All Forum Posts by: Julian Hamstead

Does a person who is living in their primary residence and rents out additional bedrooms for long-term use need to have additional homeowner's insurance?

I have a client who is providing seller financing for the buyer of his vacant land (with a large downpayment).  I have tried to use TransUnion's SmartMove but I think because there isn't an actual address at this point I'm not able to add the property.  Also, I have to add in the rent amount - which we do know the approximate monthly payment - but also a security deposit amount.  Does anyone who has done seller financing have a company they can recommend for credit check and background check?

Thank you Randy!

Who can you recommend for BUYER background checks in a seller financing deal?

VIEW THE FLIP BEFORE & AFTER'S ON YOUTUBE.

Investment Info:

Single-family residence fix & flip investment in Milton.

Purchase price: $357,000
Cash invested: $220,000
Sale price: $762,500

Our pandemic project full of anxiety driven by the pandemic. We pushed forward through many obstacles and made it to the finish line. Love the final result!

What made you interested in investing in this type of deal?

We love taking beaten up homes and giving them new life. Thought the numbers looked great as well!

How did you find this deal and how did you negotiate it?

MLS. I'm a realtor.

How did you finance this deal?

Hard Money.

How did you add value to the deal?

Aside from replacing basically the entire home, there is unique detailed trim work through out the home - in every room.

What was the outcome?

Sold the house word of mouth 2 months before we were done.

Lessons learned? Challenges?

Be very careful with contractors and don't buy a fixer upper prior to a pandemic.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yep!...myself. :)

Thank you Joe.

We recently used a well known hard money lender, who secured a correspondent investor and then secured a bank loan on one of our flips.  The entire process was riddled with challenges from the set up of the draft, purchasing insurance on our property when we already had it in place, additional fees at closing and now...they just drafted our account AFTER we closed.  We are now being told that they won't reimburse that money for 15 days and there's nothing they can do about it.  How is that possible/legal/ethical?  

@Brian G. @Mason Hickman @Brian Geiger Thank you for your insight.

I want to continue investing in buy and holds but I am so unsure of what is "safe" at this point?  I would be interested to know what other investors are doing during this pandemic and where you see us headed.

Dee Roy, this is a year ago and I wanted to see how things ended up going.  We were thinking about using this company but would appreciate some more information.