All Forum Posts by: Susan Clark

Hey Mike, I formed an LLC so that it would motivate me to put something in it. I was also informed that often times you set some kind of monetary value for each LLC so one may have say 4 houses while another only has the one house because the values are similar.

Good luck.

I'm an overnight baker at a local grocery store, I do senior care a few days a week and I'm still a full time parent/ home maker. Because I'm starting this gig at an older age and no money to invest I mow lawns, do drive by inspections and do clean up/ out for rehabs to help my business and get my name out there. I've built great relationships this way. Working harder than I ever thought I would be working at this age but it is paying off. I've bought 1 single family, 1 triplex and just closed on my first flip all with no money down pretty good lender rates and I'm cash flowing. Like so many on this sight say, determination is the key. Constant learning and relationship building is a must. I can't wIt to quit my bake job and work this full time.

How do I figure the going rate for a clean up.To get my foot in the door and my name out there, I've begun mowing lawns for wholesalers and landlords who need help in my area and Recently I was asked if I'd want to do a house clean up. I said yes but have no idea how to charge for this service. The job was for a 1200sqft house wash all windows, doors, walls, trim, floors, clean fridge and stove sweep garage and basement. I've got 8hrs in and anticipate another 4hes. What's the going rate or how do I figure this and where can I find info on how to clean this the most efficient way. I feel like although I did a great job and the gentleman is happy there are things I could've done to cut the time but enhance the quality. Thanks

The terms for our other loan was a 5 year interest only with a balloon and it allowed us the money to purchase and update the dwelling before renting it out.

thanks everyone for your responses. Very helpful and a great starting poor a balanced discusion with this lender. 

I'm getting ready to do my first flip and I have a private lender who I asked what their interest would be in financing the rehab for this project. I used this same lender to buy a buy and hold single family. This lender who is new to the scene as well as I am said they'd be interested but what would the terms be. 

My question to all of you is, what are reasonable terms without over doing it for us or skimping on their generosity as well. 

Thanks

Congrats on your purchase. 

Welcome Jay and good luck investing. Be determined and stick with it.  I invest mostly in Wayne County . Check Out FFREIA in Rochester. They are a great resource and you make lots of great contacts there.

Susan

i have a hard time finding these posts again but as an update. It has taken this long to establish a relationship with the seller of this triplex and we are closing this week.  I was able to negotiate the price down by 20k and I found a hard money broker who was able to get me 100% financing at 10% for 15yrs with the ability to refinance how ever I like after paying 1yrs interest. I find this a fair deal. Probly not a home run but having no cash to start my business with, and being 50 i think it was pretty good start. thanks for your input earlier as well I did see that and looked into those options as well and will keep those ideas for future transactions.  

Sounds great. I'll mark it down and post it on the landlord site. I've had several people respond to the post I emailed last night. 

Truly if there is ANYTHING I can do to help even arrive early to set up or great people as they come in let me know. ( I'm a cheerful greeter). So pumped about this.