Real Estate Broker · Bowie, MD · Member since 2014 · 242 posts · 44 votes
Hello All,
I'm looking for a legitimate lender who will provide 100% of purchase price as well as construction costs (which will equate or be less than 75% of ARV). I am new, but have partnered with an experienced Investor who has been flipping houses for years and has buy and hold properties as well. Does anyone know where I should look to obtain this, or am I reaching too high? Also, the property will be located within Prince Georges County, Maryland (or PG County) which is right outside or alongside of Washington, DC.
Bedford, NH · Member since 2012 · 2k+ posts · 1k+ votes
11y
The $300 you saved this month would probably pay for a real estate agent class. Next month's $300 would pay for the exam. The month after that, business cards and incidentals as you start working part-time for a broker.
You will have MLS access and the ability to truly learn your market. Spend your first couple of commissions putting some skin in the game for a flip.
Good for you for asking the question and responding to everyone's advice.
I am a huge fan of house hacking, and Chris Seveney mentioned it above. It won't be quick, but nothing in real estate is. Buy a duplex that has excellent cash flow, and get a great deal up front.
Thanks so much! I am really appreciative of all those that take time to answer my questions, so I like to express my gratitude and directly respond to what was said. I appreciate your advise and will plan to do as you stated. I have never looked into duplexes, so maybe I could do what you advise using seller financing? <-- Atleast until I'm able to get a loan conventionally or otherwise. Either way, I appreciate your response and will be reading, listening and learning in the process/meantime.
See if any investors or fix and flip companies would hire you. When a person has no money, what can they provide to the investor? You need to bring some sort of service to make it worth their while. Maybe bring them a deal thats worthwhile and if it works out to get a portion of profits etc. in order to build money to get your own place.
Another option would be to see if you could buy a duplex and rent out one side and live in another to save money. But if you only have $300 that will not get you there.
Mr. Seveney, I did not see this!!! So sorry! Another investor offered kind advice and mentioned your point, and it is a great one! What you say is a good idea, and I have been soliciting investors to work with them for FREE! I have limited time to offer right now, but can offer more time after I finish my undergraduate degree (June 29th; taking a summer course). No one thus far has responded so I am holding out hope to find an experienced investor that would be open to showing me the ropes.
Concerning the duplex is actually a great option as I am looking for a home to stay in (hubby, me and the kids are in a small apartment and we need to move for better schools), so a duplex may be a good option. You think seller financing may be possible for ownership?
Ft. Washington, MD · Member since 2011 · 28 posts · 3 votes
11y
@Stephanie Dobbs If you do not already own your own property you should look into doing a FHA mortgage to purchase your first property preferably a multi unit. You can get in for 3% down which is a lot cheaper than the 20% investors need. After you have that property you have to stay in it for at least a year. In that year you can fix it up and sell after you stay in for the required time. Meanwhile if it is a multi unit you can rent the other units and possibly make some cashflow. i know its a slower option to get started but personally i think its a solid way to start investing.
@Stephanie Dobbs If you do not already own your own property you should look into doing a FHA mortgage to purchase your first property preferably a multi unit. You can get in for 3% down which is a lot cheaper than the 20% investors need. After you have that property you have to stay in it for at least a year. In that year you can fix it up and sell after you stay in for the required time. Meanwhile if it is a multi unit you can rent the other units and possibly make some cashflow. i know its a slower option to get started but personally i think its a solid way to start investing.
Thanks Andre for that input, that is really great advice! I will definitely take what is said into consideration, even though I am going to try my hand at wholesaling to raise capital and to pay off some of my debts.