All Forum Posts by: Andre Mccollough

 thank you.. I think, based on everything ,He will need  a "Private lending Alternative"

if anyone has any a "Private lender" for the above scenario.., please LMK

 Hi.  Thank you 
So far we have been getting many deads ends on this.  
The Angel oak type bank statement stuff isnt working due to the ratio aspect. 
- "take the bank statements ... divide that in half and then divide that in half again.  (25 % of income)"

if his statements are showing 10k a month and his 1st is 2200 and his second 500 plus other expenses.. then you can see how it doesnt't fit the bank statement(25% ) type scenario. 

he does have the equity though. 

If you know of anything ..LMK...

I have a long time friend in NJ who needs a HELOC on their home.
He came to me to help him find someone.

here is rundown
home - 650k
1st -160k
2nd-90k
self employed (appraiser)
bank statements -130k
credit 690


also has a rental
value 230k
1st -45k


he was trying to do a Hometap on OOC but didn't fly due to a small balloon on the end of his 1st mtg.
I suggested Angel Oak but that didnt work due to not enough income for their parameters.

Obviously plenty of equity ..
needs a heloc that is non fulldoc /income dependant and easy and quick...

let me know if you have any ideas.
thank you

Does anyone have a good Insureer for Flips in Palm Beach county

we do a a lot of medium and high end.

thanks

thanks Mike,  

I understand about the NYC thing.   It is similar here in California in many areas.  Difficult and doesn't make a lot of sense. 

I was going to move to FLa about 8 years back and kept in contact with a realtor friend. Contacted him again after many years and we hit it off and decided to do some smaler flips. 

We started flipping a few small deals to see how it went then hooked up with this larger deal. 

Due to the nature of this deal We need someone familiar with area, permits etc and has everything in place to expedite. 

good luck in Fla  I think there is way more opportunity there then in many other places. 

Awesome Mitchell thanks will look for it. 

Hi Mark  correct  , thank you 

Hi Everyone , I wonder if I could get some ideas. 

The nuts and bolts of this is :

I am an experianced flipper that does mainly average type homes(over 100 flipped) in multiple areas.  We found a high end project in Delray Beach.I have bought a 3400 sq ft condo/townhome on the ICW that needed to be gutted and modernized. 

Bought for low 800's. ARV will be in excess of 1.7 mm. Just received the awesome permit ready plans and are ready to start(place is already demoed) We have a 90 % ltv loan with a lender at 10% that includes about half of the rehab money needed(135k of 250k).

Holding costs are about 10k a month. 

Looking for a source of about 150-200k to finish the project. 

Would be interested in partnerships/loans/crowd funding etc.

Any ideas and similar experiences would be greatly appreciated. 

thank you 

Hi Mike   , we are still trying to find the right fit.  

Appreciate your reply.   Looking for someone on the ground in that area who is fast reliable and economical.  Project is already delayed longer than I expected etc, etc..

Hi Everyone!

Does anyone know of a  well qualified GC  to rehab a 3400 sq ft waterfront townhome off the ICW ?

It is demoed and we have permit ready plans for Delray. We are modernizing it from 1981 to 2019 with a modern look often seen in newer units.

 Looking for guys who can handle a project of this nature and has the crews and experience to complete.If anyone here knows of the right guy who can handle a project of this nature , please let me know :)

thank you,

Happy Thanksgiving!

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