All Forum Posts by: Regina Sloan

Hello all,

July 2022 we purchased our first flip with a hard money loan. Lots of things gone wrong and learning opportunities happened which meant our credit cards are maxed and credit score affected dramatically. 

We finished this flip and put on market in December and have had to drop the price 4 times, still no offers. 
Our first exit strategy was to refi and at least be paying into our own equity until we figured things out, but both of our credit scores are now too low to be approved (talked to two lenders). 

Our monthly interest-only payment is outrageous, and we're coming up on a third extension with the HML.

My only thought is to keep dropping the price until someone buys, and of course we're out even more money. We wanted to make it a LTR or MTR or even co-opt living space, but not with it being under a HML, we need to refi first, but can't. 

But, we're new and thought I'd come here in case we are missing something.  Thank you. 

Thanks all! 

From the folks I have talked to that have, they are their easiest tenants and guaranteed money. No personal experience though. 

PM me if you'd like, I have some I just sent someone else. Good luck! 

Hello! 

Completing our SOW and want to ensure that we have everything we need to pull permits. I am told that the contractors working with me can pull them, but I plan to do so this time around. 

Can someone tell me details on what I need and where I go to get this done; and the process? We are flipping a SFM in Marion County, Indianapolis, IN.  

Thank you! 

First flip and working on SOW. I've heard a few different ways, but wanted to see how flippers paid their contractors when working with HML that pay once projects are completed and inspected.

Do you use your own funds to pay a percentage down to get them on the books and then rest after completion? 
Nothing until project is complete? 

Follow the contractors payment plan? I've been several different plans, depending on the contractor I'm talking to. 

Thank you! 

HI Kevin, I have never used, but know of a few that come recommended that I've sent to other people. I can't post them here, they will delete it, but pm me and I'll send you that list. 

@Colton Hahn can you dm me about your fund? 

Adam, thanks for asking this! we are also looking for a REI-savvy Accountant. best of luck! we are new flippers in Indy as well.

wish I could help! Newbie, I do thank you for posting the report, gave me something to look at. I was wondering, why do you need $125,000 at closing table?