All Forum Posts by: Stacia S.

Hi BP folks, 

Looking for an architect to work with on my next flip.  I'll be doing all the standard renovations however, will also be adding a 3rd story and roof deck.  I'm hoping to find someone who is well versed in the eClipse system, knows the ins and outs so we can expedite permitting.

Any help would be greatly appreciated.  

Stacia

Hey BP folks!

I'm looking for any recommendations for an architect to work with on my next flip.  I'll be adding a 3rd story and roof top deck along with the other renovations throughout.  Nothing out of the ordinary for this type of addition.  Hoping they have good working knowledge on eClipse and the ins and outs of the system in order to expedite.  

I've gotten a few quotes but they're either way too busy or their fees are astronomical.  

Appreciate the help!!

Hi @Dominique A Brundidge - YD had the white oak and I think it was 7" but that was last spring when I was looking for one of my flips.  They were out of stock by the time I needed it so I can't give you any idea on final pricing but when I was doing my budget, it was a very good price.  They also install.  A friend of mine uses YD exclusively and have been happy with them.  

@Jack Perfett - I actually think your costs are lower than they should be. I know that's not what you want to hear but in looking at the estimate, your transfer taxes are only calculated at 1%. Philly/state transfer tax is 2.14% on each side. Unless the seller is paying the other 1% for you or it's different for FHA, that I'm not sure. You also need to pay the remaining year's worth of taxes up front so that can be quite a bit depending on the property and it adds up especially when your taxes are $5k.

Again, not sure who prepared this for you but you might want another set of eyes on it so there's no more surprises.  Your agent should be able to help.

Thanks @Steven Goldman.  Appreciate the info!  They shouldn't be mad, they should just improve.  

They left me at the alter when Covid hit but a lot of lenders took cover too so I can't fault them too much for that.  

Hi BP folks!

I am looking for feedback from anyone who may have used Finance of America (FOA) as their lender for flips.  I have worked with them for some time now but on cash out refi products and not full loans for both purchase and rehab.  I've heard stories from friends who have used similar lenders (not hard money) and the process was crippling, draws took weeks and it seemed to be a hassle to agree on what was completed for the draw.  Basically, no one was happy.  My rep is great and we have a good relationship but once the loan is closed, he won't be my POC.

Does anyone have direct experience with their process both from getting the loan closed timely as well as on the actual rehab side?  Their terms are good but if they aren't easy to work with on the build out, it may not be worth it for me.

Any insight would be super helpful.

Thanks!!

Hi Greg,

Congrats on your 1st deal! 

DM me for some info. 

Stacia

Hi everyone,

I'm looking for referrals on registered electricians for a flip in Philly. Needed mostly for rough in. Any recommendations are appreciated! Thanks in advance.

The lack of instructions is infuriating! 

Hi @Alan Y. 

In a similar situation with permits, however, have only been waiting since mid May.  I also had the misfortune to hire a GC who had a partnership dispute and then ending up having to get a new license, insurance etc so that has been most of the hold up this past month.  L&I was ready to release the permits 7/10.

So, although there is a delay and their new eClipse system is a huge cause, they have not shut down nor are they not processing permit requests.  That being said, I think it also depends on the level of work needing to be done that might be taking some cases longer for approval. 

It's a squeaky wheel situation.  While you hired TCS, you might want to get copies of the emails if you don't have them.  I ended up emailing my processor directly and had to get into it with her about the delays.  She was pretty much on top of it after that and it's unfortunate this is sometimes the case.  I do feel though they are overwhelmed so I was trying to be as fair as possible but I still had a property sitting.

Another thing you might want to consider is hiring an expediter and maybe taking it out of TCS's fee.  My contractor used one (which I would NOT recommend her to you for a variety of reasons) but, they might be able to get some answers for you as to where your permits are and why the delay.  

DM me if you want her name so you can avoid her.

Best of luck!  Interested to see other responses.