All Forum Posts by: Frank Hinck

@Junior Shay

Consult the purchase contract but 99% no and if you are required it would be disclosed in the Seller Disclosure. You can self-manage but be ready for the old tenants to potentially try to “get ya” or say something was promised (improvement Reno) or a “no rent increase” was promised. Some of these folks are professional tenants and will look to work over a new landlord.

@Aaron Ross

PS add a professional looking profile photo and fill out your profile info description

@Aaron Ross

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!

@Aaron Ross

4 days is going to be tough quick turnaround to get a HML to qualify the deal, get you cash, as well as get a sense of your abilities. This might be a good opportunity to begin reaching out to HMLs for future deals, find some actually in your area and sit down with them

@Karena Chung

Reach out to HML now so you can get acquainted with their requirements for cash down or in the deal, and what their rates are for a first time flipper likely 1-2 points and 10-12%

@Moe Williams

Is he your GC or a 3rd party project manager? $10k seems way high for the PM role and then getting 10% of profits on top makes it kind of ridiculous. I’d look for 2 good GCs with referrals that will let you visit jobs in progress and go with 1.

@Donte Tyler

If you're not finding buyers then perhaps it's not the deal you think you're getting, then adding your wholesale fee. Try figuring out 70% ARV minus repair costs, then back your wholesale fee into it.

@Tom McCaffrey

HMLs don't love financing purchases if there's not a clear exit strategy on each house (really multiple exit strategies), as well you'll need to have 10-20% personal equity otherwise a really excellent LTV 60%

@Vee Vu

Sounds like he has 3 sources of income on that job: You as the client, you on the JV split, and Hard Money kickback. On the contracting work I'd want a Stipulated Sum GMP (Guaranteed Max Price)

@Ruben Feletoa

HELOC is the way to go