All Forum Posts by: Shannon K.

I'm currently working toward finding our first flip. I'm planning on using a hard money loan to get our first official one done. I say "our first official" because my partner already performs repair and renovation operations daily for the last few years at his job. He's bringing the construction knowledge. I'm bringing $15K cash and searching out a HML that will work with us. It seems HML are looking for a combination of liquid cash and experience. Perhaps hard money is something you can look into if you've got some renovation skills or your cousin has cash. Just be sure to account for the cost/expense of the hard money when building your budget though! Some people advocate using hard money to get your first one done, some don't. I'm going to take that risk and am planning for 6-8 full months of holding costs/fees. My numbers still "work" properly even with hard money.

I know this is a bit old, sorry, but I just began posting here... Did you use HDR camera mode to capture your beautiful transformation? The pics look terrific!

Thanks @Joe Bertolino I am going to make it a point to contact more than one lender. I'm viewing my #1 prospect property again this Sunday and I'd like to be well-prepared with financing soon thereafter.

This is very good to see., I appreciate it. With my current research, I was spending most of my time focusing on what lenders expect from ME.  Now that I think of it in these terms, my lender spreadsheet needs some tweaking to focus more on what I can expect from THEM for a solid lender/borrower partnership. I was focusing the most on how to please them, writing about our qualifications, and cash I bring to the table, etc. I think this will help get me over the hump from comparing to actually choosing one! Thank you.

Hi there. Thank you @Mindy Jensen. Yes, I'm following up over there.

Ok thank you all for the comments thus far. It does sound like a good idea to go to a local REI meeting or an auction at the courthouse to network and ask around who others in this area might use.

I've found tons of HML, none that seem to be actually local to Buffalo where I can walk in and meet someone... Unless I'm looking in completely the wrong places?! Many HML website's say they lend in Buffalo, but I haven't found one yet with a local (716) phone number or an actual office here. I'm not opposed to online, but I also tend to prefer to do business in person. Maybe I should search scrap my giant country-wide HML lender list and search for smaller NY-only companies... Hmmm

Sorry, I suppose I should clarify further... I'm not necessarily having problems finding them. I've researched written down nearly 100 that check out and will lend in NY.  I guess I mean to say, what are my next steps? Do I just randomly pick a few that sound fair from my Excel sheet and email them a copy of my property details/business plan I've put together? How would a lender like to receive my request for funding?

How does one finally decide on a hard money lender? I posted earlier in the intro section about this when I made my first post, but perhaps it was the wrong section for my intro/inquiry:

I've been researching HML for months! I keep adding more and more to my list and never selecting one! I'd like to begin contacting some to secure financing/pre-approval letter for this potential property and I have a 10-page .pdf proposal ready to go for this property containing the financials/our experience/comps/pics all detailed for the HML.

Anyone have a good experience/non-scam/reasonable HML they'd be willing to share/discuss?! I have a property we're viewing again Sunday and feel it might be our first flip. I need to narrow it down and choose a lender! Any help is appreciated…

Extra details:

Current small biz owner, MBA in Finance & Marketing, $15,000 my own cash to put into the deal, good credit score, student loan debt only, and a partner that repairs/renovates properties daily at his job. 100% of our time will be devoted to this project. I have transitioned myself out of my business's daily ops, he is making this impending flip his full time obligation the minute I secure the HML. (I've socked away enough money for us both to live on while we complete our first flip full-time).

Hi everyone! This is my first post here, but I’ve been lurking for months! I’m a female entrepreneur (small biz owner), professional athlete, MBA in Finance & Marketing getting ready to make a move into real estate investing. I’ve transitioned myself out of daily operations at my small biz and have discontinued my med school education as I am rather certain I no longer want to be an Orthopedic Surgeon (much to everyone’s shock & surprise!!)...

I’ve spent the last few months reading books, analyzing my market, watching trends, creating spreadsheets, mock budgets, estimating financials, doing calculations, designing rooms via SketchUp Pro, networking with suppliers, and vetting hard money lenders. My planning and organizational skills are top-notch and I feel very well prepared to purchase a property.

I have a partner who currently works in the fix-n-flip industry for a real estate firm here, and he completes all aspects of repair and renovation on a daily basis. We are only interested in fix-and-flips at this time and not landlording. I have a property we’re going to view again on Sunday that I’m nervous and excited about! This venture will receive 100% of our time and attention as this will be his/our full-time obligation and only employment the minute I secure a hard money loan. (I’ve already socked away enough money for us to live on in the meanwhile).

I also have $15,000 of my own cash to put into our first deal. Good credit score, only student loan debt, but not much credit either. Neither of us have ever used credit cards in our life. Not sure how this is viewed by lenders…

The main problem is… I've been researching HML for months! I keep adding more and more to my list and never selecting one! I've literally researched hundreds and I'm not normally indecisive, but none of them are "jumping off the page" at me making me take the next steps to contact them. I'd like to begin contacting some to secure financing/pre-approval letter for this potential property and I have a 10-page .pdf proposal ready to go for this property containing the financials/our experience/comps/pics all detailed for the HML. I have no private-equity contacts at this time and I know HML is expensive, but I've already factored that into my financials for this property. I need to narrow it down and choose a lender! The property is being sold as cash only/HML. Any advice/comments are appreciated! Thank you all.