Find-Fund-Flip System Overview Alli Parkinson
Here are the steps your Member's Area will take you through to get your deal DONE with DHM:
Understand the BASICS
FIND a deal (Investor's Edge Software can help you!)
ESTIMATE your Rehab Budget Note: Need help estimating the Rehab budget? Use a new Loan Application to send Estimate templates directly to the email address of your General Contractor! Just be sure to mark that you are NOT under contract, if applicable.
VALUE the Property (and crunch the numbers with Advanced Deal Analysis)
OFFER to the seller AND NEGOTIATE - Note: You will want to make the contract (offer) is assignable, as well as to be sure that it is not listed as a cash offer (it can be listed as "private financing", "private lending", or "hard money"). If you have questions about these, feel free to chat in to your support team.
Be sure to line up at least 2 General Contractors who will be able complete a Rehab Estimate SCOPE & BID - Note: we recommend using BuildZoom.com to find/network with General Contractors in your area
RENEGOTIATE and solidify your Contract with the seller if Necessary - Note: You will want to place a contingency upon financing and inspection to ensure that you are protecting your earnest money. If you do this, in the event that evaluation/inspection results are unfavorable, you will be able to recover your earnest money and move on to the next prospective property.
AFTER you are under contract and are ready to move forward on the deal, submit a COMPLETED Loan Application to DoHardMoney. The more detailed you are, the faster the rest of the process will be!
At the end of the Loan Application process, you will want to Order Desktop Evaluations (typically take approximately 1-2 business days to complete).
In order to move forward with the on-the-ground evaluations, you will need to have two GC's fill out completed bids, not just estimates. These bids will be used to determine the final rehab budget.
On-the-ground evaluations typically take approximately 3-5 business days to complete, pending no delays.
If your deal is a "Rehab & Flip" or "Refinance for Rehab", we can close in a minimum of 15-20 business days, as long as there are no delays in the process. If you choose to wholesale a deal, our minimum close is 21 business days since there are extra steps to connect you with an investor who will finish the deal for you.
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