All Forum Posts by: Charlie DiLisio

I believe you would have to make that deal with the general contractor to sub out the work from him but I don't think it would fly with the loan parameters.  I would be interested to know if there is a way to do it myself if you are able to.  The paperwork is pretty detailed about it and if your are working under the GC he would have liability to consider.  Good luck.

As a tile contractor here in Florida I would just add that it is not standard unless the homes are identical.  Unless you are doing all the prep work such as removing carpets, existing tile, vinyl etc. it will be added to the price.  In Florida in many places the upper floors have to have cork or sound barriers installed as well.  Just a thought to consider.  The big box stores quote a square foot cost but then add on for prepartion, etc.  I agree all the paint colors and fixtures can save a lot of money over time.  The volume you are looking for it amazing and I wish you all the best in your new plan.  

I had one a while back and one of the problems is that you have to hire a general contractor to do the work but if you know someone who will work with you on it you can save some money doing some of the work yourself.  They use a draw schedule to pay for the work as it progresses.  Good luck and have a great year.

Have a friendly title company do a quick search for you also to make sure the city doesn't have multiple liens on it.  I know that they will negotiate or remove them if you rehab the property with receipts for more than the liens are.  Good luck if all the numbers add up right it could be a great deal.  Also sometimes a contractor will release his lien for less since its better than nothing.  Worth asking. If it goes into bankruptcy many of the claims go away.

@J Scott I agree totally with what you said.  I think its more risky not to do anything.  There are many ways to profit from real estate and I prefer flipping because of my experience and control of the property.  We all have our skill sets and we should be open to learning as much of the business as possible.  It is a mindset and I find it exciting and challenging.  Best of luck to all of us.  I am looking forward to reading your book J.  Experience is the best teacher and other points of view are invaluable to our success.  

@Jennifer Griffin if you are a homeowner occupied you can apply and get a HELOC from NFCU also and they will pay all the fees and you can use it over and over for a set period of time. I use my credit cards to utilize for my re-habs and have over 100k available from them. Less than hard money if you flip quickly. I usually go for 6 months or less. Good luck.

@Bobby Holley, I would like to know that also because I am considering NFCU for a HELOC at this time because they will pay all the cost involved. Also what percentage of your equity did they offer you. They are advertising a possible 100% equity position. My residence happens to be a VA loan that I have had for a little over a year. How long did it take you and how much hassle was it. I have been with NFCU for about 5 years now and they have been great. I would like to get the highest equity LOC to invest in property down here in Florida. Hope to hear from you. Best regards!

@Rhonda Blue just a question about your above statement. If you take the heil wouldn't that also affect you LTV for your credit score? I am considering the HELOC to do my flips and pay it off quickly and be able to re-use it again. Am I missing something. Seems that the HELOC would save me quite a bit of money over a HML. Thanks

Thanks, that helps a lot. I will be doing short term flips and avoiding the HML whenever I can and pay it off as soon as the property flips so I believe I can use it again. HELOC will work better for me. I would never use it for anything but making money, no trips or toys! I never MAX anything out either and keep it below 20% unless the deal is too good to pass up. Thanks and have a prosperous new year.

I would like to see more photo's of this property also Michael.  Let me know if you still have it available.