All Forum Posts by: Joanne Eriaku

@Kevin Klaas, welcome to the post analysis paralysis phase...PM me on the estimating repairs, I might have a tool or two that may help demystify some of that

@Nicole Vincent, cost may be the least of your issues, is it condemned? do a thorough due diligence before jumping in, assume the worst, assume its a gut job or a tear down and estimate a such.

@Sarah Hartwell, its honorable that you are thinking of how best to help. I think it really comes down to you and how you would like to look back on this 10 years from now or once its all over. The same happened to a friend who rents in DC, she choose to ride it out, wait for the government assistance which indeed did come just not instantly. Canada seems to be a lot faster in processing than US in my opinion so you may not have to wait that long if you choose to wait it out. I think it helps to have a candid elephant in the room conversation with the tenant, that way, if you choose to part ways, its in the most human(not humane) way possible. 

@Kalvin Seidl Subject to/seller financing is the most creative I was thinking of. @Nina Granberry, you can find those properties through Propstream, it consolidates MLS data. About becoming a private lender, there are many investors you can find from your local REIA, but I'd advise you first figure out what types of projects you'd like to lend to, what type of ROI you are looking for etc. I'm not a lender but these are the questions I've compiled to ask Private lenders.

1. On what types of projects do you typically lend?

2. How do you evaluate deals? What specific deal information do you need?

3. What are the typical terms? Points? What is the Annual Percentage Rate for interest?

4. Do I close with your attorney/title company or with mine? 

5. What percentage of the purchase price will you loan and will you loan 100% of the rehab costs?

6. What percentage of ARV will you loan?

7. If I need to extend the note, can it be at the same terms?  

8. Will you allow someone to be in 2nd position?

9. Will you give me a POF or pre-qualification letter to submit with my offers?

10. How do you handle draw requests? Is there a few for every draw?

About partners, well it depends on what you mean by partner, is it a project partner? Equity partner? Relationships and networking are key...don't commit too much until you understand who they are when they are sad, mad and glad. Fell free to PM if you need clarity.

@Niyi Odumosu congrats on making that first move and thank yo so much for sharing, such details are important to a newbie. I look forward to seeing the visuals

@Stefanny Gonzalez Hard Money Lenders are a critical component for flipper...find the right partner and you will both be happy you found each other. Granted the cost of their capital is higher but the benefits of having them are immense. PM me if you want to just chat, I too am a newbie flipper.

@Brian Lucier wow, thank you so much for sharing in great detail, I'm not a landlord/PM yet but when I do become one, I would want to be like you. This is just the right thing to do at so many levels. Thank You Brian

You don't need a license to flip or to own, however if you are serious about flipping, there are numerous advantages to having a license, It doesn't take much,just about 40-75 hours, depending on which state, I would highly recommend it. 

@Christine Lai, lets connect on greenhabbing, its the direction my company is taking...you don't necessarily need LEED certified contractors  but there are elements you can incorporate into your rehab, lets connect and exchange ideas.

@Samson Tefera it is my understanding that HML is not designed for such long term conditions, that's why the fees get hefty as you hold on for longer, they are made to discourage you from holding their funds for a long period. Unless you got yourself a gorgeous HML deal, if its the standard HML deal, I'd advise you be in and out as quickly as possible. That's my two cents