All Forum Posts by: Michael Kinsella

Hi Andy,

It sounds like it was still a moderately profitable deal.

You said that you invested $5,000 of cash, where did the remainder of the financing come from?

Best,

Michael

@Kit Serrell Thank you for the detailed write-up! It sounds like you had some quality takeaways from this one.

As @Grant P. mentioned above, HMLs may be a good option.

Below are three ways to generate a list of prospective lenders;

1) BiggerPockets --> Network --> Hard Money Lenders --> Filter by state

2) Local REIA/meetup events, where you can get referrals from local investors and network with HML reps.

3) Google "Hard money lenders Washington DC" and explore the results.

Additionally, you may explore options with an individual private lender you meet.

The 2nd option above, local REIA/meetup events, is a reasonable way to meet and form a relationship with them.

Lastly, be sure to put out in front of lenders that you received the home from your grandparents, in real estate jargon, this means it was not an "arms-length" transaction, which can have certain implications depending on the lender you work with.

Hope this helps,

Michael

The picture of the interior looks great!

Looks like a very solid profit as well.

Congrats on a successful flip!

Seems like a it was quite quick due to the nature of the renovations and the sales process.

Awesome @Katlynn Teague.

Congrats on a successful wholesale, and kudos to you for doing some additional legwork with respect to the HML approvals, even though the borrower ended up closing with cash.

Awesome.

Congrats on a successful fix & flip!

Interest rates will generally vary based on factors such as experience and FICO score, but a reasonable rough estimate is,

9.99%-12.99%.

1-3 pts.

As mentioned by several posters above, there is variation, and if you have ample experience, you may still be able to obtain more competitive terms.

Congrats @Matthew Nosal!

Plans for another soon?

Congrats on a successful flip Adam!

Who did you use as your HML?