All Forum Posts by: Account Closed

hey mike,

my names mike also.  small world. i grew up in valley stream!  im in east meadow now and just attended my first investor meeting.  it's the LIREIA.  great meeting.  networked with a ton of people last night.  biggest issue everyone has, especially in this market is the funding.  sorry for the choppy response, at work.. best of luck!  check out that meeting, held every month.

wow, didn't expect so many comments.    You guys are great, thanks to everyone.   After reading all comments and taking my own thoughts into consideration, there's nothing in my life I have ever been able to accomplish using my own hard work.   I agree with most of you....save that money for something more beneficial.   And yes, Long Island is a totally different ocean!   Ex...70% arv for a hml out here means coming up with my own 100k+  of funding!   It's insane in nassau county..highest taxes in the country...   Anyway, thanks for all the input, learned a lot!

excellent posts guys. I believe if I just educate myself and get all things lined up in order i should be fine. I'm attending my local investor meeting in august. definitely collecting everyone's business cards. hopefully I can do a JV with someone and split the profits. we'll see. thanks a lot everyone.

Good day to all,

i see many coaching programs in my area and wanted some professional feedback on whether or not this type of program is worth it or just a waste of money.  isn't it true that if you do your homework, have your team in place and triple check everything....you could do it on your own?  thanks always in advance.  

 -mike-

hello,

Does anybody know of reputable hml's on Long Island ??

Thanks in advance!

I'm new to flipping myself.  I think following /shadowing other flips in the area could help, even if the investor doesn't know you are.  I'm not saying walk in on the site but pass by and try to follow what is going on.  Also local meetings , big big help.  Also helpful to me was pick an reo, and completely run a mock situation that includes everything you can think of.  Just some thoughts from another newbie like myself.   People on this site are great for helping out.   

hello all

Can anybody share if they had newbie fears about their first hml.   If so, how in the world did you get over it.  Say you buy an reo to flip and get into trouble with the budget, could an exit strategy be to list the property partially remodeled at a somewhat retail price to save yourself?   I'll be attending the general meeting next month( Long Island real estate investor association) .....if anybody is located in New York.  

thanks again for the replies.   Hml is last resort if I can't find a partner.  I will be going to the next re investor meeting in August.  Hopefully I can meet someone. I'm trying to check off the boxes as I learn.   Thanks to all.  

thanks guys!   that helps a lot.  

hello BP,

 on a hard money loan, if the interest is 12%, is that monthly or loan life?  I'm a newbie so I apologize now but this would help me a lot.   ex. on 100k, can it really be 12k a month?  or 12k for the overall loan?  can anyone clarify this quickly?  Thanks guys!