All Forum Posts by: Suzanne Griffiths

You could start with cash for keys and offer to help move them (obviously no cash until they leave). If that doesn't work your Sheriff's office will have a procedure that you need to follow with forms, filings and timeframes. Make sure you follow the process exactly.

@Miles Stanley let me know if you have specific questions or if you want to share your property details and I can look at it and see what's i see

@Miles Stanley I am sorry that you are not getting responses to your post...it is possibly because the users aren't the creator of the calculator.  I haven't used it myself as I have other tools.  For rentals I make sure that I include TIMMUR (Taxes, Insurance, Maintenance, Management, Utilities, Repairs)  If I don't know exactly I do have percentages for our market that we use. 

Is there an input that asks you what your project duration or rehab duration is?  This would be holding costs and I would assume would calculate it.  Also, if it asks for your mortgage terms and rates I would assume these costs are being calculated.

My suggestion would be to email BP directly and then the people that created it could give you a response...Or maybe PM Brandon or Josh.  They have helped answer quick questions in the past.

@Brien OConnor the litmus test I would use is looking at the finish level of other rentals in the immediate area.  Are you putting granite or quartz countertops where everyone else is putting laminate and getting the same rents? 

You also need to decide what you as an investor are comfortable with and why you are using the materials you are.  Do you want your place to be "Renter" proof, so you are putting in tile instead of sheet vinyl etc. 

If you are putting finishes in just because you like them and there isn't a purpose or a return on the investment then I'd look at your SOW again and maybe make some changes that do fit in that category.

@Account Closed Our HML lends 80% of purchase price and 100% of rehab. They look at the overall deal to make sure that our margins aren't too tight and that the comps are conservative to account for market fluctuations, going over schedule etc. We use a PML to fund the 20% of the purchase price needed to make a full package.

@Alex Smith I would put together a clear concise package on the deal showing purchase, costs, cash flow, comps etc. Also include a PFS (Personal Financial Statement) that reflects the current asset you have along with the cash flow. Google a list of local banks and credit unions in the area and start knocking on the commercial lending depts. door. Getting the deal funded through a commercial dept will be easier than personally funding as your DTI will hit it's ceiling faster. (You'll need to set up your LLC for this if you haven't already).

Then for the 20% down network and find a PML that will want to partner with you or would do a longer term loan in 2nd position on the property.

Hi @Adam DAnna Welcome to BP.  Sounds like you have a great start by narrowing down the niche that you want to focus on.  Many people have too broad a focus which results in little to no progress. 

Having a great REAgent to work with will be key (sure you already knew that), but also looking for off market deals as well.  Run your numbers, make sure that you are figuring in management costs even if you are going to self manage and if the numbers don't work move on.

Good Luck!

Stacy Weng I wouldn't lower your standards for ROI if it's you first or your fifteenth flip. If you lower the ROI percentage than you open yourself up to more risk. As a standard we won't do a project for any less than 15%. We make sure our repair estimator covers as much as we can see/are aware of and then add 5-10% contingency for what we can't see or don't know. Typically we prefer to be at 20% or more. It is harder to find funding with a tight ROI as well. For commercial lending (lending to your LLC) they are looking at the deal not your credit. A tight deal and you won't be able to get funded. Now once it's all said and done and you have a few oops' or something goes wrong and you end up still in the positive then that's a different story.

Hi Prince Conley yes, with creative financing and hustling to find the right deals it can definitely be done. Will it be easy? Heck no, but definitely doable. Thinking out of the box, having a motivating "why" and a few tools in your arsenal you can definitely do it. Feel free to PM us anytime.

Welcome Thomas Worm we are contractors turned investors as well. Let me know if you have specific questions, we are happy to help.