All Forum Posts by: Melissa Lee

Thanks @Tom S. Im used to buying and holding, so this will be, my first forte into flipping... hence my inexperience in getting lending. I'll try calling around and seeing what my options are.

@Account Closed haha. I can see that, but really its more like not putting all my eggs in one basket and buying a lot of baskets...  I should have said, there are numerous opportunities and I'd like to spread my cash out to accomplish more... or something like that

Maybe offer on 1? 1 is better than none, right?... I wouldn't offer "little more than half" unless its been sitting for a very long time. even then you have to be ok with loosing the deal at those numbers. 

I agree with Beau, you need to know their motivation. Have you done comps in the area? Do you know anything about why they are selling? 

What are my options for a fix and flip other than private and hard money? This is my first venture into a fix and flip.  I'd be happy to take private/ hard money, but since its my first flip I'm aware of the hurdle I would need to cross to convince someone to lend me the money. I have technically have the cash to purchase a house plus a reno budget, but I'd like to use the lease amount of my own money as I can...

Can I seek a conventional loan? I cant say its a second home since I live in the same state... I could try for an investment, but wouldn't I have to set up a LLC? What parameters would I need to meet?

I my experience Real Estate Agents love Caliber because they close. They don't tend to take risks and are not creative. We tried to use Caliber on recommendation of our agent when purchasing our second home (now primary). We had a hard time and they said no because my baby daddy (together for 17 years, just not legally married) just bought out his business partner and didn't have the business in his name 100% for 2 years (never mind that he started to company 10+ years ago) and our credit scores weren't superb at the time, low 700s. 

We went with another company. I bought the house under my name, since I made enough and paid down a chunk of my credit cards and raised my score to mid 700s. It really wasn't that hard, they just were creative enough to find a solution... 

With that said, if you like your lo and they says they can close, he/ she probably can :)

@Jeremy Taggart thats kind of my feeling about having a negative cash flow asset, but combined it wouldn't be negative... Ive thought about doing a HELCO, but can only do it if its a second home and not an investment property... 

@Nathan Gesner I agree. I dont love having a high debt, just because I can...

@Brandon Cravens word. thats why Im looking into it ;)

I have a condo in SF with about 40% LTV. Its currently rented out. I'd like to refi and pull money out to purchase the commercial unit below it. How much should I pull out? I can go up to 60% and still take a chunk of change out, but my mortgage will be higher than my income. Should I disregard if Im re-investing? The income from the commercial unit will cover more than cover the increase in mortgage...

@Lane Kawaoka Maryknoll. You?

@Lane Kawaoka you know only people from HI say "grad" ;D

Thanks @Ryan Evans! I read SEC regulation D rule 506 and yeah, it basically says what you said above. I just need to make sure an investor is "accredited". I'll be sure to talk to legal before putting something solid together. Thanks again!