All Forum Posts by: Samantha Schiabor
Samantha Schiabor has started 3 posts and replied 7 times.
Post: Is a fix and flip loan the best option here?
- Real Estate Agent
- Posts 7
- Votes 2
Is a fix and flip loan the best option for this scenario? The property is being bought at a discount and has equity built in already... no need for funding to do renovations.. is there any other forms of financing that is available for a quick clean flip like this?
Post: Looking for NJ fix and flip lender recommendations that YOU have personally used. :)
- Real Estate Agent
- Posts 7
- Votes 2
Quote from @David Ramirez:
Hey @Samantha Schiabor,
I've personally worked with @Austin James Weed from Easy Street Capital and would highly recommend him to anyone looking for hard money. He is based out of Tampa, FL, but the company also lends in New Jersey. Give him a shout!
Hey @David Ramirez Thanks so much! Are you familiar with them lending on first flips?
Post: Looking for NJ fix and flip lender recommendations that YOU have personally used. :)
- Real Estate Agent
- Posts 7
- Votes 2
Looking for recommendations for a hard money/ fix and flip lenders (first flip friendly) in NJ. Please only share if you've worked together before or if you are a lender please point me in the direction of your reviews/testimonials. Any insight on your experience working together is appreciated :) Thanks guys
Post: Getting Ready For First Flip.. Does this financing order matter?
- Real Estate Agent
- Posts 7
- Votes 2
Quote from @Ko Kashiwagi:
Hi Samantha,
Depending on the type of investments, there are hard money programs that can go as low as 10-15% down. Most hard money lenders will consider your HELOC as a reliable source of cash. I would recommend getting access to cash from your equity as you find a deal to buy, and alternatively you could do it beforehand.
Great info Ko! Thank you :)
Post: Getting Ready For First Flip.. Does this financing order matter?
- Real Estate Agent
- Posts 7
- Votes 2
Quote from @Account Closed:
Quote from @Samantha Schiabor:
My husband and I are planning to do our first flip.. we've been researching different kinds of financing and see hard money to cover the purchase price and a heloc for downpayment/reno costs as our best options. We have about 100K in equity and have some cash on hand but not enough to cover a 20% down payment, loan costs, and rehab costs so the HELOC or second loan seems to be needed for our first deal. My question is, if we do a HELOC would it affect a HM lenders decision to lend and is this a good method for using as a downpayment? Is there an order in which you would apply for these loans due to credit inquiries? Your thoughts, experience, and/or suggestions are much appreciated!
Very good!
So, how much will you make on your first flip? Have you included your automatic partner, Unce Sam? IRS Taxes.
Have you thought about carrying costs? Cost of sales when you are through rehabbing? Pizza costs for the guys working on the place. Just kidding on that one, but I always bring them Pizza so they don't have to go "offsite" to eat and get lost and not return to work.
Plan on missed days because of weather or someone didn't show or they put the thingamajingy too high and it needs to be reset before you can do the whatchamacallit?
Plan on it taking longer and costing more than you plan and you will be happy you did.
You make money when you buy. Buy in a decent neighborhood and buy low, low, low.
Have your local experienced real estate agent in on the decisions before you begin.
Yes, all great things to consider! My husband and I are both full time agents and are very very handy so many costs will be cut there. (We will hire pros when and if needed for safety of course!) Luckily the subject property is a condo and in decent condition already, we don't want to bite off more than we can chew on the first one. Although, I'm sure we will run into many surprises and lessons as we go. We have also considered about 40% will be eaten up by taxes 🥲 as a rough est. I appreciate the info Ken!
Post: Getting Ready For First Flip.. Does this financing order matter?
- Real Estate Agent
- Posts 7
- Votes 2
Quote from @Nathan Harden:
Search for other Hard Money lenders. The Hard Money lenders that I use are roughly 10% down and they cover 100% of the renovation costs. No need to pull a HELOC out if you can stay afloat with the liquidity that you already have.
Thanks Nathan, what about first time flip? Won't most be more reluctant to fund 100%?
Post: Getting Ready For First Flip.. Does this financing order matter?
- Real Estate Agent
- Posts 7
- Votes 2
My husband and I are planning to do our first flip.. we've been researching different kinds of financing and see hard money to cover the purchase price and a heloc for downpayment/reno costs as our best options. We have about 100K in equity and have some cash on hand but not enough to cover a 20% down payment, loan costs, and rehab costs so the HELOC or second loan seems to be needed for our first deal. My question is, if we do a HELOC would it affect a HM lenders decision to lend and is this a good method for using as a downpayment? Is there an order in which you would apply for these loans due to credit inquiries? Your thoughts, experience, and/or suggestions are much appreciated!