All Forum Posts by: Chris C.

I like the ease of use and keep 20 to 25 properties covered by them.  However save every single communication you have with them.  They have failed to cover two of my properties this year due to their error.  I have had to prove my case with saved emails.  This is going to make me shop other alternatives since I have not checked the market in a while.  

I have not had a claim with them but I am concerned there will be issues when I do.

Update:  Just got feedback from them on their last error.  I will be moving all my properties.  Their processes and systems are just not reliable enough for me to trust them.

I have a 15k minimum profit on cheaper properties and shoot for a minimum of 20% for more expensive ones.  At my minimum values those had better be light rehabs that I believe I can turn quickly.  I add additional profit for the estimated time and difficulty of the project.

Spoke with a lady selling her rental property and said she would owner finance.  

Property ARV $195,000

Long term renter paying $950 market should be about $1200

Renters lease is up in March.

Said she knew it was worth about 195k but would discount for not using agent etc.  Sound like she would work with numbers a good bit but not highly motivated.

She would want a 4.5 - 5% interest rate.  Down payment was not discussed.

What would you do with this deal? 

Potential rental?

Lease option/finance to another buyer?

What terms would make it work for you?  If at all.

@Jay Hinrichs@Tom S.@Mike Burkett I realize there was another Elite Funding. I am also talking about Elite Funding Group.

@Tom S. I submitted an application etc but I am going to finish the rehab to get better terms before resubmitting.

The back story is that I am about 90% done rehabbing a home for a rental.  They gave me decent terms on financing the rental and providing rehab funds but it did not make sense with me being so close to finished.  Being a rehab loan it was still fairly expensive.   I am going to finish the rehab and get it rented then resubmit for a rental loan.

I have used Cashcall Mortgage twice and have been very happy with them but Elite seems to be more flexible and have more options so was going to see if they are competitive.

@Chenping Ni  

Just so there is no confusion, J Scott has no affiliation with the spreadsheet I built. My spreadsheet is custom built for my needs loosely based on J Scott's books and philosophy. I share it for free to those who request it for ideas if you want to build something similar. Unless you have strong coding and spreadsheet skills (and lot's of time) I recommend following J Scott's advice. 

SF Rentals

When I purchase a home I have a spreadsheet that I do a walk through with.  It counts up all materials needed with Lowes item numbers.  Also builds SOW's for contractors.  I take my materials list to the Pro desk and they get a me a quote, usually with significant discounts.  I sign basically J Scotts contract with my contractors.  The SOW includes exactly the materials I am buying.  Everything else needs to be included in their quote and that's what the contract says.  Materials are delivered to the job site when the contractor request and we rarely have an issue.  A lot of contractors are nervous doing it like this to start as they think they will have to wait on materials.  Once they do a couple houses with me then they usually like it as it saves them time and makes the whole project more efficient. 

I don't purchase shingles or some other specialty items like that. 

Some things like paint I actually get a better discount than my paint contractors.

Nails, mud, tape, etc I do not provide and the contractor must allow for those things in his quote.  He will not be reimbursed for them either.

Had received an email from this group and spoke with them on the phone yesterday.  Seemed legit and expecting to hear back from them today on some proposals for a project I am working on.  Could not find much online so figured I would turn to BP.

I use Lowe's.  You could also use Home Depot which I think is the favorite among most rehabbers.  

I have material list pre-made with all Lowes items numbers for the specific materials we use.  I then give quantities to the pro desk and they get me a quote for that job.  They deliver the materials when I request and I essentially use them as my materials warehouse with delivery.  I have built a relationship with the Pro desk and try to help them make their quotas when I can.  In turn they go the extra mile to help me when I need it.

I feel that people running all over town trying to save a hundred bucks on a $20k rehab are not utilizing their time effectively.