All Forum Posts by: Doran Summers

@Jesse Kerr yes. There’s a few lenders who can cashout before 90 days based on the current value of the property. Let me know if you need help. Thanks.

@Garrett Wilson

Depends on how much you paying him in work. Because honestly you probably be doing all the heavy lifting. Going out looking for properties, punching numbers etc. He may just using his sweat and tears on the rehab and not helping you look for specific properties based on your criteria. Does he know the area as well? Have him look for properties and running numbers with you unless you fine with him just focus on only rehab.

Let’s say usually you pay him $5,000 for his work.

The JV deal may be paying him $10,000 on a split even though he not charging for rehab work.

@Garrett Wilson

I think a split on the flip is good because you already have some type of relationship with the current GC.

If you JV with someone with flips they still may not be a good partner.

The GC have experience but hasn’t done a flip. It’s important when looking at flips to make sure the numbers work out for you. Meaning after you put money with purchase, monthly payments and closing cost you still leave a nice profit for yourself so you can do other flips after its successful.

Another question is are you paying the contractor to do the rehab? I know using a hard money lender who does 100% financing on the rehab which maybe your GC will take a discount.

If I think of any other concerns I’ll come back and reply. Good luck with your decisions.

@Emily Howlett I wonder the same. I’m thinking he used hard money 12 month term fix and flip lender. Most of those Offer 85% to 90% LTC as long the Arv isn’t over 70%. If he held on long term he could just Refi Long term.

@Michael Kieffer how does that work with getting 90% cashout?

@Ian Walsh what about getting real estate license if you already in the financing business? Becoming a broker so you can offer more services for the clients, and finding more clients.

@Krystal Payton it depends on the value the mentor ship program is bringing. Are they actually helping you with you first few deals. Are they only providing information on how to get started? A lot of those things takes in consideration on if it’s worth the money, time and energy. Perhaps you can go to meetups in your area and find a group or person to teach you the business.

@Luck Manuel did Shelly from RPM help you?

@Jestin Sorenson you probably looking at 5 to 6.5%.

@Bruny C. What’s the three late payment on?