Wanting to dive into REI soon! Will 2016 finally be the year?!

Wanting to dive into REI soon! Will 2016 finally be the year?!

Canyon Lake, TX · Member since 2015 · 4 posts · 0 votes

Hey Everyone. I am Jonathan. I am in my mid 30's, father to 3 boys here in the hill country of Texas. My wife and I have wanted to get into REI for years but we both continue with our careers year after year. I am hoping 2016 is the year. I am interested in fix/flip properties and looking for private lenders/investors. I have experience flipping our two previous primary homes. One was a 60's SFH I grew up in and sold after remodeling in 2008. The other was our custom home we lived in for 5 years. Both turned large profits. I have the confidence to fix and sale for a profit, just need the financing end of the deal. That's the scary part for me. My goal is to fund my own flips eventually! Anyway, that's where I am. This looks like a really helpful site!

0Reply
16 views

Most Popular Reply

Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
10y

Can you get enough together to fund the down payment with conventional financing?  If you have 2 paychecks and have 2 prior flips hopefully you have some money saved.  If not you need to look at some of the Dave Ramsey material.  It will be easier to get financing lined up once you have a good deal purchased and ready to go on.  Without a property a lender has nothing to evaluate.

See this reply in the discussion

4 Replies

Jump to latestLatest
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    10y

    Hey @Jonathan McNeely welcome to the site! It's great to have you!

  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    Can you get enough together to fund the down payment with conventional financing?  If you have 2 paychecks and have 2 prior flips hopefully you have some money saved.  If not you need to look at some of the Dave Ramsey material.  It will be easier to get financing lined up once you have a good deal purchased and ready to go on.  Without a property a lender has nothing to evaluate.

  • Real Estate Investor · Bourbonnais , IL · Member since 2012 · 257 posts · 16 votes
    10y

    Welcome to Biggerpockets @Jonathan McNeely!

  • Canyon Lake, TX · Member since 2015 · 4 posts · 0 votes
    10y

    Thanks Y'all!!

    @Jerry W. - I would need some money down regardless of conventional or HML from what I researched. I guess the smarted plan is to aim for conventional financing so there is no rush to pay off a HML with the first flip or two... I listen to Dave almost daily, maybe this is why I struggle with the financing end of real estate... His voice in the back of my head... LOL

    Thanks again!

Join the conversationCreate a free account to reply, vote on answers and follow this thread.