All Forum Posts by: Minh Le

Whichever that would allow me to use very little money out-of-pocket. I'm guessing that would be private/hard money.

Hi Bigger Pockets Family!

I officially upgraded to Pro immediately after sitting in on Brandon's webinar on Wednesday! It was great, very informative, and got the juices going to get deals.

Can someone recommend a lender that doesn't require too much upfront? I have come across a property where the flip margin is big enough to where 70% of ARV would be enough to fund the purchase and rehab cost. I have a lender who requires $1,200 upfront for inspection, appraisal, and attorney fees before they even consider lending. Are there any lenders that do not require this prior to "vetting" a deal?

Based on pre-flood comps, ARV for this property is high enough that it wouldn't cost me much out-of-pocket, but it is totally contingent on the appraisal. My concern is that I'd pay for an appraisal and then it comes back lower than it should be, and then I would be paying for a highly conservative appraisal, and incur more cost out-of-pocket than I would like to be. Are there lenders that do not ask for this payment upfront?

@Santos Gloria@Juan Monge@Antonio Wade See you all there!

@Account Closed I wanted to tag you all so that you would be aware. Hope to see you at BJ's in Pearland on 3/24/18!

Please see my other thread and add comments.

@Anino Adokpaye @Damon Santa Maria @Shenice B. @Santos Gloria @Account Closed 

In case you haven't seen the post, I wanted to tag you all so that you would be aware. Hope to see everyone out there!

Hi @Damon Santa Maria! It will be the same bat time, same bat channel.

1pm on 3/24/18 at BJ's Restaurant and Brewhouse.

See ya there!

Hi all,

We will be getting together for another meetup at BJ's Restaurant and Brewhouse on 3/24/18. I look forward to seeing everyone that were able to attend our previous meeting, and would like to meet more new faces. I can't wait to hear about everyone's progress in order for us all to network and learn from one another.

@Shenice B. I noticed you have ran other meetings in the past. Feel free chime in with ideas that we can implement to improve out meetup.

Hope to see you all there!

@Santos Gloria 3/24/18 works for me.

Sorry for not updating as of late. Seeing it is really last minute at the moment, I will set up a meeting for another Saturday. Would next Saturday or the following Saturday work for everyone? Let me know, and I can set it up on an official thread.

I am excited to touch bases with those who came out last time to see how things have progressed, and also welcome anyone that were not able to make it out last time.

This meetup is literally just that, a place for investors and inspiring investors to get together and discuss ideas, deals, and experiences. If anyone would like to add a little more structure to the our meetups, feel free to chime in!

@Joe Splitrock It does seem too good to be true. I'm still wondering why and how anyone would offer this. I never would!

I just met with her, and she was very easy to talk to. She was all about closing the deal. I pressed her about why not putting the $12K on a credit card (as per @Christine Kankowski advice) to save that 100% that she is offering, and she prefers not to deal with credit cards. She is one of those credit card-aversed person (older lady, thinks credit cards are evil). She explained that one of her investors pulled out, which is why they are short of the $12K, and they do not want to go back to the lender for the extra amount.

The margin on the flip is large enough to where she can offer this crazy return. Purchase price is $450K and rehab is roughly $40K. Her projected ARV is $780K, but comps are showing $670K. Even if it sells at $600K, which is easily done, they are still making a great profit.

I asked for a lien position, as per @Roman M.'s advice, on the property, and she agreed to it. I also asked how she will be able to pay me back by June if she doesn't even have the money to fund this deal, and she responded that she still has ongoing flips that will be closing by then, and other real estate deals that she does as her job. Deep down, the real answer is that she doesn't want to dip into her funds now if she doesn't have to; rather give up some of the profit than going out-of-pocket.

The money is to be deposited to an escrow account, held by a title company that has been in business for a long time, so that offers some assurance. She answered all of my questions openly and honestly, even when I pressed her on personal info. Either she is truly genuine, or an extraordinary liar. Whichever it may be, I am drinkin' that koolaid...

Waiting for the updated agreement now with the lien position added. Will keep yall posted!!!