All Forum Posts by: Felipe Munoz

Had GREAT experience with Air Time Cooling and Heat.  I spoke to Boyd (Owner).  $12k for dual Trane units!  HIGHLY recommend!!!!  I shopped several companies that all had a really hard up-sell tactic and bad mouthed every other company.  Air Time didn't do that :-)
http://www.airtimeaz.com/

@Lisa Maturo, I'm on a bunch of lists and see the same thing you're seeing. I'm on my 3rd flip in AZ. Purchased from MLS, Wholesaler, and Networth Realty (I guess they're wholesalers).

Recently, I went through my old emails from a bunch of different wholesalers to see what happened with the properties they were blasting out. A bunch of them sold at, or above, the ARV the wholesaler advertised. I have to say I was shocked! I didn't count them all up and run percentages. I also don't know what the repair costs were.

I guess I'm only writing to say that I have made a few base hits on the flips I've done.  I haven't hit any home runs yet but I'm certainly learning a lot.  I love this stuff and will continue to plug along in a "side hustle" capacity.  Best of luck & I think you're doing the right things.  Reaching out, researching, learning........you'll find something!! 

@Nicole Lee, I also wound up going with Foremost.  I went through a local Phoenix agent named Jeremy Besse.

Would this be a deal breaker for you?  I'm about to buy a fix and flip property in Phoenix, AZ.  It has a tile roof that was put on top of an old shingle roof.  Everything seems to be in good condition but this is done incorrectly.  Rehab budget does not allow for roof replacement.  If not for this "issue", the house is in great shape.  Anyone ever encounter something like this?

Thanks!

-Felipe

Who's your favorite insurance company for fix and flip insurance (vacant property)?  

Thanks!

-Felipe Munoz

I used Scott Miller to file my 2017 taxes.  I was really happy with service BUT I didn't have any real estate income last year.  This year I will & I'll be going back to him.  I know he does presentations at local real estate offices about taxes for Realtors.

http://www.scotthmiller.com/real-estate-accounting...

If it works out, let me know.  Good Luck!

Thanks!!  This has been extremely helpful!  More questions......

• Is the "Note" written up by an attorney and recorded by title?
• Proof of funds:  This question came up in a previous post but all answers referred to "approval letters" provided by hard money lenders.  How do you provide proof of funds when making an offer using private money?   

Hi BP Fam! I have a friend of a friend who's caught wind that I flipped first property and has money she'd like to lend.  (Yeah!  Pretty cool!)  We are going to have a chat about her lending money for a fix & flip project but I'm not sure how to use private money.  Is someone out here willing to really dumb it down and explain how you'd use someone else's money in this type of scenario?  (This would be happening in Arizona...if that matters)  Only questions I can think of are:

• Does she deposit checks to escrow company?
• I'm sure I have to record a "note"....but not sure how that happens
• I know all terms are negotiable between us, but what are "typical" interest rate and terms

Thanks for your time & advice!  

P.S. I've posted some pics of first flip on IG. Feel free to follow @felnoz

@Amir Vahab real quick.  Sounds like you are calling a "down payment" your "earnest deposit".  Earnest money is made to a seller to show you are not messing around and are operating in good faith.  This money is held in an escrow account.  As transaction moves forward the earnest money is then applied to the total down payment or is used towards the purchase price if not financing.  

You're private money seems to be a hard money lender.  I went through pretty much the same exact process you are talking about for current loan on my first flip.  So far all has worked smoothly with them. 

What I'm really curious about is this: Let's say I have a friend of a friend who heard I started flipping houses and she says. "Hey!  I have some money I can lend to you and you pay me interest on that money."  She's not an institution, not a bank, she just has money.

How do I provide proof of funds when I submit an offer?