All Forum Posts by: Lian Shi
Lian Shi has started 17 posts and replied 77 times.
Post: File permit in Baltimore city
- Aberdeen, MD
- Posts 78
- Votes 9
@Jarvis Smith, we are adding some addition and pull out of front stone. So we need a permit. We are still looking for an architect.
Post: File permit in Baltimore city
- Aberdeen, MD
- Posts 78
- Votes 9
Hi All,
We are rehabbing a property in Baltimore city, we need to pull the stone in the front of the door and put the bricks. Can someone recommend an architect who can file the permit?
Can we file ourselves and how long it usually takes to get approved ?
Thank you very much.
Post: Flipping house insurance company and insurance policy
- Aberdeen, MD
- Posts 78
- Votes 9
HI Russell,
I have some difficulty to find Darrin Gross's website, do you mind to let me know how to contact him? Thank you.
Post: Flipping house insurance company and insurance policy
- Aberdeen, MD
- Posts 78
- Votes 9
Hi Russell, thank you very much for your input. I will contact Darrin for more details. It might be case that short time policy doesn't cost significantly less than 1 year policy.
Post: Flipping house insurance company and insurance policy
- Aberdeen, MD
- Posts 78
- Votes 9
Hi All,
I'm looking for an insurance company for our first flip, can anyone recommend an insurance company and what kind of policy we should buy? Thank you.
Post: Hard money, yay or nay?
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Mike Makkar:
I feel more and more people are using hard money is because it is much more marketed to the investment community than others. People fail to investigate other sources of money before going "hard". I know of people with reasonably good credit (720+) taking hard money, when they could've just gotten a signature loan from a 3 major banks at 6%.
So, my advise, look at the following
1. Community Bank or CU (You need good liquidity and financials here)
2. HELOC (You need enough equity on your primary residence here)
3. Refi your car (car has to be under 50k miles or newer than 2010, check with bank/CU)
4. Signature loans (need a reasonable Credit score (680+) and paystubs)
5. P2P loans - LendingClub or Prosper (little higher loans %, but they're non-recourse)
6. If all other options are exhausted, go "hard", :)
Hi Cesar,
Thank you very much for your input. We went "hard" for this first deal, and went propser for the Gap funding.
What's the signature loans?
Post: Private money lender registration fee
- Aberdeen, MD
- Posts 78
- Votes 9
Hi All,
Thank you very much for all your input. Finally we think we will decide to go with prosper.com, they will charge 5% points in the loan instead of upfront, but it took us a long time to talk to their supervisor to figure out their amortization schedule. we thought they have fixed interest rate, but it is a simple interest loan.
@Ian Walsh, does your company do Gap funding as well?
Post: Private money lender registration fee
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @John Thedford:
I do private lending but don't charge anything up front. My borrowers do pay all closing costs, but those are paid at time of closing and not before. The only fee I could fathom having a borrower pay for before closing would be an appraisal, but I don't require those. I would definitely get at LEAST four or five references before I paid 800 or 900 dollars. Keep in mind, there are lots of dishonest people always looking to rip off unsuspecting consumers. Be care, get references, and also you might want to check with the BBB. Good luck.
p.s. "registration fee" sounds totally bogus
Hi John, thank you very much for your input. By BBB, what do you mean? Do you have an email that we can contact directly with you?
Post: Private money lender registration fee
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Scott England:
As a private lender I can tell you there are upfront costs on our end. Generally, paying an attorney to handle the loan docs, title review, things of that nature that we can't recoup if the deal doesn't close. Although, if they are unknown to you and reached out via Facebook, I would probably steer clear.
Hi Scott,
We understand that, we have reached out other investors and seems none of them have upfront registration fee involved. Do you mind if I can how much fee you charge?
Post: Private money lender registration fee
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Daria B.:
Have you tried these sites
prosper.com
patchofland.com
I see a lot of people use it here in the forum and they are public.
Hi Daria,
Thank you very much for letting me know these two websites. We checked out both of them and patchofland doesn't do Gap funding and they do 80% of purchase price + rehab costs and some points upfront. So we may go with prosper to get a partial of the Gap we need. Thank you very much again.