All Forum Posts by: Jeff Ashachik

Repeat question - Ignore

Thanks for the insight, @Chase Maher and @Account Closed. I guess a follow up question to the scenario where your offer has been accepted is:

What happens if it's not as good a deal as you thought and an HML won't lend you the money? Do you then just fall out of contract because of not being able to come up with funds? I guess there's no Pre-qualification process to secure your loan with HML similar to getting a traditional loan?

Hey guys,

I am trying to learn more about hard money lending and I'm stuck on this very low level question that i'm almost embarrassed to ask. Almost.

What exactly does "Having a deal" mean?

I've been reading/listening about hard money lending and I hear a lot of "don't go to a lender without having a deal". Does this mean you have to have submitted and offer that's been accepted? or just a verbal agreement like "yea, I'll sell you my house for this much"? or just seeing a property that looks appealing on the MLS?

thanks! Can't wait to look back on this post and say "Wow, that's embarrassing"

@Aaron McGinnis @Randy E.

 Thanks guys, for shedding some light on this for me.

Hey guys! I'm pretty new here so I'm sure I will be pushing the limits of "There are no stupid questions".

1) Right now I am only planning on having 1 flip going on at a time. Is it worth finding a General Contractor? Or would you try to find a painter, people for flooring, people for cabinets, carpenters, etc. (trying to stick to mostly cosmetics for the first one)

2) At what point in the process do you start getting quotes from contractors? I guess this is where utilizing my knowledge from "The Book on Estimating Rehab Costs" comes in. So, do you guys typically walk through with the realtor/inspector and come up with a number in your head, purchase the house, and THEN get contractors to quote? What happens if your estimates aren't accurate? What happens if issues come up during the inspection that are too expensive? Do you just back out?

3) Last one, when picking out cabinets/fixtures/carpet/flooring/paint colors do you just provide all this information to the contractors? Or do you purchase everything and bring it to the job site? Or, like on all the TV shows, do you go to the store with the contractors and point out what you want?

Looking forward to hearing some responses and getting to know some of you guys! thanks in advance for taking the time to help out a noobie.

Hey, @Andrew Lackey! I'm in a very similar situation; new to BP, graduated from Georgia Tech, working in the metro-Atlanta area, and looking to continue in real estate (I have one accidental rental property) specifically in flipping. 

PM me and maybe we can meet up to discuss more