All Forum Posts by: Helen Shaw

@Mike Burkett I now have a down payment. This is my first flip house so I am a little tight on funds. Story be told that I signed up with a company that kind of took me to the bank and found myself 60K in CC debt because of them. I am working on recovery and trying to figure out the best way to do this as  a first timer. 

Thank you for your responses. After calling yet another lender, I am told that because this would be my first deal, it is better to put my own money into the deal (10%down) to show that i am serious as well as I need to show 3-6 months in reserve for them to fund me. They all seem to charge points ranging from 1-4. I seem to running into a lot of 12/2-4 .

 I have spoken with a hard money lender but am still a little confused. He wants me to a joint venture which means he will fund the project 100% and do a 60/40 split if i get it done in 4 months. If it takes longer its a 50/50 split. He says this way I don't need to make monthly payments but still need to come up with 10% down. Does this mean that i would only owe him the 40% at the time of resale and no other money is due him? He is kind of a fast talker and kept jumping around.Is it as simple as its a flat 40% at the end?

The second part of my question , am i better off doing the 100% or would it best to borrow it and pay 12% plus 4 points? The bid I am putting in is for 100K repairs are 20K, ARV is 170K