All Forum Posts by: Jarred S.

Thanks for all the replies everyone. It actually did change my thinking on some of the expenses I was assessing.

J Scott, I attempted to email the spreadsheet to the email listed on your website and got a delivery failure report. Anyways, it would be appreciated if you were to still take a look at my fixed costs spreadsheet. It will look a bit familiar to you anyways.

I uploaded a file in the FilePlace here on the website. It is the spreadsheet I am using to assess my fixed costs. Please read the description for a bit more background and understanding. The comments inside the spreadsheet will help you understand my thinking behind each cost. PLEASE let me know what you think. Rip it apart or tell me I am a genius (not expecting that one).

Thanks again everyone.

Great feedback. I am in the process of assessing all the costs of our first rehab project. I developed a spreadsheet to plug numbers in and see how much to offer, how much room for profit, how much I can pay towards closing costs, etc. After reading all your responses I think I was taking off at both ends by selling 10% below market AND covering a good bit of the buyers closing costs at resell. This leaves me less room for profit, or in my maximum purchase price. I appreciate your feedback and keep it coming. Also, if anyone has time I would be so appreciative if I can send out my spreadsheet to some of you for critique. Please, let me know if any of you are willing.

Thanks again.

I am wondering how much flippers are paying of the buyer's closing costs. Also, do you pay any of the commission to the buyer's agent? Just wanted to know what I can expect to put out there for a quick resale. Any response would be greatly appreciated.

Thanks.

I was hoping the bigger pockets community can help on this one. My business partner and I have contacted some HML to finance our first property. The only concern I have is that the loan will be in my partners name because they won't loan the same amount to me with my student loans. My partner is fine with that. However, I am having trouble deciding how to work out the profit/risk allotment to each of us. I am putting in some cash in the deal and we have set up an LLC with a 50/50 partnership. Can anyone provide ideas on how to agree on the payout or risk? I don't think it is right to split the profit 50/50 and him be on the line with the loan. On that note, I am not even positive it works like that if we can get the LLC on the loan then I would have a larger risk assessment personally but it will still have to be funded off of his personal credit. Is this information accurate? We have a solid partnership and that is not either of ours concern I just don't want it to bother him. We are trying to build a long term business and all my money will be reinvested anyways. Any feedback would be greatly appreciated.

Justin S. yes Justin I am looking to rehab. I am assuming the way to save the most money is to take more points and get rid of the minimum all while flipping the property quickly.

Do you have any specific strategies that tie in to this?

Awesome. Thank you all for the advice. I am in the process of setting everything up and need to get my financing in order to show proof of funds. I was just interested in learning more about hard money. I've read so much but you all made the calculations easily understood. Thanks again. How many of you have used or will use hard money in the future?

**$115,000 ARV

I am having trouble understanding a hard money lending example. Everyone I have talked to has recommended it and I have never used this before.

Can someone help explain the basics of how to get to a monthly payment for the following circumstances:

APR Value $115,000
MAX LOAN: 65%
RATE: 15% + 1 POINT
MINIMUM TERM: 6 MONTHS
MAXIMUM TERM: 12 MONTHS
LOAN TYPE: INTEREST ONLY

Any feedback would be greatly appreciated.

Thanks,
Jarred

Thanks for the response everyone. I contacted a real estate agent via twitter tonight and already received a call back. The agent has worked with investors in the area and is willing to have a drawn out conversation about the local market. This is exciting stuff for a newbie. I also signed up for the housing wire emails to see how that goes. I am interested to see how much it is designed for local markets because I didn't get to look too much into it yet.

I just want to say it is so refreshing to see so many people willing to help a new investor like myself.

Awesome. Thanks for the advice guys.