All Forum Posts by: Account Closed

@Joe Davis. Thanks for your reply. You gave me great and honest advice. That's what I need. I get the impression that this is an "iffy" deal. I made a few errors, so I had to edit the property profile. Pls see below. True, there are a few negatives. However, allow me to retort. First, although the city

@Peter Mckernan. Penny Mac is the lender. I don't have more than 10 days to close due to auction date coming soon.  As stated, this is a sub to transaction. Why would there be a need for a hard money loan? Makes no sense. And what is there to review from the lender? All they want is the arrears. Maybe you're not familiar with a sub to? It should be a faster close, right? Buyer is taking over payments. I already have a prelim, which is clean,a payoff demand and the redemption amount.  

Let's say you have a flip that has an ARV of 600k (in Denver that is approximately average house price now). 70% of that is 450k. Probably needs 60k MINIMUM for a nice flip. That means you have to purchase it at 390k. I find VERY few deals where you can have over a 200k spread on a 500k or 600k house. And exactly zero deals like that from wholesalers. Hometrust has never offered such a deal (their rehab estimates are laughably low) I would like to hear what other investors are finding that even comes close to the 70% rule and how you are finding them. Wholesalers? Your own marketing? MLS? Any insights much appreciated.,

 Thank you Mike! I will check out the things you sent. I was thinking about that actually, my best case scenario would be to find an off-market property and use sellers financing, or at least one of those. Thank you for your reply, I will take a look at what you sent

I am just getting starting (aka havent really yet). I am looking into all the tools and seeing how to get started. If i could get some help with initial questions it would be much appreciated. They are probably basic but it would be very helpful.

If I am just doing this with my wife and we arent planning on owning the real estate but just wholesaling and backing out if we cant facilitate a deal before the 30 days is up do we really need to have an LLC? And if we did an LLC wouldnt we be paying taxes on the business then again when we pay ourselves?

If we arent planning on owning the properties do we need to do inspections or send an inspector out to the property? 

The estimated repairs on some of these properties are they estimates. As long as there is a disclosure about them being estimates is that ok?

Where do you get the photos for a property? Do you go out and physically take them, ask current owner (if possible) or just use google maps? 

I am sure more questions are to come but these will help me understand a few things.

Hello all, I am posting to see if I can find an attorney and if anyone can provide feedback in regards to a flip. I was working on a flip where the flipper closed on a property in PA and I helped in raising money for the rehab. However, the flipper has not been able to finish the project and has stopped responding to my emails, phone calls, and text messages to find out the status and next steps with the project. About $80k was raised and I am under the assumption that he may have used the money for himself. I would like to take legal action at this point since it has been 8 months with no response from the flipper. I know he has been receiving my messages but he chooses not to respond. If there are any attorneys out there and anyone that can provide feedback and assistance on what next steps I should be taking here I would greatly appreciate it. I am also trying to see if I can find the right attorney to get the job done. I value all responses. Thank you. 

@Ahad Ali Thanks for the insight. If I'm flipping one SFH at a time would you recommend purchasing it in my name with conventional loan and transferring it to the LLC (risking due on sale)? Or should I just purchase under the LLC with commercial loan and deal with higher down payment and interest?