All Forum Posts by: Shawn Ward

@Mike V. congrats man! Great job. 

Do you mind sharing your Refi bankers info? Here or DM is fine.

Thanks!

sjw

@Cristian Alcaraz I'd recommend using a combo of 1. Hard Money 2. Private money

Contact Civic, Patch and 5 ARch for HM loans. 

Then you'll have to come up with around 15% of acquisition + closing costs and some float dollars to begin your rehab and pay the mortgage costs. 

The Private money will have to come from you and your network of people who are interested in funding the private part. 

All the best and if you have any other questions, feel free to DM me. 

sjw

@Brandon Lebster I agree to start with joint venture on first property. You should pitch the terms. 50/50 profit share of net proceeds after the sale of the home. 

outline all responsibilities so that it shows that 1/2 of the work is taken care of by each of you. 

be open to other small edits she may propose. 

IF it works well, you may want to do a 2nd joint venture, and then if works again, start a new company with proper LLC bylaws, etc.

All the best!

sjw

So @Carrie Giordano , knowing what you know now, how much would you have set aside at the purchase of a rental property for reserves? 3 months of holding costs (mort/insurance/utilities/etc) per property? 6 months?

Just curious of what you feel a good parameter would be?

Thanks!

sjw

@Michael Asfour we file them right after we close escrow on the purchase since the first 2-3 weeks are mostly demo.

All the best!

sjw

@Account Closed we do not pay any upfront fees to our private investors. They receive their principle + interest after we sell the flip they invested in. Or they have the option to re-invest the funds into a new flip. 

We pay 20% annualized, so basically we pay them 1.67% per month while we have their funds. 

All the best!

sjw

1. find deals that fit the profile you are looking for

2. pitch the deals individually to them

3. since they have experience, they should understand your numbers

4. then if you all agree its worth it, take one of them out with you to see the property before going into contract

5. if it falls through, keep pitching individual deals...put the work in and find properties. 

All the best!

Appreciate it @Kyle Jones !!

BPers,

I am looking into an off-market deal in South LA's Harvard Heights neighborhood to flip. It is zoned an HPOZ, and as many of you know I've had a nightmare experience in the area with another HPOZ, so I'm extra cautious with going into another one.

So, my question is: Have you dealt with this HPOZ before? If so, did you deal with Amanda Kiner ? 

If so, I'd love to hear about your experience.

Thanks!

sjw

@Kyle Waters not sure there is a 'perfect' contractor for any job, but all you can do is vet them. Ask for their experience, 3 references and images of their work. 

Ask the references what rehab items are the contractor's expertise, and then what areas they think the contractor can improve upon. 

You will only find out if they are truly legit and a good fit for you after you've worked with them. 

I try not to have one contractor for all of my projects and to spread the projects just in case something bad happens and I'm not stuck trying to find a new one.

Best of luck!

sjw