All Forum Posts by: Tony Hill

I'm needing to find someone competent and reliable to clean my vacation rentals in the Colorado Springs area...does anyone have any recommendations?

Thank you!!

I'm currently in the middle of my first flip. I have a friend who I am paying to do most of the work. He would like to buy a house for himself, but since I am providing the bulk of his income at the moment, he needs a pay stub for income verification from the bank. I have formed an LLC, and have an EIN if necessary, I just am wondering if anyone has a simple "just do this" answer/template that would fit my situation. Thanks.

@Joe 

@Joe Johnson 

Welcome to Cool-Rad-O Springs!  I don't know much about Sioux Falls, but I've been in the Springs and Denver for the last 11 years through my time at the Air Force Academy and the 3 Air Force Bases.  I can tell you that the market is excellent here in the Springs due to the stability that the Military bases provide.  It's great for me as I've just become an agent here in town.  People are always moving here.  Let me know if you have any more questions about the area, and if you need an investor-friendly agent, I'm your guy.  I'm relatively new, but I know the area and I'll really hustle for ya.  

@Kyle Southard I just got my license in Colorado Springs, and after going through everything it takes to get to this point, I can tell you that it is not at all worth it just for a couple transactions per year.  If you attribute a value to your time, even as low as $20/hr, it quickly adds up to make no mathematical sense.  

Thank you for the specific and useful replies!

 @Michael Hicks You seem like the kind of flipper I would be looking to lend to someday for sure.  It definitely makes the most sense to make every deal a win-win, that's the only way to be truly sustainable in my eyes.

@Dell Schlabach It seems like HML could be quite the profitable way to go for a lender, but your personal story is a perfect example as to why it might not be the best path. To lend to more experienced, reliable flippers, the lender will have to lend at a lower rate. No matter how good a deal may be in the HML world, you are still lending to a person who can be a big variable.

@Bob B. I would love to, but, as you can see, this is more likely a pipe dream.  That's why it seemed like I was missing something, because, if this were available, investors would be flocking to it like mad.

Thank you.  I thought that might be what is meant when I heard of these short term loans.  

So, just to be clear, anything close to a 10% return on a 4-6 month private money loan is completely unrealistic, correct?

Thank you for the quick reply  @Neil Aggarwal.  I do not have the money right now, but I am on track to have a large enough amount to start investing with.  I am just asking a theoretical question so I can know exactly what I will do once I have, say, $100-200k.

I am considering the path of being a private money lender for fix and flip investors (I don't have the money to lend at this point, just doing the research).   

I am curious as to the reality of lending out short term loans to flippers (IE 10% for 4-6 month terms).  Assuming I take the proper legal precautions and lend to someone with a solid track record of flipping quick and profitably, this seems like a no brainer as it would return 20-30% annually.  

Am I missing something?  What are the real numbers I could potentially expect from doing this?  

Thank you!

@Damian Hill

I second what @Paul Timmins said. I, too, have been getting started - I just finished listening to every single podcast and I highly recommend it for simply becoming familiar with the language and various paths within the REI world. Quick tip: I listen to them at 1.5X or 2X speed depending on how fast the guest speaks. Its a little overwhelming at first, but after 15 minutes, you won't even notice it. I use bluetooth headphones so I listen while driving, shopping, doing yardwork, and while running - so it only took me two months to get through all 119 podcasts. The guests each recommend books and explain why in some cases - so from there I have bought and read some amazingly helpful books.