All Forum Posts by: Sheryl Griffin

Go to the City or County and ask for their Planning and Zoning or Community Development department and inquire on requirements for what you propose to do.  They are typically very helpful by phone or in person in guiding you and usually have quite a bit of information on their county/city website.

Good suggestions from both!  Although I had a lot of experience as a real estate investor when I first became an agent it's a whole new ball of wax.  Being very independent in all of my real estate endeavors I thought a TEAM was the last thing I needed.  Then in my 2nd year, a Team Leader invited me on their team and I took off running in my business.  Mainly because the team provides and pays for the leads, but then you also have unlimited advice and "go-to" in your Team leader and others on the Team.  A great place to start - a Team!  

@Anthony Phillips hopefully you already got your answer, but "SFH purchase" is Single Family House (SFH) a residential home vs. mobile homes, condos, townhomes, land, etc. Good look in your real estate endeavors!

You should talk to someone who is very familiar with this, and can give you some expert guidance before making the move.  I recommend discussing with @Dmitriy Fomichenko here on BP.

@Kyle McCorkel

We found an AWESOME portfolio lender in our area to do the cash-out refinance for both properties. They offer 80% LTV, no seasoning period (meaning we can refinance as soon as the rehab is complete), 5% interest fixed for 10 years, 30 year amortization.

Please share...who was your awesome portfolio lender that did a cash out refi as soon as complete? I have yet to find one, and I just passed up a great deal after we rehabbed because I could not find a decent refi lender for a "flip" which we decided to keep. You can PM me if you want. Congrats on a job well done! 

We are investors that buy, rehab and resell properties - single family homes.

We are looking to do many jobs, not just one, so we're looking to build a long-term relationship.

Here's our criteria:
-Contractor must be Licensed and Insured
-Must be reliable, trustworthy, and produce quality work.
-We are not looking for cheap work; we are looking for the best work.
-If the work is done on time, we pay on time.

If interested, please respond by connecting with me here on BP and/or by email to [email protected] and include pictures of your most recent project and tell us something about yourself and your background.

I don't know if you got your answer to this, but we use Midtown Title, LLC on Charlotte in Nashville. Haven't used attorney yet.

Good luck!

Hi All,

I have a house that is a fix and flip, but the Contractor's original estimate came in too low, and we’ve exhausted our rehab budget. Now the comps have come down and the spread is tight, so unless a contractor buys it or someone with outright cash and sweat equity, we must sell as is. At this point our only solutions are these:

1) Put a contractor on title, sell the house when rehab is complete, I get what I owe out of it, and contractor gets everything else.

2) Rent-to-Own, we Re-fi the loan to get out from under the Hard Money Loan currently on it, contractor/buyer moves into house on a Lease/Option and finishes the project while living in it.

Here’s my questions for BP:

• What’s the best way (verbiage) to advertise for this scenario?
• On a Lease/Option, should I charge full amount of rent and what's recommended for a NROC (Non-refundable Option consideration) in this situation?
• Should contractor get a break on rent since they’re working on the house? (the house is pretty rough on the inside with no kitchen, but has 3 finished bedrooms and 1 bath, running water and electricity)

Thanks in advance!

Hi All,

I have a house that is a fix and flip, but the Contractor's original estimate came in too low, and we’ve exhausted our rehab budget. Now the comps have come down and the spread is tight, so unless a contractor buys it or someone with outright cash and sweat equity, we must sell as is. At this point our only solutions are these:

1) Put a contractor on title, sell the house when rehab is complete, I get what I owe out of it, and contractor gets everything else.

2) Rent-to-Own, we Re-fi the loan to get out from under the Hard Money Loan currently on it, contractor/buyer moves into house on a Lease/Option and finishes the project while living in it.

Here’s my questions for BP:

• What’s the best way (verbiage) to advertise for this scenario?
• On a Lease/Option, should I charge full amount of rent and what's recommended for a NROC (Non-refundable Option consideration) in this situation?
• Should contractor get a break on rent since they’re working on the house? (the house is pretty rough on the inside with no kitchen, but has 3 finished bedrooms and 1 bath, running water and electricity)

Thanks in advance!

You say the sales price is justified....is that from the comps?  Usually, the appraiser is using comps as well.  Get a hard money loan, and then refi with traditional financing after a couple months.