All Forum Posts by: Mary Ainsworth

Commercial rooming house in CT! It’s 13 units. Single room occ.

Who can finance it for my client?

Address: 906 Judson Pl, Stratford, CT
Purchase date: 10/16/24
Purchase price: 715,000
Amount Owed: 564,000
Value: 750,000
Unit Count: 13 - see card: https://gis.vgsi.com/stratfordct/Parcel.aspx?Pid=9146
Current Rents (each unit): 11,800
Market Rents (each unit): 13,000
Annual taxes: 10,676
Annual insurance cost: 7500 est
FICO score: Bor 1: 695, Bor 2: 670
Number of purchases in the last 3 years: 10+

I have 3 off-market high end view lots under contract in the Boise foothills. This is one of the most sought after places to live in Boise and properties sell for top dollar. Lots are under contract off-market for about 30% below market value. 

I am a developer and builder in Boise and am looking for a money partner to finance part of the purchase and overhead costs. 

Need a total of $400k for the 3 lots, for a total return of 75% conservatively, and 100% or more likely, in a total of 18-36 months. Time frame is dependent on how quickly the homes sell. 

Would love to share more details with anyone interested. 

I am a new investor for a 5+ multi family property that we currently have under contract and looking for a private lender with good interest rates. Most of the lenders we have reached out are capped out to 1-4 units and do not do commercial loans.

Any leads i can get is greatly appreciated.

Thanks,

Chaitanya

Hello Investors,

I'm Scott, a motivated first-time fix-and-flipper based in Southern Tennessee, actively searching for a private money lender or partner to help bring my first project to life. I have identified several promising properties with strong ARV potential and am eager to start the journey.

What I Bring to the Table:

• Hands-on experience in remodeling and project management.
• Collaboration with an experienced broker to evaluate deals and ensure profitability.
• A highly motivated mindset and a commitment to success.

What I’m Looking For:

• Private money lenders or investors willing to finance a profitable project.
• Partners interested in a joint venture, sharing profits, and mentoring me through my first flip.

This is a fantastic opportunity to collaborate and make an impact while minimizing risks. If you’re open to discussing a potential partnership or providing funding, I’d love to connect.

Feel free to email me at [email protected] or message me here on BiggerPockets to explore how we can work together!

Looking forward to connecting!

Best regards,
Scott Shumard

Hello BiggerPockets community,

I’m planning to relocate to Orlando, FL, and I’m considering purchasing land to build a custom home from scratch. I’m in the early stages and looking to build a team of professionals to help me through this journey. Specifically, I’m seeking referrals for:

• Real Estate Agents experienced in finding residential land.
• Architects and Designers to bring my vision to life and ensure it aligns with local building codes.
• General Contractors and Subcontractors for construction.
• Lenders who offer competitive construction loans.
• Any other professionals you think would be helpful, such as engineers or interior designers.

If you’ve had a great experience with any of the above professionals in the Orlando area, I’d love to hear your recommendations. Thanks!

Best,
Xu

I have 3 off-market high end view lots under contract in the Boise foothills. This is one of the most sought after places to live in Boise and properties sell for top dollar. Lots are under contract off-market for about 30% below market value. 

I am a developer and builder in Boise and am looking for a money partner to finance part of the purchase and overhead costs. 

Need a total of $400k for the 3 lots, for a total return of 75% conservatively, and 100% or more likely, in a total of 18-36 months. Time frame is dependent on how quickly the homes sell. 

Would love to share more details with anyone interested. 

Hi Mary. I currently a flipper in my backyard in CA and am in a similar situation where I'm looking to flip out of the state. David Greene mentioned that when he does out of state renovations, he likes to leverage property managers to overlook the construction process. In our situation, property managers won't likely fit into the pie since we are looking to sell the property in the open market.

However, you can always leverage your "rock star" agent who found you the deal (assuming it's not an offmarket deal or from a wholesaler) to check up on the construction every so often. They have every incentive to make sure construction is up to standard since they will receive 5-6% (to be split with buyer's agent depending on state) of the sale price in commission. Another option is to hire independent inspectors or even handymen whom you can pay a flat fee for every time they inspect your house. This can be far cheaper than having an in-house project manager to do this for you.

Based off your statement "this will be my first time managing a renovation out of state", it looks like you are familiar with the renovation process. I'm sure you and I both understand that as flippers, having control over the construction cannot be stressed enough. Make sure you put in your contract with the GC some performance incentives to make sure the renovation is done on a timely manner. Let them know that there will be routine quality control checks/inspections so that if your third party inspector finds any issues with quality, the GC will be responsible for paying for the correction.

These are just some theories that I think will help and plan to implement when I operate out of state flips. I hope this helps!

I would like your advice on one thing, however. Having lived in Southern California my whole life, I live in a bubble and am not aware of the flipping market outside of my backyard. The purchase price, construction/labor costs, and ARV are all higher here in California than most states so I already have a high tolerance for risk and have the necessary liquidity to scale. How did you go about finding your next market to flip?

 Hi Mary, I'm seeing a big problem with your company doing construction draws. Can you comment on that? 

Hi BiggerPockets Community!!

I’m currently looking for recommendations on reliable hard money lenders and would greatly appreciate any insights you can provide. To ensure I’m as thorough as possible, I've listed below the criteria to narrow down options.

Thank you in advance for your help!

Property Address: New York City

Purchase Price: $1,300,000

Property Type: Townhouse condo

Number of Units: 3

Loan Type: 18 month fix n flip w/ early prepay (9months+)

Estimated FICO: 790 (mortgage, cars, cc’s. Nothing bad)

Renovation Budget: $1,000,000

After Repair Value (ARV: $3,300,000

Annual Property Taxes: $10,000

Annual Property Insurance: $6,000

Liquidity/Cash amounts to close: $250-$500k

Entity Name (LLC): n/a

Project experience: Multiple full gut reno alterations + full ground up developments with all permits/contracts/proof/site-walk-through available. Projects much more complex than this.

Project experience budget: $1m - $3m (just in reno)

My role on projects: General contractor

Credit notes: Never bankrupt, no foreclosures, nothing delinquent, no felony, US citizen, not a primary residence(investment), no judgments.

House notes: delivered vacant, standard acquisition, 3300 sqft, no sqft added, EXIT STRATEGY is to sell the units.

Thanks again!