All Forum Posts by: Jeffrey Vargas

1756 Rotary Dr. Silverlake, Los Angeles 90026

2150 Sq, ft SFR with Downtown Views

Purchase Price $1,200,000

Rehab $300,000

Comps $1,800,000 - $1,900,000

All approved plans and permits will be completed in 60 days

Contact Marc Vallefuoco 949-300-9818

@Christina Shackleton thank you for the info and good luck with your first deal. let us know how it goes

@Daryl Webb I haven't heard of that site. How did you come across it?

@Raymond McGill thank you for that. Let's keep in touch with each other's progress.

@Jonathan Twombly

Thank you very much for the super informative response. Your suggestions give me direction and I really appreciate your stress on the professionalism and consistency our brand needs to meet across all forms of exposure (linkedin, google search, etc.).

My partner and I have been finding deals and partnering with an experienced flipper in Southern California who funds the deal and runs the project. We get a portion of the profit for finding the deal and have learned the process from acquisition to the retail sale of the property. With our experience in doing this we now want to fund our own deals for greater profits so we would like to put together a credibility package to present to potential private lenders in conjunction with the next deal we have under contract.

For those who have raised private money, what should we include in a credibility package?

For those who have lent privately, What do you like to see in a credibility package?

thank you

Silverlake (Los Angeles) rehab deal, 20% ROI. Looking for a private money lender. Terms can be negotiated 8%-10% depending on involvement. Please PM me your contact phone number to discuss. Thank You

Builders Surplus in Santa Ana is an option for kitchen cabinets and bathroom vanities http://www.builderssurplus.net

thanks for the input guys

Hi, my first BP post and I need some input, understanding and direction

Situation: in a down 2010 market I purchased ONE piece of property with TWO HOUSES in a very desirable area of Orange County CA. All utilities are separate and because it is a corner lot each home has a separate street address. STILL only ONE property, ONE mortgage, ONE tax ID number. I fixed them up all nice and pretty. I live in one and rent the other. I've gained some valuable renovation and landlording experience and I have saved the rental income to provide me the down payment funds for my next property.

I would now like to establish a HELOC on the property to have funds available for repairs on my next purchase.

Problem: Some big bank lenders and Credit Unions I have gone to get "weird" about establishing a HELOC on my property with TWO houses. They can't get past that its not a duplex and why there are there two different addresses. Some say their charter won't allow the HELOC on my type of property, another wanted to appraise only the house I live in and ignore the value of the other.

Questions:

1. Who (person/bank) can provide me a HELOC based on the value of my property type?

2. Can someone give me some understanding of the underwriters POV so I can have a better understanding. The customer service reps at the branches only repeat what they are told and can't provide me more understanding