All Forum Posts by: Robert Politzer

So far in my relatively early beginning of flipping properties, one of the most consistent irritants is with appraisers.  I believe that the problem stems mostly from having to pay them fully upfront.  It should be 50% deposit and 50% upon completion.  Would love to hear of suggestions for how to better manage that issue.

Hi Simon:  We are looking for a part-time remote bookkeeper with real estate experience.

We are looking for a bookkeeper in the NYC tri-state area with experience in Real Estate.

Hi Tzvi:

I could not make the last meeting.  Do you have a next meeting scheduled?

We are seeking a Line of Credit of at least $1M for our Fix and Flip business.  To date we have worked with three hard money lenders to finance individual projects which gets very time consuming and costs thousands of dollars extra that could be avoided with a Line of Credit.  

Hi Ned:  If you don't mind, I am going to have my local Baltimore Partner, Rubin Rakovsky, reach out to you.  Rubin is a member of the GP team for this deal, he is both a CPA and Licensed Sales Agent and he created the ProForma so he understands the financials of the deal quite well.   

Hi Ned:  The property is currently 91% occupied and we have a very good price from a local contractor to convert the three commercial units to residential; the contractor may put up his costs as an Equity contribution.  More importantly, the property was rezoned to R-9 allowing for 164,000 sf of development rights.  We are showing a 10% Cash on Cash Return in Year 1 and 15% in Year 2.  We will be paying an 8% Pref to all Investors and will be paying out additional net revenues on a Quarterly Basis.  We have a three year exit strategy to either sell the property with approved plans for the development or to proceed with the development and to buy out any initial investors who want out at that time.  Please send me your email address and I will send you our Financials.

Seeking an additional $300K in Equity for the acquisition of a 25 unit, 29,000 sf multifamily property in northeast Baltimore at a cost of $2,325,000.  The property was recently rezoned to R-9 that allows for up to 164,000 sf of development rights.  We have already raised $400K in Equity and have secured Debt financing at 4.75% through Freddie Mac.  We are paying an 8% Pref and the property will generate a 10% Cash on Cash Return in Year 1 and 15% in Year 2.  We have a three year exit strategy that will involve refinancing for the development of the full building rights.  The area is in a heavily Orthodox Jewish neighborhood with strong housing demand.

When is the next meeting?

Has anyone used FundingForFlipping to finance flips and/or small multifamily acquisitions?  And if not, what finance group is best to work with?