All Forum Posts by: Karin Crompton

I would also add that 5 months is an awfully short loan term. Are you rehabbing the property? That doesn't leave you much wiggle room to rehab, put the house on the market, get it under contract and then close. The standard term we've run across is a year (though other terms are available depending on the product; I'm talking about a typical flip).

I agree with others that the 2k upfront is, at best, unusual. There are tons of hard money lenders. Speak with a few others and then see how this one looks.

Welcome, @Gregory Guillet. You need a detailed list of expenses in order to demonstrate whether there's truly profit. There are tons of forums here on the topic. You should also go to "Rental Properties Calculator" under the "Analyze" tab at the top of the page and fill in all of the blanks. That will tell you where you're missing information and probably answer for you why you're having trouble with interested buyers.

PM me if anything in New London County or Litchfield County in CT. Thanks!

I think this topic has a lot of interest, and growing. We bought our vacation rental in North Conway, NH, in 2009 and felt like we were in on a secret, genius idea. VRBO and HomeAway were the only real players for marketing. Now it seems like vacation rentals and advertising sites are everywhere!

Kudos to @Karen Margravefor the idea of a dedicated forum on this niche. Count me in.

Thanks for the mention, @Raymond B.. @Darlene Lyons, I did get my license early on. There are plenty of threads here on the subject and I don't want to veer off of the OP's question, but I think the bottom line is that there isn't a right or wrong answer. It's a personal decision dependent upon your own goals. For me, the license enabled me to see houses faster, to make an offer asap, and I enjoy the continuing ed classes.

@Karianne G., I'd always suggest deferring to your attorney, but I believe wholesaling to be legal so long as you do it the right way. Again, there are a lot of threads here on the same subject, not to mention a number of podcasts and blogs by wholesalers.

Congrats, @William Collinsand kudos to @Michael Noto! Sounds like a good example of preparation meeting opportunity all the way around. Good luck with the property!

This is not my area of expertise, but I'd be shocked if you could find one.

My brother-in-law got a HELOC a couple of years ago and I believe 75-80% was the max; my parents also have one, and theirs isn't 100% either. These are all people with excellent credit.

Bump for what should be a great event. Hey CT investors, you should come to this even if you're in another county - this means you, Hartford, New Haven, Fairfield, Middlesex, Litchfield, Tolland and Windham! Same to our Rhode Island neighbors. And if you're in New London County, there's no excuse. :)

@Salvatore Rondinelli, @Jonathan Makovsky, I'm sure some in your group would benefit from hearing what Matt Rodak from Fund That Flip has to say. There's going to be a bona fide funding source in the room!

Welcome, @Frank Zodl. I think @Bill R. may be someone for you to connect with. Best of luck!

I'm in. Should be a good one!