All Forum Posts by: Sophie Wang

Typically our lending partners programs are as follows:

• Rates: 10% to 14% (Most Deals are 12%)
• Terms: 1 Day - 24 Months (Most Deals are 6 months)
• Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))
• Minimum Loan Amount: $50,000 (For loans less than $200,000 we charge $2,500 minimum)
• Max Loan: 70% of After Repair Value(ARV)
• 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)
• Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)
• We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.
• NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Your transition to flipping homes sounds exciting. You've got a solid starting capital and experience to back you up. This community can offer valuable advice to maximize profits while navigating these hurdles.

Welcome aboard and best of luck investing! 

-Julio

@Sophie Wang

Well, if you don't wan to lose money, don't do this...  Whether its the "first" deal or some future, you'll going to get a "bad" deal.  You can't beat statistics or have perfect judgement --- if you could, you wouldn't need to be asking for help here  :)

Do your due diligence.  Maintain strict criteria and maintain discipline.  Like any other investing (not that flipping is really investing), its better to talk about the "good deals" you missed than the "bad deals" that you got into.

The saying is you "make your money when you purchase the property."  That's really the only number you can really control.  You can't really control the reno costs as there are ALWAYS risks of additional issues (well, unless the place is already gutted or something).  You can't really control the sale cost either.

remember to make business decisions, and not to get attached to your projects.

Hope this helps.  Happy to chat.  Good luck.

Hi Sophie - thank you for the great introduction. I am in San Diego as well. What I have seen working well for new flippers is partnering with an experienced investor on their first few deals. This can help maximize leverage when obtaining private money financing for your deal and, most importantly - help you steer clear of mistakes early on in your investing journey. 

Good luck!

 Hi Sophie, 

If this is your first time investing, you might want to partner up with someone more experienced if you want to lessen the risk of losing money. It is inevitable that one of your flips may not go as planned. If you are not comfortable risking $400,000, start somewhere that feels comfortable for you. 

There is no such thing as guaranteed return, if not everybody and their grandma would be multimillionaires 

@Sophie Wang Focus on how much you are paying for the property, run your numbers and you will include all your costs, including cost of Hard Money.  For the right deal, even 20% hard money wouldn't be an issue.

I wouldn't worry much about high tax rate or not in the beginning...you will make to focus on making a profit so you have the opportunity to make money and pay taxes.  Of course there is lots of ways to save on taxes with real estate investing but flipping is not quite that.  There is lots of competition for flips in San Diego but don't be deterred, there will always be competition for anything decent.

Good luck! :)