All Forum Posts by: Shawn Ward

@Grant Dennis my company does. The seller is paying the fees anyway, so let the agents do the work and get the home.

Onward!

sjw

@Bob Prisco I do not invest a total of $1mill of my own money. Our deals are 100% financed by investors and HMLs. 

So, the deal is financed at $1mill, and as the executors of the flip, yes, I make $70-100k free and clear within 6-8 months. And we do multiple deals at a time. 

Thanks,

sjw

@Nicholas Mullens We've been personally investing in a sellers market for the past few years. Now it feels much more like a buyers market. Thus, we are still buying (as flippers), but instead of using the 72-75% Rule, we are down to the 70% Rule and looking for steeper discounts in order to give ourselves more cushion if the market continues to soften. 

Just adjust to the conditions, but stay in the game w/ deals that work. 

All the best!

@Michael Doherty I'd always suggest having a good inspection done no matter what. Get recommendations from trusted agents. 

@Vernell D Watson some HMLs based their monthly payment on the total, no matter what is dispersed (usually for newbies), and then offer experienced investors payments that are ONLY on what has been dispersed. 

That is why you should ALWAYS pitch your deal to multiple HMLers for every deal. 

All the best!

sjw

@Curtis Robbins since you have the money, partner with someone who has an abundance of experience in doing EXACTLY what you want to do. 

Team up, and make money the smart way. 

All the best!

sjw

@Patricia Kovacs ..I'm an experienced investor. 

Start small and grow. 

If you were a baseball player, you start in the minors, then go the the big leagues. 

If you are a designer, you usually have an apprentice, then start your own brand.

If you are a politician, you start local, then go national. 

Give yourself a bit of room to make mistakes...a mistake on a small deal can be a HUGE lesson without being a HUGE loss. 

Believe me. 

If you want to be in this game for a long time, remember, its not a sprint, its a marathon. Be patient, be smart and grow smart. 

Onward!

Not pulling back. Just looking for larger spreads now. Will put more low ball offers out and try to find very motivated sellers. 

@Chris Keator 

We only pay for whats being worked on vs the agreed upon budget. We never pay against a total amount of a project. Thus...usually for our flips, Demo starts fist... so we'll pay in this manner:

DEMO BUDGET: $6000

- to start: 33%: $2k

- progress payment: 33%: $2k

- complete: 33%: $2k

FLOOR INSTALL: $8000

- to start: $2600

- progress: 2600

- complete: 2800

this way you eliminate any grey areas, and usually contractors save so much for the end, and if you pay against the total, the budget will go through the roof!

All the best!

sjw

@Brook Rieman

- % of Property Cost you finance?

- Do you Finance any of the rehab cost? If so how much and any draw fees?

- Points? When are they due?

- Interest Rate?

- Typical Timing to Close?

- Minimum amount to hold loan/Early payoff penalty?

- Is there a Min FICO score needed?

- Etc?