All Forum Posts by: Arshiya Taami
Arshiya Taami has started 16 posts and replied 28 times.
Post: fix and flips still possible in southern california with todays market?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
I am an Investor and do fix and flips. I was wondering if in todays market, are fix and flips still possible to do and will make you money in southern california?
Hello everyone,
I am an investor in the san Diego/Los Angeles area and want to work with whole sellers in potentially buying their deals. If you guys have any email groups or partnerships I am interested in joining just shoot me a message.
Post: Whats the best loan option to get for my situation?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
Quote from @Chris Seveney:
@Arshiya Taami
ive been collecting a W2 for about 5 years now and my buddy for about 2 years, we have been at the same company the whole time, we dont have any expenses besides paying for our gas since we still live with our parents.
How long you been collecting a w2 and what are your incomes vs expenses? Do you have any other assets outside the $20k?
Best bet may be to bring in a partner
Post: Whats the best loan option to get for my situation?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
Me and my buddy are partnering up to get Into our very first fix and flip (we both just turned 18 & 19). We have experience in construction and have family connections. Since I just got a credit card my credit score isnt the best (his is 700 mine is 600). the good news is we have saved combined $20,000 to put into our real estate. we have no debt and We both work full time and have Paystubs to back it up. So my questions is do you think a traditional HML will be our best bet or are there any other type of loan types I haven't found out about.
Post: What are some general advice you would tell newbies?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
Hey guys I want to do a fix and flip in the near future and was wondering what are some general advice you would give me?
Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
Quote from @Ko Kashiwagi:
Hi Arshiya,
Typically a Hard Money Lender will look at your:
- Down Payment (assets/liquidity to put into down payment) - 20-30% for first time investors
- Property value and After Repair Value
- Rehab Plan and Timeline - detailed rehab plan with realistic timeline and budget
- Experience - not necessary but helps
- Financial Strength - credit score, track records
- Exit Strategy - how you plan to pay the loan off
thank you for the information! :)
Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
Quote from @Mike Klarman:
So as a newbie, you can't bring experience. So what can you bring? Strong credit and liquidity. Lenders are open to doing business with a new investor if:
The deal is the right deal: Not to expensive, accurate numbers, strong ARV, good market....
And...
Borrower has good credit and ample cash to close.
I've lined up financing for about 10 new investors last year. Some got 90%/100% because they're credit was 720+ and the deal was right.
thank you for the information! :)
Post: What are some requirements I need to get a Hard Money Loan for my first Fix&Flip?
- Investor
- San Diego, CA
- Posts 28
- Votes 15
my friend and I are looking to do our first fix and flip as partners using a hard money lender, we have never done a fix and flip before but we have experience/connections with remodeling houses/construction.