All Forum Posts by: Stacey Paulin

Congratulations on your first deal! The first one is scary for all of us. You'll look back at this and realize just how minor these issues are compared to other homes you get inspected. Good for you for not letting fear get in the way of pursuing a potential deal! It's easy to talk yourself out of taking action. Good luck to you!

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Beautiful job on the rehab!

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Awesome! I hope it all works out!

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Atlanta, Georgia

It sounds like you're determined to do this deal, and that's to be applauded. Just be careful. Every deal has challenges, but typically deals that are forced are deals that will end badly. Let us know how it goes once you figure things out. This would make a good deal diary, actually.

1 Vote

Atlanta, Georgia

Originally posted by @Kelly Rambo:

Hi @Sharon Evans ! You said a lot without saying some things. First, you said "your fiance" is ready to embark on "his" first F&F. Then you switch to "we" when talking about the personal loan and repayment. Not playing English teacher, however, if you are cautious, nervous and quietly resisting, I'd suggest you keep your money out of this deal. This is a high risk/high reward venture and the flipping shows make it all seem so fun and easy.

I would consider seeking other HMLs and properties that may reduce the cash you need to close. I can't disagree with @Eric Adobo . Plenty of money is lost in these deals.

Now that we got the negative out of the way. If you/your fiance are comfortable with the risk of a flip, I would say try to use your own money rather than overleveraging the property. With such a high amount of loans against a property (100%), your margins may not be able to handle a price cut, if necessary.

Best of luck and keep us posted!

This! Nailed it.

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Atlanta, Georgia

I don't think it matters, really. I have accounts at more than one bank, both personal and business. In fact, I think it helps in terms building relationships with banks when you open accounts with them, especially when you are ready to apply for lines of credit or commercial lending.

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Nope.

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People won't steal your deal. 95% of the people you interact with during an RE transaction could't steal it even if they wanted to. I've several people tell me they wish they could invest in RE, but they can't afford to. These are contractors, realtors, PM's, and they come across deals on a daily basis.

3 Votes

Start working on getting them out of there. This tenant knew what he was doing. You didn't agree to this, and he signed a lease that had stipulations regarding pets. If they won't get rid of the dogs, then you have to get rid of this tenant.

1 Vote

All Forum Posts by: Stacey Paulin

Stacey Paulin has started 6 posts and replied 134 times.

Post: First deal, nervous, excited, whats next?

Post: First deal, nervous, excited, whats next?

Post: First Investment! (Small Multi-Family)

Post: Should I finance the Down Payment for a Hard Money Loan?

Post: Should I finance the Down Payment for a Hard Money Loan?

Post: Should I finance the Down Payment for a Hard Money Loan?

Post: About having a checking account for your LLC

Post: How to know if a property value will grow in near future or not

Post: How do you KNOW your lender isn't going to buy your find?

Post: Tenant filled in application:1 dog, moved in 8 100lb pitbulls