All Forum Posts by: Logan Lambert

what is the best way to fund renovations on a flip project (other than cash)

hard money lender, line of credits, credit cards?

Hi all, 

Over the past year I have been gathering knowledge on various different types of real estate investing. In particular, I am interested in flipping homes. That being said, I have never flipped a home before, so just hoping to collect some information for anything I might have overlook or need to know before I make the jump. In particular, is there any software/tooling which is typically used to analyze & find tenants, analyze deals, and used to find a local realtor who specializes in real estate investing?

As of now, my general plan is to find a local realtor online who is experienced with real estate investing (and has investment properties of their own) to help me find a good local deal (goal is 20-25% return on ARV), get a hard money loan, aiming to rehab/repair/extend the property with my father (both have construction experience) within 4-5 months, and as for the loan exit strategy either sell or rent (depending on the deal). Lastly, hoping to do all this under an LLC. Thoughts on this approach?

Last point I would like to mention is that I am current renting, and I plan to purchase a primary residence within the next 2-3 years. Is there anything I need to consider for how my plan may impact the future (not qualify for first time home buyer incentives?, etc.).

Thank you all so so much in advance! 

Hello everyone, 

I am completing my second BRRRR and looking to do a cash-out refi. Searching to see if any lenders are doing a cash-out with no seasoning period.

Thank You 

Logan, welcome.

I have been working on a flip in Westshore Tampa. I have had it an unusually long time due to anything that could go wrong did...bad weather, bad GC and back and forth getting the engineer plans through since it is a FEMA zone home. Anyways, fast forward we are finally gaining momentum and will be done in 30 days but my maturity is Oct 23rd which is not enough time to have it sold and closed on. However, if I could be under contract maybe they'll grant a short extension. I am trying to see if I should just try to find a cash buyer who wants to hold the property and I could either finish the work as part of the deal or offer it at a reduced price for them to finish...my other option is to try to do a cash-out refinance since we have done a significant amount of work, can I still get a semi accurate appraisal without the entire work being complete. Recommendations?

My first DSCR loan experience was unexpected. I'm looking for guidance from this community. Is my experience normal?

I was given the loan terms verbally from a DSCR loan broker out in California for a cash-out refinance on one of my rentals. The appraised value is exactly what I estimated, as well as the market rent and expenses. However, right before closing, the terms changed drastically, and there were $4000 extra loan fees that were never disclosed during the month-long underwriting, despite my efforts to get a clarification on fees. The LTV ratio also dropped to 70% from the original quote which was 75%, which impacts the cash-out amount. None of these changes were communicated until right before closing. I already spent $1200 on the appraisal. What would you do if you were in my situation?

No, you said how does one find a "deal" without a wholesaler, it's very simple, you simply put in the work to either (A) be found by these sellers who are "deals"     -OR- (B) you approach them yourself. 

Look, '09' I built and employed a small "army" of wholesalers. I had a whole incubator program I called "0-Hero" where I would train a person in everything, literally everything, from 0, and promoted best part was no buyer-list needed or struggle to find $ because that was me, done, ready to go just do the steps. 

Wholesalers made sense then, they were a needed thing. 

Today, no, everything has changed, EVERYTHING. 

There is ready access to a ridiculous amount of tools, resources and information not to mention ready-2-go systems. That didn't exist back then. 

Truth is today nobody "needs" a wholesaler. Sure, you can choose to use one but nobody needs to. Because you can put in the work and just deploy your own system to get those leads directly yourself. 

This can be done with rather limited capital and in rather limited time, 10-20hrs a week is a legit affective amount of time if it's intelligently used. 

And the ways in which you can go after leads is almost endless. You can drive for dollars, go after pre-foreclosures, distressed sellers, PPC, organic search SEO, MLS expired, FSBO's, r.e. agent network, estate and probate, on and on and on.

Back in the day, '09' when I was getting going, it was 10,000X harder. I would literally go out, pick a neighborhood, and walk door 2 door knocking. I did this 3-4 days a week, I'd just knock doors. No, not "ugly" doors, I knocked EVERY door in my target area, and just talk to people, share what I did, what I was looking for, homes I could flip.     And it was simple math, the more people I spoke with, the more interactions I had, the more "hey, you should talk to so-and-so" I would get. 

I was a weirdo freak for what I was doing back then, people would ask what flipping is. Today, it's SOOoooo much easier. People will look for you if you just put yourself out there to be known and found. 

There is no lack of opportunities for deals, there is only a lack of EFFORT, a lack in the "get off the couch and DO something".     Put up a website, go knock doors, go talk to retirement communities, divorce attorneys, GET OUT THERE it's really not complicated. 

This works in literally EVERY property classification, every type. Get out there, make yourself known, spread the word, and BE OF SERVICE. 

Halloweens coming, get into some Halloween parades and put together candies in wrapper of "I buy homes, maybe your looking to sell, let's talk" and hand it out. 

GET OFF THE COUCH and get out there, interact, connect, TALK, network. Network is just fancy word for talking to lot's of people about what ya do. 

Or, ya know, pay someone to do all that and hope n pray there is any profit left on it for you.