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All Forum Posts by: Tyler Willis

Tyler Willis has started 8 posts and replied 32 times.

Post: Financing first deal

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

Hi Jimmy,

20% down usually is the norm for traditional lending and some HML. With my company depending on credit score the downpayment is 10% to 15% down.

Post: New Member Intro (& Hard Money Question)

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

Hi Chris,

Unfortunately a lot of sellers (especially wholesalers with a large database) like full cash buyers only because to be honest ( I think my job might kill me for saying this lol) hard money is not always guaranteed due to the fact that it is based on appraisals and feasibility inspections. Now that is not to say that is a problem. The deal should be able to close as long as your numbers are correct.

Post: Philadelphia Brewerytown Meetup 1st Wednesday of every month

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

Wish I could attend. Definitely looking to make the next one!

Post: BUILDERS RISK INSURANCE IN PHILADELPHIA

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

@Garrett M. Thanks!

Post: BUILDERS RISK INSURANCE IN PHILADELPHIA

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9
Thanks @Jason DiClemente !

Originally posted by @Jason D.:
I use USLI for builders risk ins.

Post: BUILDERS RISK INSURANCE IN PHILADELPHIA

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

Hi everyone,

To my fellow investors in the Philadelphia area. Could you please recommend an insurance agent who covers builders risk?

Post: Does Flipping houses for profit requires a good mentor?

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

@Nav Sing Hi Nav. Flipping does not require a good mentor however it does help. Especially if it's one you have a genuine connection too who wants to see you succeed. My wife and I started out without a mentor and needless to say it was a disaster. Not because we did not know the process per say but because we fell for every trick in the book that a shady contractor can throw at you. We spent two years scratching and scrapping to survive the project before we could get it on the market and sold. However we pushed on and got it done along with our other partners. It definitely taught us a lot. But I cannot help but to wonder how it would have gone had we had someone to make sure we were making the right calls. 

My advice...find someone who has experience and pick their brain. Offer them coffee or lunch and just talk shop. It could be very beneficial in the long run.

Post: Please look at my numbers! Advice needed!

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

@Ryan Johnston No problem. At most your downpayment should be no higher than 20%. With us it's usually based on experience. Let me know if you have any questions or need assistance in the future!

Post: Please look at my numbers! Advice needed!

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

HI Ryan, 

Your loan downpayment (25%) is extremely high. We have never asked anywhere near that much in downpayment. Asking for that would kill a deal and ruin end profit for the borrower. Also the profit margins seem pretty slim. I personally would walk away from that deal. Once you begin to factor in unknowns that tend to pop up in fix and flips margins start to shrink and with your amount of projected profit you run the risk of making nothing and or potentially loosing money. 

Post: We're interested in building

Tyler WillisPosted
  • Investor
  • Philadelphia, PA
  • Posts 41
  • Votes 9

Hi Andy,

Definitely check with city planning to see if it is possible. In the cities I have lived and invested in I know it is possible to change zoning. It just has to make sense for the city and neighborhood.