All Forum Posts by: Charles Coaston

Here's an example of the smart sheet. 

I can only make a total of 5 draws to complete the whole rehab. So, I'm already in my first draw with the roof and electrical box done and I only had the house for a little over a week. Trying to deal with putting the cash up front kind of puts a damper on the process cause i can only handle 1 or 2 things at a time. The money then comes out of my pocket,  (my cash, credit card or borrowing off the wife )until he pays for the job completed.

I'm already in a deal with a hard money lender on a property at 16%. I'm going off of a Smartsheet kind of like excel for investors that track your spending on the projects needed to rehab the house. The issue I'm having is I thought I fully understood and asked all the question I could possibly think of but I apparently didn't

Issue:

This is my first deal flipping a house. The house was bought for 20k and 21k in rehab cost were calculated. I borrowed both the rehab cost and purchase of the home. I can only make draws for various projects as the job is completed to request for rehab monies. I also can only make 5 total draws to complete the entire home.

My question is this:

I don't always have the money up front to complete project or even have time to wait for him to send me the money. What creative ways would you guys use to get money? Can we rework the contract here he only pays for the house and any remaining cost that I improved already and I get a Discover, personal loan to have the funds as a whole and complete the job? I need help cause I always don't have the deposit to finish the job I need to do.

Im sure I left some in between out..

Closed the deal got him down to 20k. All went nice a smooth like butter.  Starting the initial rehab process. I'm trying not to think of this in a bad way but I'm dealing with a hardmoney lender. The way they pay for the rehab cost is through draws as the work is completed. So, I get the work repaired and done then I request the money estimated to pay. I would like to have my money all at once to move like I want to move. I'm a hustler in a sense to where I look deals on cabinet and othe materials. This really holds up the process. Need to look on the bright side

I did send out for the dye test which it didn't need but we still needed a stamp of approval

Will be closing on a home soon thats a buy and hold. We won't be doing any work on the house until a few months down the line. My question is why would we need a occupancy for inspection prior to closing? Please note that the house been in a fire so right now its just weatherized.

http://www.zillow.com/homedetails/6727-Frankstown-Ave-Pittsburgh-PA-15208/11285967_zpid/

@Adriel Hsu I'm jealous that you got to go through all that honestly.

This was so Awesome thanks!!!!!!

@Bill Hinshaw After a few estimates and appraisal.  After a few estimates and in and out the property, I pulled the trigger and got the person down a couple of grand to replace the roof. In the process of closing. I'll keep folks posted.

BTW dealing with a Hard Money Lender

Currently in process with them and wanted to call them tomorrow and ask if they give the full rehab amount upfront after the purchase of the home. Has anyone had any experience with them?

@Brian Pulaski this is a flip and I'm carpeting the whole house except the kitchen and bathroom. The floors have cat pee on them : (. I was going to get a kitchen from maybe ikea or a like new from craigslist. Seen a lot of kitchen cabinets , faucets, sinks and counters for a decent price. The roof is good it just needs the gutters and i have a landscaping person. A 8X8 deck i need installed attached to the sliding doors. and the stair well entrance will be painted as well. 

The downstairs windows are good but the upstairs windows are older. I was thinking of just keeping it that way. 

@Bill Hinshaw solid all brick. needs new light fixtures and plumbing when kitchen gets installed for the dishwasher and fridge.