Finding The Best Advice

[Lorenzo Spurrier]

Hi, My name is Lorenzo. I'm new to Biggerpockets.  I haven't done a "new member introduction", but a brief summary of myself:

I'm 25, have been in the construction field since I graduated high school.  I am from the Metro Detroit area.  I'm a licensed builder in Michigan, also a licensed Realtor. Since I graduated, i have been saving as much money as possible to be able to start my own company.  I finally did and now I'm looking for funding my first "fix and flip" project.

I have done quite a bit of research from reading articles, to visiting seminars, to watching YouTube videos, to reading books all about the general knowledge needed to invest in real estate.  I feel like I have enough knowledge to go forth and begin my journey.  

I have a subject property with a motivated seller. I have estimated the house needs about $75,000 worth of work. $20,000 is foundation repair. The house is listed for $120,000. (I have done CMA's, and they have shown that houses in a .5 mile radius that have been updated sell for around $150,000-$170,000.) I have told the selling agent over the phone that there is no way I can purchase the property for even close to that price. She insists on receiving an offer...So here we are.

I have reached out to quite a few HML's online...Patch of Land, DoHardMoney, FundThatFlip; to name a few.

I'm NOT asking for reviews on these companies.  I've done plenty of searching online for reviews on them.  I'm generally looking for whether or not companies like the ones of listed are suited for a new investor with NO experience in fix and flips? Should I be looking for companies local to the Metro Detroit area that I can meet with personally? (Can't find too many online) or are these types of companies good to use? (ones I've listed)

I'm looking for constructive feedback and any suggestions the community has to offer.  All replies are much appreciated.  Thank you

[Alex Franks]

@Lorenzo Spurrier

My friend, I don't see a deal here I see a money pit that can get you in trouble. Instead, I would google meet up .com and do 30-mile radius of your house. Find some local groups and attend. Sit back and listen and see what local folks are doing. Even share the deal and get feed back. I always appreciated this business in that. When folks see someone is willing to bust their butt. They are willing to help out and point you in the right direction. So I am glad you took the time to introduce your self ( welcome ) and a great place to ask away.

Alex

Originally posted by @Lorenzo Spurrier:

Hi, My name is Lorenzo. I'm new to Biggerpockets.  I haven't done a "new member introduction", but a brief summary of myself:

I'm 25, have been in the construction field since I graduated high school.  I am from the Metro Detroit area.  I'm a licensed builder in Michigan, also a licensed Realtor. Since I graduated, i have been saving as much money as possible to be able to start my own company.  I finally did and now I'm looking for funding my first "fix and flip" project.

I have done quite a bit of research from reading articles, to visiting seminars, to watching YouTube videos, to reading books all about the general knowledge needed to invest in real estate.  I feel like I have enough knowledge to go forth and begin my journey.  

I have a subject property with a motivated seller. I have estimated the house needs about $75,000 worth of work. $20,000 is foundation repair. The house is listed for $120,000. (I have done CMA's, and they have shown that houses in a .5 mile radius that have been updated sell for around $150,000-$170,000.) I have told the selling agent over the phone that there is no way I can purchase the property for even close to that price. She insists on receiving an offer...So here we are.

I have reached out to quite a few HML's online...Patch of Land, DoHardMoney, FundThatFlip; to name a few.

I'm NOT asking for reviews on these companies.  I've done plenty of searching online for reviews on them.  I'm generally looking for whether or not companies like the ones of listed are suited for a new investor with NO experience in fix and flips? Should I be looking for companies local to the Metro Detroit area that I can meet with personally? (Can't find too many online) or are these types of companies good to use? (ones I've listed)

I'm looking for constructive feedback and any suggestions the community has to offer.  All replies are much appreciated.  Thank you