All Forum Posts by: Gregg Congrove

Thank you, @Jay Hurst, that was the missing piece for me.  I reached out to you yesterday via the Find a Lender tool here on BP. Can you shoot me a DM with your contact info? Would love to speak with you further.

@Jay Hurst, thank you for the response. So I know the lender wants me to have some "skin in the game". In the above scenario, you lend me 225k, I put 200k on PP and I have 25k for rehab. I need 5k of my own money to hit that 30k rehab budget, but that doesn't seem like enough of my own money in the deal. How does that play a factor? 

Hey all,

Been a lurker on here for a while. I listen to a lot of the BP podcasts and I've read several books.  BP helped me turn my primary into a long-term rental.  I've run that rental for over a year and I'm ready to expand.  I'm looking to start my first flip this December and I have a few questions that I'm hoping you guys can help me with.

1. If I use a wholesaler to find a deal, does my realtor need to be involved in the acquisition?

2. An HML says they help finance the purchase and rehab costs. Then they mention they can lend 70% of the ARV. Does that 70% go towards purchase and rehab, or is there a separate loan for rehab?

3. I see a lot of deals (from wholesalers, FB groups etc) where the seller lists the purchase price, rehab cost, and ARV. How accurate are those rehab and ARV costs? I know this is really situation-dependent, and that I should verify those numbers myself. Is this where my realtor would come in to run comps and confirm the ARV? Should I be able to do this myself?
4. in the same above scenario I assume I should have my GC verify the rehab costs? Is this something I should be able to do after i get more experience?

5. Does anyone have any recommendations for a trusted HML that services TX? I've reached out to a few that were advertised on this site. But always feel more comfortable using a trusted source that someone has used.

Please take it easy on me, some of these may be "dumb" questions.  I'll probably have some follow-up questions as this develops. 

Thanks!