All Forum Posts by: Katie Smith

Hi Tj! Welcome to BP! This is by far the best platform to learn from other real estate investors. If you ever have any questions about a hard money loan - i'd be happy to assist! 

Hi Diane! Nice to meet a fellow Floridian! Welcome to BP. Would love to hear about what you're looking to invest in. I'll send you a dm.

Hi Hai! I also recommend using the "Find a Lender" tab at the top of the page! 

Hey Scott. Depending on how long they are giving you to close - you may be able to go the hard money route. I'd reach out to a broker and see what options they have for you. There are different lenders that range from needing 4-15 days to close. Some that need property access to do a virtual inspection, and some that dont. 

Hi Vi! There's too many free resources out there to find a lender, like BP and Scotsman Guide. 

Hi Jackson!!! Send them to me!!

Hi Sylvia! Is there a reason you don't like working with this broker? Working with a broker can be beneficial - they most likely do way more deals and get better rates and can give you more catered customer service. The broker should be able to release you as a client if you want to work directly with the lender, which would be unfortunate for the broker and potentially cause you more headaches working directly with the lender. If you're looking for a direct DSCR lender to work with - I'd be happy to see if we're a good fit.

Hi Lucas!

If you buy a property for $80K - you will need to put atleast 10% down towards the purchase price ($8K) PLUS closing costs such as lenders fees, title fees, and insurance and tax costs. Gaging those exact costs are hard but you can start by calling around & getting some quotes. With most hard money lenders - you will need funds to start the renovations - since they work on a draw system. I'd say you need a minimum of $30k for a property at this price, to be safe.

Hi Austin! Congrats on making a leap to REI. When you're feeling burnt out - it's definitely not a bad choice to try something a bit different. I'm in Orlando and would love to connect further about this. Getting a HELOC to fund the down payment of a hard money loan is something to think about. I have title and insurance companies I can recommend to you as well!

Hi Yu! Congrats on your getting your first flip! Look into signing up for a Sherwin Williams PRO account - you get discounts on paint, supplies and free delivery. If you are looking for standard finishes/cabinets - amazon/wayfair/HD/lowes has plenty of choices. I wouldn't overwhelm yourself with options. You also don't want to over-improve but if you're keeping it as a rental you don't want to have to replace them within the first few years either. 

If you got a HML to finance this one - I'd recommend keeping all of your receipts from the beginning so you don't have to go hunting for them, and risk them crinkled up in the back of your car when the time for your draw comes.