All Forum Posts by: Mel Park

I continue to want to do flips of my own, but finding investor friendly agents has been a bit challenging for me, and based on what I've learned over the months, I should be making triple the number of offers I've been making.  Anyhow I've not given up but in the meantime.....

At BP Con days ago - I briefly met a young man who was doing well with Flipping. I'm not perfect - but in my previous life I built 3 companies - highly competitive industry where I had 40+ full time employees, and health with a plethora of people with my point being, after 20+ years of that I'm usually good at sizing up people. Anyhow, within a few minutes listening to this fellow talk to his buddy, I knew he was legit, focused, sober, straight up so I joined the convo and told him that liquidity is no problem for me, it's just been a challenge getting the right agent, and other apparatus for flipping. He told me I should consider lending......that his private lenders do ok vis a vis ROI. I am interested. I should've had a sidebar with him but I figured to just marinade on it a bit.

Right now I'm taking 5.5% on short term treasuries but I think the risk premium is worth it for this.  Cursory research tells me the following:

*Get an attorney in the state I'd be lending in. Make sure the promissory note, deed of trust, etc truly protects me and the I have first position on the house.   HOPEFULLY - after the first deal, it's more of a cookie cutter thing and not huge legal expense on me.

Also, I'm wondering how to make it easy, smooth, and profitable for both me - AND the flipper.  The fellow I met suggested he's paying 10%.  OK, fine.     I'm curious if people here can advise me - -- is there a duration minimum?    My concern is.....if I lend $200k, for 10%-11%, great. BUT if the money is returned to me quickly --- heck the interest income barely covers the legal bill. 

I want to do some homework before approaching this flipper, or any others.  He seemed to value relationships, just like me. He seemed to like ease of doing business, just like me. Hence I want to have my thoughts in order.

*For private loans to a REPUTABLE Flipper:  Is 10% appropriate, or more? 

*Is it customary for the lender (me) to say -- look, I need some ROI so there's 6 month minimum duration on the loan, OR......in addition to the APR I'm charging, I should charge a reasonable origination fee.

I'd appreciate any comments or opinions . Suggestions and even insults are ok. 

Thanks!

Any investor-focused agents out there?  PA, NJ, Metro Atlanta?  

I'll be at the BP Con for 1-2 days in case anyone wants to meet and talk. 

@Ronald Fontenot Jr I've sent you a private mail thru "connect" feature here, hopefully you got it.  Standing by....I am able to finalize PayPal tonight before 11 Eastern .. Thanks

@Ronald

@Ronald Fontenot Jr

Appreciate your clarifying everything.  I am able to buy it - $850, which includes main BP ticket plus Flipping MasterClass admission.

I am able to do by PayPal, and then would the ticket be transferred in my name pretty shortly after that?  Thanks.    

@Ronald

@Ronald Fontenot Jr   Hi.............I think I have been able to secure the days to make the trip to BP, if you are interested in selling and can confirm that your ticket also has access to the Flipping MasterClass, please let me know.   Also, I am assuming it's kosher with the powers that be if one buys a ticket this way - -- and would that mean the ticket is in my name? Thanks

Wanna sneak me in as your +1? It's gonna be an even numbered month so I'm showering too

 Hi -- on the conference website, under agenda,  on October 15th 1:00-4:00 to says "House Flipping MasterClass with James Dainard" -  YES I see I wrote "Baird" ...sorry lol I was watching a CNBC video with the Fed's Baird on it hence I wrote that by mistake. 

Thanks for all replies. My issue is: I don't have the agent for starters, and then the other apparatus such as GC.

In Atlanta, my agent is my property manager and it works out well....*but* he doesn't specialize in flips - he surely has done deals, he knows how to do it but it's not his focus.   At least 15 offers we put in last year. - no dice.  What I'd love to find.....preferably suburban PA/NJ but also suburban Atlanta ........an agent that would be honest with guiding me, not just trying to write a deal. As in tell me "don't buy this'.   IN return he/she would be my buyer agent - and then my seller agent when it's rehabbed.  Cash-Wise I'd be able to do *1* deal to start with, and if it goes well, I could do 2 deals simultaneously at a time and this is without any loans.    Would love to do 2-4 per year.  

I am looking for a ticket *but* .....someone who also has ticket to the Baird House Flipping class.   Thanks

I might have time in October to go *but* I'd be looking for a seller that also has access to the class called "House Flipping MasterClass...with James Dainard".   Also if this doesn't work, any suggestions for classes for a rookie? Hoping to find something that isn't a free-dinner-informercial but truly a tutorial in basics. Thanks