All Forum Posts by: Nhi Nguyen

Congrats Andrew.  That's a good number for your first flip.  A couple of questions for you:

- How did you get the deal as such a good number?

- What about the $120k estimate, how you came to that, with a contractor quote?

I didn't get J Scott's book but seems like lots of people recommend it.  I too think you should get a book, and get it from this site to support ourselves.  

Since this is your first flip, and it's a big renovation with additions and all, I was wondering how much experience you have with whole house remodel in general?  We don't want to jump in and suggest stuffs you probably already know.  :)

But as a starter, here's what I would do:

• Draft a master plan (and try to stick to it)
• Talk to architect ASAP to work on your plan of additions.
• Budgeting: bring in at least 3 contractors to interview and bid on your project.  If you have a rough draft of your plan before this, it would be super.
• Material budget & selections: get this as soon as you can so when your contractor starts, you're well prepared
• Pull permit as soon as you have the plan ready.
• If you've never done a rehab yourself, all the "goodies" you listed (foundation, framing, etc...) should be left to the contractor.
• Ask your contractor how long it would take, and ask them to back it up with a detail project timeline.  Use this to follow and manage your schedule.  Things will not be exactly like the timeline, but should not be that much different, if you hire a good contractor.

That's all for now from my dried mind for staying up all night listening to the BP's podcasts.  Hehehe.  Oh, I heard Danny Johnson has his "flipping houses exposed" ebook on Amazon for free.  I haven't read it either, but ....! :)

Post back here your specific questions and I'm sure other pros will chime in too.

I've been using 2 sources of money: hard money & private loans from friends & families.

For hard money, it used to be 12% without any point.  After a number of deals, one of the lenders reduced to 10% for me, funding up to 75% of the purchased price.

For private loans, closed friends let me use the money for 5-7%.  Families 0-5%, but limited amount.  

I'm planning to open up investor opportunities for people I know in my community.  Please advice on how you structure your financial arrangements with your investors, specifically in: terms, promises, paper work, etc...

Thank you.  

Greetings BPers.

I have equity in my recent purchase of a multi-building with tenants.  I checked with some of my local Credit Unions but they don't do commercial.  I talked to one broker firm and it takes them more than a month without getting back to me.

Any suggestions for lenders around the Bay Area?

I'd like to get some cash out for the next gig!

Thank you.

Hi Ben.

What I usually do with my friend/family private lenders are to give them a promissory note detailing the terms between the 2 of you.  You can search online for simple note forms.  If not, just draft something on MSWord or something & print out.   For strangers, they might require you to use official form with "lawyer language" and notarized signature, record as the first deed and what not.  My case, friends & families only need a print-out with my signature for smaller loans.  Generally these are the things details in the note:

• Current date 
• Names of the parties
• involved address as collateral
• terms of loan, which includes:
  • how much the loan is
  • how long/duration
  • interest rate
  • monthly payment (derived from interest rate)
  • when to pay (monthly, or at end of loan, etc...)
  • any penalty for late payment
  • any option for extending the loan duration at end of term
  • prepayment penalty or not
  • What happens if you default 

As far as check deposits, you already have loan notes as proofs.  I never had to provide those to banks.  Sometimes banks require you to provide proof of funds by asking for 2-3 months of bank statements.  So you just have to have your funds in ahead so it'll show on your statements.

Hope that helps.

thanks for having it fixed, soon!!! :) 

Can you make it available on Tapatalk?  

Thanks.

I just downloaded DIYlandlord from iOS to try out  it has great reviews.  I got the free version which maxes out at 2 tenants.  You can buy a pack of additional 10 for $8.99 I think  

There are some others on there I'm gonna try later too  

Christopher:

BIG congrats to you on both your marriage and passing the license. Good job. 

You inspire me to refocus on my classes. I got side tracked by ... bigger pockets forum. Hehehe. Talking about pointing fingers!!! :)

congrats. Who do the rehab for you?  

looks good. Congrats and hope you have multiple offers, make good profit and propel yourself to the next flip quick!!! :)

I'm curious about your numbers, after the sale, too. 

welcome Brian. Same here, I'm getting crazy over the podcasts, listening 3-4-5 shows a day now to catch up :).