All Forum Posts by: Holly Scott

Hi @Colin Smith! I am currently working with both Merchants and Pine! Pine is proving to be more expensive but I can use my reserves for holding costs. I have talked to a couple local banks, but not First Bank. Just trying to get the best deal before I pick one.

And when I say should be, I mean my realtor has pulled good comps and is confident she can sell it for that. And if the housing trend continues up the way it has been, then maybe more like 255k.

Haha!! That might be helpful! The ARV should be 240k.

@Scott Elkins we can't use regular financing as we don't have enough down payment and most won't finance the repair costs also, when it's not an occupied primary residence. @Bill S. I am talking the VP of Bank of Colorado and there are a few other banks I will talk to as well. I have until Nov. 7th so tight deadline. I will also look at groundfloor.

Hiya!! We will be going into contract on our first Fix and Flip today!!! Super excited and now a lot of work to begin!! 

I have a great hard money contact, who has approved me, but it will be expensive and I'm looking to shop around and see if I can't get that 15%, 4 points lower! We will need to finance the cost of the house (117K) plus the rehab costs (roughly 53K on the high side, my contractor is looking into breaking down materials and labor and where we can save on materials). 

Closing will need to be about 1st week in January. We are in process of getting a HELOC so we have the reserves, if necessary.

Does anyone have ideas of local banks who offer portfolio loans for these projects? Of course I will use hard money if I need to, as a deal is a deal! But again, looking to save and get out with more if possible. Also, I have to lock in my financing approval by like Friday of next week (Nov 4th) per our contract!

Hi kelly!! I actually live in Teller County and am working on my first deal in Teller also. From my experience, you may have some difficulty with insurance. A lot of my neighbors and such have been dropped and experience issues due to the extreme requirements on fire mitigation. If it is a treed lot, you may find some difficulties or need to mitigate. My agency has been great though. If you occupy probably not an issue but they don't do non-occupant. Anyway it's Allstate, Wermers agency out of Colorado Springs. If you find a good GC, definitely would like the info! My mom is building in Florissant and her experience has been that getting anyone to come to teller county has been a real pain!! We are out there and winters are especially difficult. Labor is harder to come by and those with knowledge and experience are pretty busy. The county can also be difficult at times, and tend to move at a snails pace. It's a different world in some ways and as bill said, wild and free! Kind of behind the times really. But a beautiful place to live! So welcome!! And I hope all works well for you! If you have any questions on the area feel free to message me!

So after some discussion the attorney is going into the house with a disaster recovery agency to assess damage and get an estimate. This is great news! I will likely still have to do something with the crawl space once mitigation is completed. We will now wait to hear from the attorney on what he plans to have done.

All of this is great information! I tend to agree with you Jim, I think there is a ground water issue or other leak. However, they have had some issues with that kitchen sink and clogging, so it could be something that was from kitchen pipes prior also. It's a tough one to gauge without being able to get it inspected.

Great tip! Thank you!

Hi BIll!

The reason I think it may need it is because I actually knew the people who lived there and they discovered water down there in April time frame. But it dried out. Until they moved out and the refrigerator water line was cut in the move (and somehow, the main didn't completely shut off the water to the house) and so that line has been slowly leaking on the kitchen floor for 4-5 weeks. I'm hoping the attorney had the water department shut off the water. But that is why we will require him to do flood and mold mitigation right after going in to contract (if we do). Hopefully, he is taking care of that now. But 1500 is way less than I thought it could be. Here are pictures of what it looked like when we went to see it.