All Forum Posts by: Carolyn Lorence

@Evan Bell if I understand correctly, you will be funding your flip purchase with HML in first position up to their term limits, and funding the gap with your LLC and/or private partner? So your down payment and partial renovation funds would be shared between you and the private lender, thereby sharing the risk, and splitting proceeds relative to share of risk. I have not done this, and I'm not a lawyer, but I would think that a Joint Venture LLC agreement would be appropriate on a project-by-project basis to spell this out and ensure that all parties understand how funds are used and how returns or losses are handled, and try out your working relationship on a few single projects first, before creating a full partnership entity. The HML will tell you their requirements for lending to an LLC, and your RE attorney will draft the appropriate legal docs for you.

Hope this helps!

@Andrew Campbell Congratulations on your success and new found freedom!

@Erin Wilging  and other BP members - Great discussion - I learned about this financing strategy a few years ago from a local lender who specializes in investor loans.  We will use this strategy with our current lender as well.  You might wish to ask @Jerry Padilla for specifics, since he assisted Arianne with her loan as she mentioned in the podcast.  Most of the  national lenders who specialize in investor loans can help you maximize your first 10 loan spots with FannieMae financing and will understand this strategy.  This is a link to the current three-page guidelines specific to underwriting delayed financing loans:  FannieMae Delayed Financing Guidelines Within this document is a link to the underwriting matrix which gets into the details of refinancing LTV requirements, etc. Hope this helps!

@Sarah Young Thank you for the mention and very kind compliment!  Hope your move is going smoothly!  Look forward to catching up with you again soon.

I would love to network with other Charleston investors and collaborate on projects, although I need to do it from Texas at the moment.  We are actively searching for rental property in Summerville, and searching fix/flip prospects in West Ashley or James Island so we are eager to connect with other Charleston investors.  

Perhaps the Meetup organizers can incorporate a FaceTime session or FaceBook Live event for the remote colleagues?

@Danny Randazzo  Property managers are an excellent source - great to have a direct link to an absentee owner!  I agree - your network is your extended team for sure.  Sounds like you've built a solid network in the Holy City.  I'm working on it as well, but it is a challenge working from Texas!  We have not found the right property yet, but the search is on.  I will message you - would love to hear more about your projects.  Thanks!

@Danny Randazzo Congrats on your success - you haven't wasted any time building your business! Your progress is inspiring so thank you for sharing it here. We are looking for investment properties in Charleston as well - SFR's and/or small MFR's like the one you describe. By your description, it is indeed a great area - we were just there in May to scout neighborhoods. I'm curious how you located this off market deal and how you approached the seller.

Thanks in advance!

@Lauren Taylor thanks for the mention - would love to chat with you sometime and learn more about your specific services for investors.

@Sarah Young - Thank you!  Looking forward to connecting and sharing ideas!

@Troy Gandee - Wish we could attend, but we're in Texas! My husband and I are focusing more on the Charleston area and would like to become more involved in local REIA's as we plan our transition to SC. Is your group on Meetup? Or are there other groups you recommend?

Thanks in advance. 

@Sarah Young - welcome to BiggerPockets!  It sounds like we have a few dreams in common!  My husband and I are also pursuing the Charleston dream, and planning our transition from Texas via real estate investing. We've been visiting Charleston and Hilton Head for 20+ years, so we're familiar with some of the surrounding areas, although not as much as the gentlemen who have responded above.  I may be seeking their assistance as well in the near future as I know they are pros and have great reputations here with the BP community.  If you want to chat sometime, just message me.  I'd be happy to share any knowledge of the area, or possible strategies.

Wishing you success in the pursuit of your dream!