All Forum Posts by: Matt V.

@Kata Walters, unfortunately I did not have any luck finding anyone that I'd recommend. Of the contractors I did use, I had to hand hold and correct throughout the project.

Hello all. We have our first house under contract with the intent to flip but I am having more difficulty than anticipated trying to find general contractors that are investor friendly. I had one tell me they don't come look at the project unless I already own it and a couple others won't return calls. 

Anyone that's from the CNY area, can you recommend anybody that you've dealt with and it went well? Would be in the Cazenovia, Manlius, Fayetteville area.

Thanks in advance!

Hey @David Johnson. If no one else has welcomed you to the site, WELCOME! There are some investors from the CNY area on here, some more active than others. If you look at the top of the screen you'll see "Network" in the blue bar. Click that then "Find Members". Enter your zip and a whole list of people will show up. This is a good start.

There is also a Real Estate Investing Club in Syracuse.

I have my first flip under contract now and am wading through the contractor bidding process. What are you looking to do and where are you thinking of doing it?

Reach out if you ever need anything.

Great work, nice and clean! Would be great to hear some of the details like timeframe and $$.

We had an offer accepted on a house that we intend on flipping. I have working with my mortgage broker and looking to use a conventional rehab loan. One thing I am wanting to do being as 90% of the rehab needs to be completed by a licensed general contractor is run the rehab through my Dad's GC business being as he is licensed in the state. One thing my broker brought up is that this may be considered a conflict of interest when it comes to the statement of identity that would have to be signed.

The rehab budget is only going to be about $20-30k (walkthroughs for estimates next week) and I will be using subs for most of the work with the exception of some big ticket items like cabinet install and kitchen/bath tiling. With all this in mind, does anyone see any problems or have any insight/ideas on this. 

Another thought is I can probably find a local Contractor to GC the job and pay a "fee" to allow me to do some of the work myself but he'll include the materials in his draw requests.

Any comments are appreciated. 

Hey @Mario Cruz, I am just getting started out in the area and looking to connect. Mostly looking to fix and flip right now but eventually will venture into buy & holds. Interested in Clay/Cicero area, then out east in Fayetteville, Manlius, Cazenovia and surrounding areas. Do you have any properties under contract in any of those areas?

@Jordan Holt , I`d be interested in getting some more details on the house itself. I am actually planning on moving to the SYR area around the same time so there could be potential for a lease option or something if you were up for it and the home met my family's needs. You can message me the address and any other details if you`d prefer not to post it here.

I am trying to put together my first deal on a flip. I have the construction experience but not so much on the financial experience with this type of thing. I don't have a ton of money to pay a 20-30% down payment so I'm looking at other options. I was referred to Global Equity Alliance for a purchase+rehab loan. I went through the application process and was pre-approved which I figure most people are but maybe I'm wrong there. Anyway they approved up to 65% ARV with 6-7 points to be rolled into the loan (except for a $995 processing fee with those points) and at a 14-16% interest for a 1 year note. It would be 12-14% for a 6 month note. I think I can do the flip in 6 months but not 100% certain. I spoke with the guy that referred me to them and he said I should negotiate the terms a little. Again I am new at this so I was wondering if you guys could help guide me in what I should be working towards with regard to the terms.

Initially I am thinking I should see if I can get it to 3-4 points and 12% on a 1 year note. I know any other hard money outfit would want that and more but I need some negotiating points to work with when talking to these guys. I don't have have stacks of deals or a line of lenders knocking on my door so there isn't a ton to work with.

It's going to be a non-owner occupied short term flip. I ran the numbers through the BP flip calculator and things seem to look good with a solid $20K profit even with a 12% loan for 180 days.

Please critique this and help a newbie navigate this exciting but scary first run through. Thanks in advance!

@Alyssa Cairns , I'm in the same boat as you. My family and I are moving back East and really wanting to get rolling in REI. So far I have had the most traction talking with various mortgage brokers in the area we're moving to as they know what will fly and what won't. One thing I learned is that most of the conventional financing will need employment verification after 30 days of employment however this is only needed to finally close. Meaning you could technically start the process ahead of time, get a pre-approval letter and start making offers, then once things draw near move in with family for a month till you can close. You could also find a month to month rental but both of those options really kind of stink.

What if you started a direct mail campaign targeting the area you want to be in and see if you can find sellers willing to owner finance or lease option? It will take a little work but would eliminate the bank headaches. 

Just some thoughts. Good luck!

Man o man, who better to do driving for dollars than UPS drivers!! The only problem, unless you've mentioned it to them already and they were cool with it is that they are usually crunched for time so getting a lot of details about each place might be tough. Now of course they could just eat into their "lunch" break if they actually find one. Heck, once you start paying the whole fleet will be out there looking for you as it's easy money for them. Great idea!