All Forum Posts by: Suzanne Griffiths

Most hard money lenders want you to have at least one project under your belt first to show history. It is possible to find them but you may pay higher interest and points. Network at your local REIA meetings and see if you can find some PML's or look for HML's that will focus more on your deal than your history.

If they are in a situation where they can't afford the mortgage on the house and need to short sell to get out of it I wouldn't feel comfortable that they would stay current on their rent payments.

Are you splitting the net profit or is he more of a private investor receiving a percentage return? If a PML you can use a promissory note. You can also try lawdepot.com for fill in forms for your state.

12% or a day or two days isn't very much, $33 per day approx on $100k. Most charge points plus a fee instead since generally the longest you'll use the money is a week, could be up to 90 days depending on if the property has any resale restrictions.

Jose Martinez choose a property. Use the deal analyzer tools on BP or a spreadsheet if you have it. Start determine and plugging in the numbers needed. Look up comps, determine ARV, use the listing photos to help determine the repairs and how long your rehab period would be, holding coats etc. This will help you learn the market, see if a deal is a deal or if you need to move on. I suggest starting with your ARV and working backward into your purchase price until you get the ROI that you want.

I wouldn't work directly with family, but maybe you can connect them with another investor to either assume or do subject to. The family members would have to realize they can't stay in the home. With a subject to at least their credit would get repaired in the process and they can start moving forward.

@Caitlyn J. I think it really depends on your market.  Where I am at a pool is a positive as it's hot and muggy in the summers.  Also look at the comps and surrounding homes, do they have pools or is this the only one?

For potential repair costs you'll need to consider the pumps and filters as well.  If the house has not been maintained likely you'll have some costs there.  If you have cold winters and it wasn't winterized properly you could have some pipe cracking issues that you'd have to deal with.  You wouldn't know any of this until you turn it on and test the equipment.

Possibly have a pool person come with you to walk it or try and find out who might have previously serviced the pool to get some more information.  Maybe there would be a sticker on the panel or the pumps.

We are looking for a framing contractor for an addition we are putting on our property in Chanhassen MN.  Have a few leads, but pricing is slow getting back to us.  Anyone have a good reference?

Hi Arthur, I would wait until you have your buyer and all of your documents in order before sending them to the Title Company.  You want them to have the final copy that needs signatures.  They are super busy and sending them multiple versions could confuse things and cause annoyance.

Our first position funding fell through at the 11th hour. We were able to get a 1 week extension so we are looking to wholesale the property or we are looking for funding to close. See the attached photo for more details. Must be have POF available as well as be able to close by Friday. $10,000 NR deposit.