KLEFFMAN - New Member from Los Angeles (Reseda-SFV)
HelloWorld.
Wanted to say hello. I'm excited to be here and ready to start learning and taking action.
I have an action plan for what I want to do. Here's a few line summary:
1) I want to buy and flip a house in the SFV (Northridge, Reseda, Canoga Park, and Chatsworth). We'd like to buy something like a 3-2 or a 4-2. It'd be helpful to get about 1,500 square feet or so.
2) I want a right of first refusal so I can buy it (I have a family);
3) I want to buy it from a wholesaler;
4) I want to partner with someone who knows how to flip houses;
5) I want to smartly finance it; I have access to FHA loans including a 203k loan; also willing to use hard money as an intermediate solution too, particularly with a partner who is skilled in the art (I'm in the process of getting pre-approved for a mortgage so I can set an exit number and then work backward into this flip deal);
6) I would expect to split the profit 50/50 with the partner (and if the flip goes so well that my family and I get priced out of it, perfect: Then the house will be sold and I'll get 50% of the profit).
So, here's the other piece. I'm an attorney, a local prosecutor (it's terrific work; as I like to say they make TV shows about what I get to do for a living). We have significant cash available to us as well (we thought we'd be moving to San Diego so we avoided buying a house; now it's clear we'll be here for a while, so we're in the market. We've rented to now in order to create flexibility). I earn a comfortable six figure income. My wife is a psychologist and earns near six figures on her part-time income as well. We have school debt, and a car loan, but otherwise no other debts. We have terrific credit, too.
I'm a huge fan of the podcast: I've listened to episodes 1-159 over the past 2-3 months or so.
I'm going to start trying to network my way into a deal. If you're an experienced flipper, rehabber, wholesaler, hard money lender, or investor I definitely want to hear from you. In the meanwhile, I'm going to be out grabbing you trying to get you to listen to me so we can make some bucks. I'm also going to find a way to get out to some local meetups - so any tips on those would be greatly appreciated.
--Craig.