All Forum Posts by: Jay Lipshez

@Brian Bellanca

Is it possible to set up something with a HML before you find the EXACT property? That way, id be ready to pull thr trigger in an industry where time is such a precious asset. My area is very competitive with reis. I will sign up for some rei groups though. I like that idea. Thanks so much for the input!

matt, were you doing a flip or a rental property? We see a flip as ideal because we dont want to tie up all that money, and we dont have an easy refi route, as there are 2 of us. We really want a flip. Do you think HM is still possible with abput 35k, on a property listed around 100k, with an ARV of around 170k with about 30k of work required? We were hoping to finance 100% of the property then cover all the rehab costs with out own cash. Thanks for responding. More helpful than you know to talk to others in this position!

not familliar with wholesaleing. Our skills lie in building and market analysis. Is it not possible to get a "virtual" preapproval from a HML in your experience? Or do you HAVE to have a property to show them to get any response?

so my concern is, if i find a property whether it be for sale by owner, on the mls via my business partner thats a realtor, an reo, or any other standard residential property sale, often you must act quickly. Is it not possible to get a preapproval from a HML for properties within a certain price range before or after repairs? That way i know its not a waste of time to hunt down property that will not get accepted?

@Frank Patalano

Capital/financing is holding me back. I own a construction company with a partner. My partner is also a realtor and has been for 10 years in our region. We are looking at hard money lenders but it seems that they all require the prerequisite of "have you done this before?" That is a no. We have around 30k saved but that isnt enough. We dont have much credit established as a business because we have made enougg money to not need a line of credit for payroll or operating expense. We also do not own homes to use the equity from at this point. We want to start flipping before we buy our own homes. We feel we have a great team and network in place outside of private investors or lenders. We also have a very precise business plan with elaborate details on our criteria, exit strategies etc. Looking for help!

A brief synopsis about myself, and my current business... I am 32 years old and one of two partners in a (mostly) residential building amd remodeling company that is in its 4th/5th year into its life. We have been succesful with residential and light commercial contracting, whether it be full homes/additions or general interior/exterior remodels (Ie. Kitchens, bathrooms, etc.). I have been in the field (construction/building) for almost 14 years npw and havr been contemplating jumping in to real estate.

My business partner Shawn, is a classically educated guy, also in his early 30's. He went to college for business management, and is also a realtor. We feel we have the perfect network and team in place to make the transition into real estate investment. Specifically starting with flipping, and then rolling it into buy and hold and/or multi-family properties.

Our biggest hurdle now, is capital/financing. We have the right team of people in place. A contractor (us), a realtor (also us), and a real estate attorney (Shawn's fiance is an attorney that works at a full spectrum firm, and he also has contacts from his 10 years as a realtor). We have a business plan, that includes a mission statement, basic guidelines/criteria and multiple exit strategies. Our only problem is pulling conventional loans via our business as it doesn't have a structured income stream. That is... we dont make the same amount every week or month or year. The other side is that hard money lenders from what I can tell, have the prerequisite of "have you flipped a property before now?" Obviously that answer is no, we have not.

So basically I am here in an effort to find some more ideas on creative financing, and how I can put the money we currently have saved (around 30-40k) to work for us, in an effort to get into the market. All comments and questions are welcomed! Thanks in advance!

Sidenote: I posted this in another thread, sorry if that is a no-no!

-Jay with J & S Construction llc

A brief synopsis about myself, and my current business... I am 32 years old and one of two partners in a (mostly) residential building amd remodeling company that is in its 4th/5th year into its life. We have been succesful with residential and light commercial contracting, whether it be full homes/additions or general interior/exterior remodels (Ie. Kitchens, bathrooms, etc.). I have been in the field (construction/building) for almost 14 years npw and havr been contemplating jumping in to real estate.

My business partner Shawn, is a classically educated guy, also in his early 30's. He went to college for business management, and is also a realtor. We feel we have the perfect network and team in place to make the transition into real estate investment. Specifically starting with flipping, and then rolling it into buy and hold and/or multi-family properties.

Our biggest hurdle now, is capital/financing. We have the right team of people in place. A contractor (us), a realtor (also us), and a real estate attorney (Shawn's fiance is an attorney that works at a full spectrum firm, and he also has contacts from his 10 years as a realtor). We have a business plan, that includes a mission statement, basic guidelines/criteria and multiple exit strategies. Our only problem is pulling conventional loans via our business as it doesn't have a structured income stream. That is... we dont make the same amount every week or month or year. The other side is that hard money lenders from what I can tell, have the prerequisite of "have you flipped a property before now?" Obviously that answer is no, we have not.

So basically I am here in an effort to find some more ideas on creative financing, and how I can put the money we currently have saved (around 30-40k) to work for us, in an effort to get into the market. All comments and questions are welcomed! Thanks in advance!

Side note, I posted this in a few other places on the app too. Sorry if that is a no-no

-Jay from J and S construction llc

A quick synopsis about myself, and my current business... I am 32 years old and one of two partners in a (mostly) residential building and remodeling company that is in its 4th/5th year of life. We have been succesful with residential and light commercial contracting, whether it be full homes/additions or general interior/exterior remodels

(Ie. Kitchens, bathrooms, etc.). I have been in the field (construction/building) for almost 14 years now and have been contemplating jumping in to real estate with my partner since we began this venture.

My business partner Shawn, is a classically educated guy, also in his early 30's. He went to college for business management, and is also a realtor. We feel we have the perfect network and team in place to make the transition into real estate investment. Specifically starting with flipping, and then rolling it into buy and hold and/or multi-family properties.

Our biggest hurdle now, is capital/financing. We have the right team of people in place. A contractor (us), a realtor (also us), and a real estate attorney (Shawn's fiance is an attorney that works at a full spectrum firm, and he also has contacts from his 10 years as a realtor). We have a business plan, that includes a mission statement, basic guidelines/criteria and multiple exit strategies. Our only problem is pulling conventional loans via our business, as it doesn't provide income in an orderly fashion like banks and standard lenders prefer. The other side is that hard money lenders from what I can tell, have the prerequisite of "have you flipped a property before now?" Obviously that answer is no, we have not.

So basically I am here in an effort to find some more ideas on creative financing, and how I can put the money we currently have saved (around 30-40k) to work for us, in an effort to get into the market. All comments and questions are welcomed! Thanks in advance!

-Jay with J & S Construction llc