All Forum Posts by: JD Mims

ok, thanks.

Meaning in some States you don't need need a mortgage mortgage broker license to do fix in flips ?or or conventional loans?

I read that if you are a mortgage broker- you need a license. 

Is this true for fix and flips? and non-conventional loans? 

Trying to understand. A little difficult to Google search. Trying to verify some information I was given.

Thank you.

I did discuss creating a partition and allowing each unit to have individual access ..but she felt like it would be a fire hazard because.. While we can create separate spaces for each unit but..

the electrical boxes would then no longer be accessable to each unit..they sit next to each other and would be contained on only one side of the partition.. So creating individual space did'nt seem like an option.. unless I'm missing something.

Hi everyone! Just looking for some feedback on shared space in basements. I am rehabbing a duplex that has a shared basement. 

A mentor of mine feels like this could create a liability with both units having access to the basement. 

My property manager says that she has many shared spaces she manages and has never had a problem.

Just looking for any feedback or experiences anyone has had? Anyway to trouble shoot this?

Hi all. I am purchasing a duplex that has mold in the basement. 

I sent out a contractor for evaluation and came back as- only mold in the air in the basement. 

Contractor said it wasn't 'old mold', it was 'new mold' and he felt like it was mainly because house had not been lived in recently and could be fixed with bleach, ventilation and circulation.

How will I do ventilation and circulation?

Hi all! I am a newbie trying for my first BRRR.
Does anyone have any experience, feedback, working with this hard money lender?

Ion capital solutions.

https://www.ioncapitalsolution...

Every conversation we've have had so far seems appropriate and legitimate. Just trying to do my due diligence and ask around.
Any feedback helps!

Thank you

Hi all! I am a newbie trying for my first BRRR.
Does anyone have any experience, feedback, working with this hard money lender? 

Ion capital solutions.

https://www.ioncapitalsolution...

Every conversation we've  have had so far seems appropriate and legitimate. Just trying to do my due diligence and ask around.
Any feedback helps!  

Thank you

Okay, my primary concern was that I would have to come out of pocket again..for a down payment plus additional fees ..

but I understand now that my down payment is the equity left in the deal for the bank.

Thank you so very much.

 I understand that you need to refinance after you have completed repairs. Specifically how does a refinance work? 

If I am all in at $100,000 and my after repair value is $180,000.. in the bank gives me 70% of that = $126,000.. Awesome, but exactly how does that Shake out? 

I now have a new loan for $180,000 do I have to put a down payment on to the new loan? like a new purchase?  or am I just financing straight $180,000?

and my mortgage payments are based on what 180,000+ whatever the interest rate is? or what?

I know silly questions but I appreciate any help. 

Thank you.