All Forum Posts by: Parish Pradhan

@Raymond B.

Thank you Raymond! I wasn't sure how to use that because I never noticed the names below the window. Much appreciated! 

Parish

@JaredNeal.. Welcome to BP! I am new to this site as well but been in real estate for past 6 years. I only buy and flip, of course everyone has their own reasons and business models. I buy and flip in CT but live in Manhattan. There are lots of first time buyers out there who are taking advantage of lower rates, so I am taking advantage of the upswing market. As investors/flippers, we always come across great deals. So even if you plan to hold more, I would wait longer. But that's just my thought as I don't know your market. 

I've always done all cash deals but just got in to financing because I am doing volume. I just started looking in to Hard Money and Private Lenders, probably talked to about 20+ lenders. They say 65% to 80% LTV etc.. Present them a great deal and they will finance 100% and you can also negotiate the interest rate. Make sure they don't have PPP, very important!

We all have different systems, plans, ideas, vision etc... I always buy my own materials and bring it to the house. I personally don't believe in reimbursing because this is your business and they are working for you. You need to provide the materials and tools for them to perform better for you. You save more money and not pay for their time, because sometime they bring the wrong appliances/materials and you have to redo it again. It gets scrappy with sub-contractors later in the project; do it yourself and get over with it. 

Don't forget to save most of the tools and brushes for your next flip. Some contractors walk away with your tools.. 

@Allan Saint-Gelias... Sounds like you are looking to buy and live in this house. Is that correct? If yes, then you can buy a house under an LLC. Banks usually require you to put down 20-40% for foreign buyers, but it varies in different states and bank rules. For both, consult with an attorney and a mortgage broker in the state you are looking to buy.
You can also rent out your rooms to students (if available in the town) or young professionals, and that should be able to cover your mortgage and utilities or more. Of course, that's if you are looking not to pay yourself. This is a great way to start investing in real estate. Please make sure you check their credit score, job verification/co-signer and run a background check. 

Good luck!!