All Forum Posts by: Mike O.

Hello all,

I have a construction loan 80% ltv of arv , it is interest only for 12 months at 6% on balance with local bank. Why wouldn't I take the financing for just the purchase price and use a no interest credit card for 12 months and cut the interest only bank payments in half, use the credit card  for improvements. If I plan to sell before the 12 months? 

Am I missing something?

I have financing in place and my subs ready for a rehab project, my question is:

What if the bank appraisal or survey/inspection comes with a 4-6 week wait? Do I line up an appraiser and inspector on the front end and make sure they are bank approved to speed up process, for example I make an offer, and instead of waiting for the bank to order appraisal and inspections; have then ready to go? Is this even possible?

Am I always on the banks timeline or does anyone have advice to streamline closing??

Hello,

First time poster, and new to investing. My question is:

Is anyone willing to give a bit of advice or suggest any pitfalls I may be over looking? my day profession is a banker and I also have a real estate license, my partner is a small business owner in the trade industry. I have been reading a few books, I'm trying to put together the most efficient and profitable model...be direct marketing, bandit signs, MLS, foreclosures, calling banks directly? Using a GC or contacting individual subs for accurate and timely bids, although my partner is handling most of that. we are not looking to get rich here, we are willing to take a small profit on the first one or two flips or even break even just to get experience. My market is Sioux Falls, SD, the city is around 200,000 people and growing, the economy is built on finance and health care. We have set up our LLC and have financing in place up to $200,000 on a construction loan structure with 80% LTV of ARV. We are looking to purchase some where between $30k and $50k range for purchase price. . Overall if anyone has any experience in the Midwest market perhaps the Des Moines, Fargo North Dakota or Lincoln, Nebraska (although a college town);U of Nebraska, greatly appreciated. Not many real estate clubs in Sioux Falls that I have found for specific advice.

Hello,

First time poster, and new to investing. My question is:

Is anyone willing to give a bit of advice or suggest any pitfalls I may be over looking? my day profession is a banker and I also have a real estate license, my partner is a small business owner in the trade industry. I have been reading a few books, I'm trying to put together the most efficient and profitable model...be direct marketing, bandit signs, MLS, foreclosures, calling banks directly? Using a GC or contacting individual subs for accurate and timely bids, although my partner is handling most of that. we are not looking to get rich here, we are willing to take a small profit on the first one or two flips or even break even just to get experience. My market is Sioux Falls, SD, the city is around 200,000 people and growing, the economy is built on finance and health care. We have set up our LLC and have financing in place up to $200,000 on a construction loan structure with 80% LTV of ARV. We are looking to purchase some where between $30k and $50k range for purchase price. . Overall if anyone has any experience in the Midwest market perhaps the Des Moines, Fargo North Dakota or Lincoln, Nebraska (although a college town);U of Nebraska, greatly appreciated. Not many real estate clubs in Sioux Falls that I have found for specific advice.

Thanks in advance!