All Forum Posts by: Matthew Rollo

@Sam Ally Great information and as always appreciate ay response to this thread as the topic is heating up. I notice you are local in Orlando so i will be shooting you a PM to ask about a couple other things. 

You have layed out a solid foundation for anyone coming across this thread. Just by reading the posts most people tend to be using HML to secure and fund their first flip. Seems to be the same case for the 2nd, 3rd and so on. You have set a standard for what a lender will be looking for when the time comes to approach one for a loan and how to go about it.

How cool would it be to get this thread trending and get a ton of insight on these situations?!?!?! There is great information and everyone who has posted to it has come with a different aspect and it's all awesome to read!

@Jeffrey Stasz I am sure the rehabs in the big apple are much different and more time consuming then most markets. That is a very cool and impressive story. You seem to know what you want to do and the direction to take to achieve that goal and I could definitely appreciate that. 

Isn't the school of hard knocks and actual institute in Brooklyn? hahah Seems to be a lot of graduates from there on this website!

@Jeffrey Stasz would you mind explaining a margin account?

Was this all ont he same flip that after 18 months you still profitted 65k? If so that is still a good ROI!

Another vote goes for HML, I think I am picking up a trend here hahah

@Kaynea Bingham Great story and right off the bat would love to come check out the flip you are doing in Orlando, what neighborhood is it happening in? 

I can agree to disagree with wholesaling. It is good for the newbie investor, to get their name out there and start networking until you build up enough capital to secure a loan to do something else in REI. Shows you the ropes of the business, gets you familiar with different neighborhoods and things of that nature.

Patch of land is private or hard money it looks like? An LLC would defintiely be the way to go, it's not like to cost a ton of money to open one up anyway. I already have set one up but not really familiar with what to do with it know hahaha since I havent actively starting flipping etc... Mainly retail and wholesaling.

MF is a different story but tends to be the way I saw a lot of people talking lately. I am going to erach out to you via PM andsee if we can set something up. Thanks for the reponse!

@Justin Charpentier Sounds good man, let me know. Shoot me a PM if anything or try and find this thread again

@Justin Charpentier Right on man, seems to be the route again for a first time/newer flipper. I am hoping we could get this thread going to see how someone who has done maybe 50 flips is now funding. If there is any difference and they are probably using HML still. Did you happen to catch @Brandon Turner webinar last night? It was quite entertaining and filled with some good information. Be cool if we could get some input from him on this as well. He talked a lot about the BRRRR strategy and how it is one of his favorite ways purchase rentals and occasionally make some money on a short term flip as well.

Make sure your lawyers are savvy when it comes to wholesale and double closing. Does connecticut use a title company or does it all go through lawyers? 

Anywho, you should have 2 contracts, the one between the seller and your buddy and another between your buddy and you. (along with any other paperwork)(you are essentially writing up 2 of everything between seller-wholesaler-yourself)

As long as your lawyers know the process of wholesaling contracts they should be able to walk you through it. 

Most closings can be done electronically now. That is how people virtually wholesale. They never have to be in the same room with anyone. Title company will take care of everything

@Andrew K. ^^^^^^

Awesome story man! Just another guy living the American Dream. Using what he has, with a little hard work and dedication, to achieve a monstrous goal! Keep fighting the good fight and look forward to hearing more about it

If  I am ever in your neck of the woods, or vis versa, we need to defintiely grab a cold one!