Hi! I am brand new to the flipping business and I am looking to get started in San Antonio, TX. My husband and I have been considering sing NetWorth Realty and their hard money lender. I was wondering if anyone here has done business with NW and had feedback about the process.
Any tips, contractor names, lenders you have worked with, title companies etc., you would like to share with me would be greatly appreciated!
Hi @Dali Suarez ,
Congrats on wanting to take action as that's the most important step! What level of flip and what part of San Antonio are you looking at? I'd highly recommend choosing a part of town that is fairly close to your residence as you'll be making a lot of trips.
I subscribe to several wholesale company's lists and the majority of the deals I've seen that come through those channels are very lean... especially if you're looking to do a cosmetic rehab. I'd caution you about their "rehab" costs as these could be off by more than 50% (I know from experience!). Don't forget the utilize the 70% percent rule and to subtract your rehab costs to determine your purchase price.
Using independent wholesalers may give you the opportunity to find better priced deals, but you'll have to do much more leg work to qualify the leads as these groups will not hold your hand as much as the aforementioned. I've found that The Book on Estimating Rehab Costs by @JScott to be fairly relevant in our area. I'd also highly recommend building a spreadsheet to help calculate and factor in ALL costs of the project such as closing/double closing costs, holding costs, rehab costs, staging costs, and resale costs. It can be very easy to make a bad deal look good if you forget some of these costs so plan accordingly. You might have less than a day before needing to make a buying decision so having inspection checklists on hand when you see the property and other tools/spreadsheets will help boost your confidence in your decision.
Most investors around here appear to be using to be using Alamo Title for title/closing. I can share more specific details and some lenders recommendation if you PM me.
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