All Forum Posts by: Account Closed

Welcome @Robert Murphy from a fellow CT investor. Great strategy with the college students. Good luck, and keep us posted on your progress.

I'm considering using a HML for my first flip, but funds are tight. What strategies have people used to "bridge the gap" that the HML won't cover? For example, a generous HML will lend 80% of the purchase price. But obviously that leaves an additional 20% plus rehab costs to cover the flip. I know this is where the "skin in the game" phrase comes from, just wondering what combination of private/personal/extra financing folks are using.

Welcome @Christopher Gilly . I'm also from the central Connecticut area, and have yet to land my first deal. Nice to see a fellow investor from my area. We should connect sometime.

Thank you @John Moore for the great ideas. Let's say worse case scenario I've done all that and the house remains unsold. Is conventional financing even an option at that point?

I just read Michael LaCava's great blogpost about Exit Strategies. It seems as though having Plan B, C, and D are critical to success in this business. My question is: if you purchase a rehab project with a 6 month hard money loan and the house does not sell before six months, how would you be able to secure conventional financing if these same lenders would have said "No" 6 months prior? Is it because the property has been updated and is now less risky for traditional lenders?

Nicely done @Joe Stafford , the place looks great. May I ask: the kitchen didn't look too bad before. What made you decide to change it up? Just looking for some insight into the thought process, as I hope to flip my first property in the next few months.

Awesome flip @Scott Hershberger ! Great lessons learned, thanks for passing them along.

Welcome @Brad G. . I'm newer to this than you, but this is a great site to learn.