All Forum Posts by: Keith T.

So in summary, I'm liable for anyone doing any type of work on my property who is not self-insured. That eliminates a significant portion of the labor population. I guess that's the world we live in, I can no longer hire a teenager in the summer to cut the lawn

In regards to using a handyman or simple day laborer for small projects, what can I do to limit my liability? Say if a worker I hire for yard work cuts off a toe, will my property liability insurance cover something like that?  Does anyone use waiver forms to mitigate risk?

I'm always nervous about using day laborers for this reason. 

Hey Austin,

Glad to see a fellow Louisianian getting into the action. I visit Bossier a couple times a year to meet with clients. My most recent conventional loan took 30 days. I've checked with numerous banks and that is the standard timeframe, even if you are fully preapproved. Although I have no experience with HML, 10-14 days or faster seems like the norm.

Thank y'all for the responses.  It seems that private lending in Louisiana is scarce.  I've only been able to contact one lender, who only funds high volume flippers (one deal per month at least). Every other private lender I find seems to be supported by a random website (which are not listed on BP) and just wants me to send them information without any professional interaction. I'm not sure how much more bogus they could appear. I called one of the phone numbers and it led to an erotic hotline haha.

Greetings BP-

I'm having trouble locating lenders that specialize in fix and flips. I keep reading that hard money is the industry standard for rehabbing homes, but locating them has been fairly challenging. Most websites I've found seem super sketchy and I'm not comfortable handing out my personal information with no knowledge of who is on the other end. Most hard money lenders seem directed towards individuals who cannot obtain conventional loans (for people with no other options). Is this just a misconception on my part? 

I have no problem getting financed by a traditional bank, so I'm only interested in hard money for the flexibility and speed. Are there any other advantages to hard money that would allow me to compete with full cash offers? 

I've also read advice saying get the deal before finding funding. I work in the finance industry and this seems counterproductive to solid due diligence. Any advice on finding hard money BEFORE having a deal in hand? I would like to get some estimated deal sheets so I know what to expect.

Do hard money lenders give more favorable terms to borrowers with solid financial history, or is it all about the deal?

Thanks in advance

KT