All Forum Posts by: Nick Stango

I got a call today from a hard money lender or who can do 100% financing on a fix and flip, 5 points, at 15 to 18% depending on my credit score. $25 for credit score check and if I remember correctly $675 for three appraisals on the property. They would lend 65 to 70% of the ARV. This may be the easiest way to get to do my first fix and flip. Your thoughts?

can a post be deleted? LOL

no clue!

get another estimate, or self contract the work to individual service providers Let each one know that you will be using them often and you can get a contractors price you will also save that contractors fee plus give smaller deposits to each contractor specializing in their own field. I also agree with @Marcela Correa ask your contractor if you can do a smaller deposit or break it up into two deposits early in the job if he is a nice guy he might work with you. 

Glad to see this post is helping others too. I also want to thank @Ray Mulli  great info and contract of all kinds here. Thanks again!

Thank you @Jacob Michaels for your help, I do appreciate it.

Exactly Joseph, you definitely don't want an unhappy contractor working on your job, customers that think they know how to run a contractors business better than the contractor usually have a unhappy contractor working for them, Either way the contractor should always be polite and curious and understanding and be able to explain the method to their madness when a question arises, but some may have a short fuse, especially if you see a case of beer in the back of the truck that might be a red flag. LOL

I'm a contractor in Pa, in business for 25 years, depending on the job, it can be very hard to keep a job moving along without a good deposit. I usually ask for materials plus 1/3 of the labor on or before start up day, unless there are special order materials that need to be at the job when it starts then if the materials take three weeks to arrive then that money needs to be paid three weeks before I start the job. Keep in mind Home Depot requires 100% paid up front and you don't even know who is doing the work till the start up day. I would never spend my money on custom or special order materials, we do have risks trusting customers with our time and money too. I learned this working for other high end companies who nerver let the customers get behind the job with payments and leave a small balance on the end of the job. Do your due diligence make sure your contractor is trustworthy, licensed and insured a has good references. Good luck, I hope all goes smoothly.

I've been working on my wife for many years. She has finally come around and she is now going to get her Real Estate license in PA & NJ and wants me to go for it with flipping houses! I'm still obsessed with REI according to her, thats just how I am. When I do something I do it to the point that it's annoying for people around me, but I know that will all change when I have my first success story or maybe not! I'm getting better, I used to go on and on trying to convince her it was our best shot at any type of retirement. Now I just stay focused on my mission, If she wants to know something about what I'm doing, then I'll go on a rant about it to try to explain as much as possible before she tells me to shut the heck up! If you've read any of my posts, then you know why!

Hey @Travis Boyer, Thank you for your input, that's just what I want to here, the good and the bad. I think being prepared for anything and everything is the best defense against taking a bad deal. I feel making a ridiculously low offer can't hurt and accepting a few no's, is just a part of getting a great deal. I will be looking for the best ways to get the best deal possible before I just jump in to any deal, at least that's how I feel right now! LOL! Thanks again for the reply, I do appreciate it. Hope you have some better luck with your next deal. Keep in touch.