All Forum Posts by: Kristine Baker

@ Yadria Gutierrez,

I would look into your local REIA. They will have GC that can help you and are used to working with investors. Also really good realtors. I have heard the Tampa REIA is a great one. Good luck in the fix and flip!

Anytime...Good Luck!

@Niel G, I can see this two ways.  As an investor, i am looking at properties for potential.  I may not have my funds in place yet because I have not decided you house is the way I want to go.  What is wrong with looking?  I did the luxury market for awhile and we proposed a process that helped many.  I was not qualified with money, however if I needed to I could.  

Also when selling it is nice to have everything ready to go and people qualified.  I guess it depends on your price point.  The market will speak for it's self though.  If it is fast moving then pre qualified is essential.  If one is not, they will miss the deal every time.

@Melody Bynum Being able to comp your property correct is essential. This is how you know you are getting a good deal or not. Also knowing the days on market will give you an estimation how long you could be potentially holding the property. You can find out this info at your local REIA.

@Matt Cariello So, at 65% LTV you would be able to get a hard money loan for 442K propably the purchase price + closing.  They are probably going to ask for the rehab to be held in escrow.  Again it depends of the lender correct?  Good Luck!

Hi Matt, I almost forgot...Hard money lender is going to want 1st position, If you have 200k business credit...Great...easy for you...however, you might be uncomfortable for awhile.  It all depends on the time it is going to take for you to turn the project around.

If you are refinancing the loan right away, I would get a hard money loan. However, you need to look at what the cost of money really is compared to refinancing all the time...what I am hinting at is, it might be better to stick with the hard money loan over the duration of the rehab if you plan on turning it around quickly. If not, then you have to look at your cash out lay like this, you are going to need the money for the hard money loan, Usually 65% LTV @12-15% of the after repair value, money for the rehab costs, and money to originate the new traditional bank loan.

If you purchased the property correctly you can get the rehab costs covered in the hard money loan.

As far as your share, that is a lot of money to come out of pocket with.  I would find another way. For instance, I can buy 5 properties with 200K if I use leverage stated above.  

Hi John,

 Are you going to be the first one to actually get the deal going?  I would not put any #.  It depends on the deal you find.  I usually split 50/50.  My spreads on wholesale deals are usually 6K or more.  However, I would do a deal that gets 2k in my pocket.  It really depends on the deal.  It is so nice when you have an end buyer with little effort.  That's what those guys are good at.

Are you kidding me????? If the deal is sweet enough you bet! Have you gone to your local REIA and started a buyer's list? It all depends on if the numbers make sense. Good LUCK! Wish I lived in San Antonio..I would buy it.

Check everyone!  I would also have the parents sign along with the students so that you are going to get the rent regardless if the students do not have money. Www.mysmartmove.com