All Forum Posts by: Steven Barr

@Eliott Elias where could I find a solid contract to give to my contractors?

@Terrell Garren do you have your contractors go pick the materials up from the store for you? Or do you have materials delivered to site?

Also, do you have your contractor walk the property and then provide you with the amount of materials you will need (sq ft of flooring for example), or do you just know this yourself?

How do y’all pay your contractors for bigger jobs? Say $50-100k rehab jobs 

Do you pay 50% upfront and rest at completion? 30% upfront? Nothing up front and draws throughout the project? Buy materials yourself and pay for labor upon completion?

What do y’all think is the best way?

Do y’all think it matters having all same brand appliances? Or not a big deal as long as they are all stainless steel?

I should clarify that this question is geared towards houses with ARV below 350/400

Never wholesaled a property… usually flip them.

I have one Id like to wholesale though. What are the steps I need to take to do it?

Also, if I put under contract and can’t sell, am I on the hook for anything?

@Eliott Elias what should it be?

For house flips with ARV's anywhere from 250k-500k, what mm thickness are y'all using on your LVP floors?

@Reid Chauvin thanks for insight and agreed on the penalty! They were not upfront about it, seemed like a 4th quarter bait and switch tactic to me 

@Reid Chauvin my credit is 760. Not sure if that would negatively impact

They also charged me a $1250 penalty for the loan amount being small. And they required that the seller pay for this. I tried to negotiate additional seller credits, but I already negotiated $5k credits and they weren’t willing to budge anymore. So I ended up having to raise purchase price from 90,000 to 91,250 and then getting additional seller credits. Essentially giving up equity

Never heard of this before. Have you?

I just purchased an investment property for $91,250 with 20% down on a FNMA backed loan at 7.625% interest and was charged the following:

3.909% loan origination: $2,854

Appraisal management fee: $85

Processing Fees: $800

Underwriting Fees: $850 

Appraisal Fee: $525

Credit Report: $120

Final Inspection: $150 

Total Lender Closing Costs: $5,384 

**this seems absurdly high on a $73,000 loan. That comes out to 7.37% (and we haven't included attorneys fees in this)

Is this what I should be expecting to pay on these type of loans, or do I need to find a new lender?

Thanks BP!