All Forum Posts by: Cory Collins

I was at a multi family meet up yesterday and met a broker from CBRE that was very helpful and had a 8 unit property ( 4 duplexes) in Gulf Port.  The brokers name was Eric Simone.    HE mentioned the seller was very motivated a he wants to invest in NY

@Michael Tripp thanks for that tip

@Jay Hinrichs in this scenario im looking to do a flip not a rental. However i have run the numbers to make sure it will cash flow if i needed to rent it out because i was having difficulty selling. If that info helps

@Jay Hinrichs thanks i will definitely keep that in mind. Preparing for that long of a holding period will be a good idea for me to protect myself from over extending myself.

Are there any benefits for using a HELOC over Hard money for purchasing a fix n flip? As i newbie without a lot of available cash one of the methods of ideas to finance a flip was to use a hard money loan that would loan 70% of ARV, and to use this loan for part of the rehab. I would need cash for closing and the difference of what the loan doesn't cover from the purchase price after the rehab money is put in escrow. This is assuming im comfortable with my margins and my monthly payments and holding costs.

Ex. purchase price : 103k

ARV: $165K x 70%=$115500( hard money loan)

rehab: $30k(in escrow)

closing cost and cash needed @ closing $28k (HELOC)

The numbers are just used to give an example and aren't any actual numbers.  I would like to hear the opinions on this type of financing.  Assuming I'm comfortable with my monthly payments and holding cost and aiming for 90 day total turn around,

@Josh Rathbun congratulations! Great story thanks for sharing. Gets newbies like me excited to get rocking

As I'm starting my search for my first flip deal, I was wondering if anybody could recommend where to find a good contractor line budget.  As someone starting out, i think it would help me to have a bit of a guide line in what I should actually be looking at as i walk thru a property so that i will not miss as much.  This would also be helpful, as I have not actually worked with a contractor yet, to help me be prepared as to not be an easy target to be taken advantage of.

Would you care to share this spread sheet with me as well?  I am currently searching for my first deal and would like to be as prepared as possible when its time to go look at a property