All Forum Posts by: Arpan Patel

Yea payable when the property sells

We do 1% a month payable at time of sale and no points. Loan terms are 6 months. For private we don't have an ARV limit but our normal deals coming in around 70% of the ARV. Hope that helps

I always use what is exactly on the deed as it is stated. That is just what I do but you can ask your surveyor which you should do. That is just what I do.

I agree with @Chris Mason: might be best to sit down with a local lender and come up with a game plan. I think paying off the credit cards first makes and then save for investments that would yield over 5% which is your student loans and then you would be making money on that choice. But yea, there are other factors other than the percentage arbitrage. 

If you've been a realtor for 5 years, why not use the MLS? Yea, the frequency of deals might be low but the chances aren't 0%. Plus you have expertise in rental property so I always suggest people start with rentals. They are generally less capital then a flip and time if your friend with that investment. Lastly, there is less management to worry about. I think that is the ideal investment class to start with.

Not exactly sure. I can find out though. It was some time ago

Hello all, 

We are looking for people with resources (good credit and good cash reserves) to partner with us utilizing the BRRRR strategy for properties in the south suburbs (B area) of Chicago where the investor contribute the initial resources and we are the operators. We are quite used to flips (sold 6 last year and 1 this year with 2 others under contract and another 3 in construction) and are now pursuing rentals. We have front end lenders and cash out refinance lenders. These deals are typically 50-60 purchase and 30-40 rehab however we stay below 90k all in. The properties are worth around 140 so we and our lenders will lend 70% of the ARV - as long as we stay above 1.2 debt coverage - immediately after construction and a signed lease. We were turn key providers from 2000-2008 so we know what it takes to get these deals done and managed. We find the properties, rehab them, rent them, manage them, run the financing pathways and rinse and repeat after the initial cash outlay is back. This is for people who want to be a part of a system that we have in place and want 4-6 properties a year. You can examples of our work at out website which has our flips. Lastly, all my contact information is on my profile page. Thank you!

1) Not necessarily - different auctions approach it different ways

2) Yes, you will need to quite title and evict but that process if state and county specific. Check with you local county or village about general procedures and then check with an attorney in the area who can help you do both the eviction and or anything necessary with title.

Agreed, not really about the questions but rather the exploration of information and then analyzing it to create a framework then path of what you need to be doing in the opinion of the other person. That is typically how I address meeting someone new who does something I or a friend might want to do someday.

Same as the others. Let me know