All Forum Posts by: Timothy Howell

Thank you for your response. Unfortunately your offer doesn't meet our criteria. All the best, Timothy

Michael Lam Hi Michael, Apologies for late reply, My Credit score took a huge decrease because of a lemon vehicle situation. My financial strategy is to use a hard money or private money lender so I know it won't solely rely on a score. My current real estate project is a fantastic deal I am just hoping the lender will take preference over the opportunity rather than a score number.

Hi Nathan the formula given does not fit exactly. I plan on using my immediate equity as leverage. If you could do 65-70% LTV we could move forward. Thank you and all the best for the new year. Timothy

Hi I am currently under contract to flip a house in the Charlotte NC area. My strategy is: To use a hard money or private lender at around 12% over a 6 month duration. exit strategy A is to sell. exit strategy B is to re fi My deal has about 40-50 k of estimated equity and has 0 structural damage. Present a good deal it should be easily funded. I am also excited to hear others response to this thread. Many thanks all the best with your wealth building.

Hi I am looking for a good fit for financing a renovation & re-sell (flip) a  single family home three doors from the Country Club in Shelby, NC. 

The purchase price is $107,000 and is under contract.

The tax value and Zestimate of the property are $165,000 and $208,010, I will receive the comps today. 

Respectively, the house is in excellent structural condition with newer plumbing, electrical work, hvac, roof, and hot water heater. The house has been vacant for some time and is in need of full make over.

The yard was once a showplace, but is in a neglected state as typified in reo properties. Renovation needs for the house and yard total approximately $25,000-$30,000.

We want to do this deal with little to no money down as possible, It will be our first time flipping and first time using private lender/hard money. 

Please serious response only, Deal proposal is ready to rock and roll and will forward upon contact.

We are excited to move forward thanks Tim

@Percy N.

Hi Percy Thanks for responding.

My Intention for this particular deal is to go hard or privately funded. Stacks of equity should be attractive so I hope to find a lender who is a good fit for my business. If you have any referrals I would really appreciate it. Closing is Jan 30th, Who is going to finance this is my missing piece. I will keep you posted and hope to speak soon on my progress take care and best of luck!

@Tyler Watts

Hi Tyler,

Likewise Shelby lacks investors I feel, which is unfortunate because personally I have found a lot of opportunity here in real estate. 

Thanks for your response and connection.

I should have been more clear in my post, The The property is in need of a make over more than a renovation. I have had two contractors go over the entire property both with 30+ years of experience in the area both have done outstanding work, both contractors thought I was on target with my 25k-30k estimate on repairs to bring the property up to par, that was music to my ears. The house was buit in the 50's and they really went with a 50's style flowers crazy carpet wood everywhere etc. No structural damage to be found some landscaping paint and flooring mainly.

I recently quit a high paying job to make an impact on this business so I guess here is where my sweat equity starts, I am excited to get my hands dirty. 

Tyler how has your experience been investing in the Shelby area and what do you like about it ?

Speak soon Tim.

@Hadar Orkibi

Hi Hadar,

Thank you for your positive feedback.

 My current value before repairs is around 137K being conservative. In my post I should of been more clear, The property is in need of a make over more than a renovation. I have had two contractors go over the entire property both with 30+ years of experience in the area both have done outstanding work, both contractors thought I was on target with my 25k-30k estimate on repairs to bring the property up to par, that was music to my ears. 

I am receiving my comps today from my buyers agent, comps are 190k-240k.

everything is in line except for my confirmed financing, hopefully we cross that bridge today, I have some money but our intention is little to no money down with a hard money or private lender for this estimated 6 month flip, I just have to find one, my closing date is Jan 30th. the extra points etc I can handle. 

Thank you for your input on this deal Hadar if you come across anybody who would like in on this deal do not be afraid to forward them to me.

Best of luck with the new year I hope we maintain an open line of communication.

Many thanks Tim.

joirealtycompanyatgmaildotcom

I have a situation on my credit score that has crashed my FICO completely. I have a fantastic flip property in my hands and under contract. With this being the current status of my credit score is it going to interfere or will a private lender work around it to finance my project?

I have an executed contract on a bank owned single family home.  The property is on a large lot in an affluent area, three doors from the Country Club in Shelby, NC.  The purchase price is $107,000, while the tax value and Zestimate of the property are $165,000 and $208,010, respectively.  The house is in excellent structural condition with newer plumbing, electrical work, hvac, roof, and hot water heater.  The house has been vacant for some time and is in need of full scale renovation, with the exception of the kitchen cabinetry. The yard was once a showplace, but is in a neglected state as typified in reo properties. Renovation needs for the house and yard total approximately $25,000. We want to do this deal with little to no money down as possible, It will be our first time flipping and first time using private lender/hard money. What's your thoughts on this deal, and how does it look to a lender ? (Please experienced engagement only)