All Forum Posts by: Jeremy Mims

Hi @James Baker - Also new to REI myself. Have you looked into FHA loans? This could be an option if you are able/willing to complete a live in flip on either a 2-4 unit multifamily or a single family.

Aside from FHA loans, I have noticed that a lot of lenders are asking for 20% down due to my lack of experience with flipping homes. I believe that the rates will improve as you gain experience though.

Best of luck on your search!

@Shawn York - Thank you for the info! I'll be reaching out to Kevin soon.

Hello BP,

I'm currently searching for GC recommendations in the Indianapolis area. I have a home that is down to the studs and would require a full rehab inside & out. If there are any GC’s that you have worked with on a similar scope of work, please let me know how your experiences were!

Thank you both for your comments! 

So it appears that the flexibility/quickness of HML are why one would select that route...

I did some more digging on the Construction Loans, and it looks like they take longer to qualify for as they require finer details regarding the rehab work required for the project. (https://www.investopedia.com/terms/c/construction-...).

Let’s say that I am looking for a distressed property to rehab and rent out. What are the tradeoffs to using a new construction loan versus a hard money lender? Are there certain aspects of the property that would only qualify it for one versus the other?

From what I have researched, new construction loans have much lower interest rates (5-6% vs 12%+ for HML). So I am trying to figure out what would make hard money lenders more attractive in this case. Does the condition of the property determine which type of loan is available?

Looking for some good lenders to work with in the Indianapolis, IN area to fund my first fix & flip at 85-90% LTC. I have been looking at properties with a total projected cost of around $100k. If you have any referrals that you have worked with personally, please let me know! I am also open to any other lenders (outside of HML) that anyone can recommend.

(Side note: I currently live in Los Angeles, but will be partnering with family that live in Indianapolis.)

Looking for some good hard money lenders in the Indianapolis, IN area to fund my first fix & flip at 85-90% LTC. I have been looking at properties with a total projected cost of around $100k. If you have any referrals that you have worked with personally, please let me know!

Originally posted by @Zachary Wiederstein:

Can someone explain the decision to Flip vs BRRRR. I'm not sure I understand why I should choose one over the other.

Hi Zachary, my understanding is that with the BRRRR method, you want to make sure that your property will have a positive cash flow once you decide to rent it out. Once the rehab work was done, they did not believe that they would cash flow with rent for the area. So, they decided to flip the house and profit as a result. I am a newbie myself so please correct me if I am wrong!

Hello BP!

I am a recent college grad residing in California with little money to put towards real estate. This is the main reason that I've gotten discouraged in the past, but now I am trying to find a solution to overcome this! So, how can someone in my position get started in multifamily real estate with minimal funds? I would eventually like to be a syndicator on large, out of state multifamily properties, but I need to build my experience up in order to attract investors and for brokers to take me seriously. What are some strategies that people use to build the necessary capital to get involved in real estate? From the reading that I've done, it looks like whole selling is a good option to build capital, while also learning the different aspects to the REI game. Does anyone have any thoughts or things that I should be aware of before going into whole selling?

I would also like to get involved with one of the coaching programs (Rod Khleif for example), but simply do not have the money for these types of programs at the moment. Furthermore, I feel that I still have a lot of research/learning to do on my own prior to paying for a coach.

If anyone has had a similar experience, I would love to hear about how you tackled this obstacle!

Jeremy Mims

Thank you all! I will make sure to look through these links.

@Ali Boone I work in the Aerospace/Defense industry. It's great for a day job, but hey, I want to work for myself too!