. 

The most common consistent false narrative in private lending is clients think they can qualify for 100% financing.  This is simply not true.  They're watching way too much HGTV. 

Hi @Ronnie

I would suggest utilizing the BiggerPockets local meetups tab to network and find out who is RSVP'ing to the events in Miami and targeting those specific individuals given you're out of state. 

Another avenue would to get on the Facebook groups and identify local real estate groups based in Miami.  A few are, Florida Off-Market Real Estate, Orlando Real Estate Investors, Florida Real Estate Search-Buy, Sell, Open Houses. 

Hope this helps. 

Hi @Marlene Kasanga

These are great points that people have listed above. 

-Network and utilize the Biggerpockets local meetups tab.  This is found under "Build Your Team".  I use this function to network with other passionate individuals.  You will find this tool very valuable 

-Listen to podcasts and follow fix/flippers on social media. My two favorite accounts to follow are BeardyBrandon and Investwithace. 

-Connect with local real estate agents in your area 

Hi Gary, 

Finding reputable contractors can be time-consuming and difficult. 

If you're located in a small town, I would suggest putting up flyers, visiting the local community center or create local job postings on Craigslist to gain some momentum. 

Another idea would be to visit other construction projects occurring in your area whether it's residential or commercial and gain information on the contractors they're utilizing. 

spencer@f2yes.com 

Looking forward to this event! Thanks Sebastian!