All Forum Posts by: Tim Vitale

Hi BP! 

We are under contract for a 2/1 property in Belmont NC. Smaller at 930 square foot. We are looking to connect with a GC to manage the project. This is a light renovation. Kitchen cabinets to be resurfaced and painted, new counter tops, flooring and paint throughout. There is tile in the bathroom but needs to be regrouted. Additionally would like to install a new mirror and vanity in the bathroom. There is no structure damage, roof was replaced about 10 years ago. Not opening any walls either. 

If anyone has recommendations for GC they've worked with, we'd love to connect and get a bid for the job. 

Regards,

Tim

I'll be there, haven't showed up in a while. Hope to see some familiar faces!

Hi Everyone,

I was looking to see if anyone had any reviews on the Finding & Funding Real Estate Deals book which is available in the bookstore. I've read through the estimating rehab costs, and about to start on the long distance investing book however we still struggle to find those deals! Everything we've made offers on is on the MLS and hasn't been working out (cash buyers always beat our offers even when we're the highest offer). We really need to work on getting off market deals in order to get this business going in our market.

Thanks!

Tim

@Caleb Jordan @Tom S.

After doing more research and learning last night, I agree most lenders look at skin in the game, experience, the deal itself and how much cash they're putting out. 

I am in process of finding an attorney in my area and will connect with them once completed to see if they have any local connections for HML. I'd love to be able to present the deal in person and be professional and explain my goals, my analysis, my skin in the game aspect, and my "outs".

@Tom S.  Thanks Tom. Makes sense as if I were a lender I'd want the same and did not consider that factor. 

This is not an area where I want to hold long term, just in and out to build equity to start buying in better neighborhoods for long term holds. I suppose I will have to go with the HML for the whole deal.

I see there are a lot of recommendations on the BP website for HML, however has anyone ever used one of these before or could recommend a different HML? The ones I see all seem to have variable rate from 7.5 - 12% interest. I'm starting to think that's industry standard dependent on credit score.

@Harry Marsh I reached out through your website. Look to touch base whenever you can

@Josh Stack thank you, I reached out to them as well. Joshua, per their website, does more of the commercial real estate side of things but I did talk to someone on their chat function and passed my contact info along so they can reach out when they are available.

Thank you both!

Hi Everyone,

Looking for recommendation for RE Attorney in South Charlotte. Looking to setup an LLC (would like Series vs Traditional) and looking at making offers on properties yesterday. Would like this LLC setup ASAP and EIN generated to open bank accounts and the such.

Thanks,

Tim

@Jaysen Medhurst 

Thank you for the agreement. I knew I was in the right in saying so. 

We have considered a HML for the entirety, but are worried about the carrying costs. If we financed 90% of purchase and rehab with HML at 10% interest (and unknown amount of points paid at origination) we would be spending a LOT of money monthly in order to do the deal. My idea was, and I could be swayed, that if we did it this way we could save the $1,300 a month or so in HML interest only payments by financing a significant amount less. I suppose I would have to run the numbers both ways but I really don't have an accurate estimation of closing costs to purchase, plus closing costs to sell.

Combined my wife and I make really good money, and we now have minimal debt (my student loans, mortgage, and her car) but adding $1,300 a month to those revolving debt payments for 6 months or so could really hurt us big time.

Hello,

My wife and I were interested in purchasing a property to flip for some capital. Our goal is to flip 2-3 houses for capital so that we can start BRRRR'ing properties for rent. This way we can do cash offers, cash rehab, then refinance ASAP to do it all again.

My question lies with our first one. We are looking at a property to flip and we have about $30k to play with in cash. The property is listed for $100k and has an ARV of about $160k. (Would like to make offer for $70k and settle around 80k) We estimate that we will need $35k for reno. Is it possible to purchase the house with 20% down conventional loan, and then get a HML for the reno money, then put the house on the market for sale once complete? I was talking about this to a friend of mine and he was saying this wasn't possible because you couldn't purchase and sell within 1 year (which I'm not buying because it happens all the time where people buy a home and then get transferred for work and have to sell their home in months).

I am looking for validation from someone who has done that before. I feel this is a good way to get started with our REI journey with our limited funds. We have skin in the game as it's "our house" in the eyes of the Hard Money Lender and plan to be able to flip it within 3 months. Enclosing one wall that has a door to make it a 3/1 and opening the wall between the kitchen and living room to make space for a dining set. Refresh the kitchen with basic cabinets and counters. Repaint and retile the bathroom tub and a new bathroom vanity.

Please let me know your thoughts. 

Thanks!

Will be there again tonight @Chris T.