All Forum Posts by: David Karaffa

Looking to start off flipping single family homes in the general Phoenix, AZ area market. Long term goal is to tap into the San Diego market. Man I love it out there!

Thanks everybody.

Jon, I am looking to use my past experience as a engineer/superintendent in construction and my current experience in real estate sales to rehab and flip residential properties. Just looking to get my feet off the ground while absorbing all the great insight and knowledge on this website.

Thanks Justin. Great breakdown and explanation with the interest rates and points. Got to watch out for those points. Sure the low interest rate is attractive but then if they hit you with points as you show it costs you more in the overall grand scheme of things.

Thanks for the advice Scott. Will keep an eye out for those untrustworthy lenders.

Would you all recommend going with a HML that is local? If you find a HML that is out of state that lends money for deals in your state, is it most likely a scam? Makes more sense to me that the HML would like to be local to keep tabs on his/her investments.

Thanks Shaun. If repair funds are held in escrow account how and when will you receive? Do you submit billings towards that account?

Thanks gents! Appreciate the warm welcome...

Thanks Will. I will look into private money lenders as well.

Another question. If I get into my first deal, and have all my available funds tied up in that deal, is it smart to wait until the end when that deal closes to pursue another? Better question probably is how little skin do I have to have in the deal to possibly get approved for a hard money loan or a private money loan? If I am in my first deal and another great deal comes along I was just wondering if that would be a possibility?

Justin, greatly appreciated. Glad to get your recommendations on lenders. That helps a lot!

Hello everybody. Just joined and planning on starting my real estate investing career. This website is great! I can tell I am going to learn so much from everybody on here. The knowledge and experience in these forums is like nothing else. I'm looking forward to advancing my real estate investing knowledge with the help from everybody on here.

Thank you!

Hello all! Hope all is well! I am new to biggerpockets.com. What a great website. I have some general questions I hope I can get your insight on. Quick background, I am a licensed Real Estate Consultant out in the Phoenix, AZ area. Before becoming a agent I was a Project Engineer for a commercial general contractor. My ultimate goal is to become a Rehabber/Flipper while maintaining my real estate license.

My questions pertain to the financing of the rehabbing deals. I have heard alot about "hard money loans". For someone who has some liquid funds, but not enough to fund the whole deal, would this be a smart option to pursue? Are there truly hard money lenders out there that may not require any of your funds in the deal if the numbers are good? Just wanted to get some advice on what to look out for with "hard money loans". I am looking to get my foot in the door with rehabbing and this seems like a good option.

I appreciate any insight you can give. Look forward to hearing your feedback.

Thank you!