All Forum Posts by: Nathan Cross

From my limited experience with hard money, terms would come from the HML. Not sure if those you listed was what was given to you by a HML. I had pretty much the same terms offered to my, but I did not follow through because all cost for the HML did not make sense for the ARV of the property I was going to flip. The flip MAX ARV was $135K. So with the terms like your mentioned above, the math did not make sense.

Also make sure to ask if they will be paying out by draws, how much does it cost you to have their inspector show up to check on progress before each draw is paid out. 

Also be prepared to have the cost of rehab and holding broken down to present to the HML. This will show them that you are prepared and taking this serious and that you are a good bet to make money with.

Even though I flipped 5 homes before I even though about use HML, my terms where higher than I wanted.

Hope that I was able to answer a question or raised a few more questions for you to make sure you covered all your bases. 

@Kathy Henley PM sent.

I am looking for recommendations on an Attorney in the Saint Louis area, that is experienced with land lord/PM clients. Looking to hire one here soon when all the COVID concerns have allowed for travel. Thank you in advance for any recommendations you guy have. 

@Kobe Xin replayed to your PM.

@James Gleeson thank you sir. Sent you a PM.

Looking for recommendations on Brokers in the Saint Louis and Saint Charles area. Reason being is that my wife and are currently working towards getting our licenses. We look to be in the area this year and wanted to see if anyone had solid recommendations. Thanks in advance for the assist BP fam!

 Thats some great stuff. I am in the Fayetteville area, flipping here. Not going to say that it easy to find deals but wont say that it is very hard either. You just got to be on the hustle and find the right deal. Hit me up any time if you have any question what so ever and I will do my best to answer what I can> Again good luck out there man and stay crushing it!!

@Pedro Santos that’s great stuff to hear. Are you currently investing in your local market now?

@Landon Moore good sound advice! For sure connections and networking is key in any venture to be successful

 I will start by saying this, my goal is to one day be able to have your “problem” aka buying a good size MFU. So first off congrats on being able to get to that level. 

From what I have read and watched (because knowledge is good) if the properties NOI able to produce cash flow after debit is taken out is it not a good deal? I am sure that this property has management in place, but is the management working efficiently and effectively? Can you save cost in that area?

When were the units or any units last updated? Updating a few units and pushing rents up, that could be a value add right?

Sorry if I am not giving you any answers but rather more questions. But I am very interested when people are buying MFU, because thats what I want to be involved in more than just flipping to build capital. 

I defiantly will be following this discussion, to gain more knowledge and insight.