All Forum Posts by: Travis Phillips

I am working through my first hard money deal. So while I fully understand the financial aspects of the deal, I am unsure about a lot of the typical paperwork/who does what parts. The picked the appraiser, who I paid, still yet to hear back from the appraiser - will I get a report?? Also, they just sent me "the closing attorney is: This person" - I have an attorney that I work with, and already had done work on the title. Is it normal for the lender to do this? Should I still have my attorney do the work? Also now I am thinking about the title and insurance and all of that, do they pick those as well? I assume I need to name them, right? 

Thank you both for these solid responses. That's great insight into the valuation and a completely reasonable mention in pointing at the profit as a % of ARV as being tight. That was also my biggest fear going into this, though the figure itself (at what is shows with a 309k ARV) is enough to make me move forward.

I will definitely focus on this point in future deals, just hard to find them 😏 

Thanks again!

Ok. I do not have a BP calc to associate with this but I am using the house flipping spreadsheets (not a paid affiliate) but they are awesome and very in-depth. However, this IS my first deal basing my full analysis on this calculator. So I wanted to run through the numbers and bounce them off someone... anyone???... beuller?... hopefully... 

I have a 4bd 3ba 2100 sq ft property under contract for 195k - the current assessment (per realtor - said done by town? is 270k - this is an estate sale) - my version of comps puts it at 309k for a sale price. I have done all the number with a 290k sale price as well and even there it seemed worthwhile to me. 

Would love some feedback on if my rehab seems reasonable... it is a mostly cosmetic rehab. Paint ext/int, paint cabinets and new countertops, new appliances, new floors throughout, sand and repaint a large deck, contingency set aside for pool, power wash roof/clean gutters, new front door/back door/leave slider, new lighting and plumbing fixtures throughout, as well as all handles, cabinet pulls and so on.. -

@David Robertson 

1) maybe you could lend an opinion =)

2) if I'm not supposed to be posting a photo ill remove it

I have a home inspection tomorrow, where I will also finalize my scope of work... then I bring a contractor to walk through with me, have an official estimate on what I want to be done, have an official appraisal of the current value and ARV... close. get multiple bids. begin. finish ahead of schedule and under budget then get it into a bidding war and sell 10% higher than estimated... easy right?

Any insight on what I'm missing

I currently have a real estate investing company. I am also getting my real estate license. I'm wondering if it's fine/normal to just do business under my current LLC (company A) that I use for real estate investing/ flipping house. Or is it better to create a new LLC for agent purposes... I'd like to incorporate the agent portion as another service for my current company but I'm wondering what others have done. Pros and Cons?