All Forum Posts by: GC Vaghasia

Welcome to BP! I'm also in Northern Jersey and am just getting started with my first flip...Although I'm starting out in South Jersey. Look forward to connecting.

I'm just getting started with my first flip in South Jersey. Would love to attend this meetup!

@Rick Watt and @Suzette Brathwaite - Congratulations on your first purchases! I too, am new to BP and hope to make my first purchase within the next few weeks! Exciting times! Huge shout out to @Brandon Turner and @Joshua Dorkin for their awesome podcasts! I am hooked ;-)

Excuse my ignorance, but what is the best way to use this type of loan? I'm just not sure how you would be able to utilize these funds if you have to pay P&I on a monthly basis. Can someone walk us through a possible scenario, please?

I'm not sure the deal makes sense from the information that was provided. As Cindy stated, you need to check the contractor references. What exactly does the 80k include? Does this include all his labor? From what I understand the hard money loan would be for about 200k? Most hard money loans are for short term. Are you certain that the contractor will complete the construction portion within 6 months? What if he doesn't? Did you account for the time it will take for city permits and approvals? Do you require any zoning modifications to build? As stated above, why not keep 100% of the equity if you can get a hard money loan for the project. Doesn't make sense to give away 50% when the contractor does not have cash. Just my two cents. 

Hey Guys,

I'm also interested in finding a reliable real estate attorney in NJ who can facilitate with foreclosures. I also understand that some attorneys specialize in providing hard money lending to flippers. Any suggestions?

Thanks!

~GC~