All Forum Posts by: Josh Longtin

I am seeking feedback from anyone who has used or know anyone who has done business with either “Patch of Land” or “Global Integrity Financing”.

After comparing HM loan agreements for both, they are a virtual wash down to the dollar.

Looking to see if anyone feels strongly for or against either of these companies.

Thanks!!

Just starting out. Analyzing deals for a year and ready to act. Flip to start, but buy and hold multifamily rentals in the future. I need to form an llc to obtain the HML required for this particular deal. Any advice on who to use to file? Looking for ease of use, affordability, and efficiency. Any suggestions are welcome. Thanks in advance.

J

@Tom Shallcross

Excellent call.  Thanks very much.  Being an investment property, I thought the letter may be much.  That option makes more sense.

I am submitting an offer on my first flip property.  The property is vacant, and partially rehabbed.  My offer is 20% below asking.  I don't want to insult the seller, but the scope of work dictates a lesser offer in order to make my formula work.  I have been told that a personal letter accompanying the offer can go a long way.  Has anybody written one before and care to offer any tips?  I am having trouble with the proper verbiage in order to communicate my interest without looking like some lowballer.

@Ed B. Good call Ed. Thank you kindly

@Ryan Ridgley

Excellent advice. And Congrats! Thanks much. Ill keep you posted

@Michael Noto. I agree. 229k is arv, I think 239 is my initial list in the spring.

As far as rehab budget, I am in a great position because the seller has done most big ticket items, leaving mostly sweat items like sheetrock, trim, hanging doors...... I am pretty handy and can complete a lot of the work along with a close friend who is a GC.

Purchase price will be key. I have decided that an initial offer of 110k with a detailed letter attached as to why I am offering that and the scope of work remaining. I would go up to 120k but I cap it there.

I will be using HM for the first time and am budgeting for higher terms while still remaining profitable.

Im hoping to aim big and win moderately, as opposed to aiming moderate to small and possibly losing small or breaking even.

I have invested a lot of time convincing my wife that this is a feasible way to make money if planned to a tee. She will be a huge help but is an extremely cautious partner. I want to deliver on that.

@Ritch Bonisa

Exactly. Thanks Ritch👍

@Aaron K. Oh I couldn’t agree more. I just know my lack of experience with HM puts me in a bit of a variable range of possibilities.

Thanks again. Appreciate the dialogue.

@Aaron K. I do have a rough idea, but there is a huge difference in profitability if I budget for say 20k down and 12-14% rates, and the lender comes back with 18-20%. I will check on the letter of intent, thats clearly helpful and what I’m looking for.

I appreciate your reply.