Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
Just wanted everyone to know that it is possible to succeed in the flipping business. Most of you saw my thread on my first flip. Since then I have gone from doing one property to now having four properties in various stages of rehab. It all started with a 25K home equity loan and some credit cards. Hard money money is a great "tool" if you know your numbers inside and out. Since then I have acquired 265K in private money and am still using hard money to cast a large net. I believe volume is key. If anyone has questions, fire away. That's what this thread is for!!!
Flipper/Rehabber · Conyers, GA · Member since 2015 · 182 posts · 26 votes
11y
Are hard money lenders all the same? Did you start with a strange hard money lender, to building a relationship with them? Rates and fees stayed the same or gets cheaper as track record builds?
Miami, FL · Member since 2015 · 161 posts · 26 votes
11y
@Todd S. Good job at leveraging opm to acquire more property.
@Troy Durrette All HMLs are not the same they will all have different criteria and rates.
@Marci Wilson There shouldn't be any fees up front other than maybe appraisal if needed. Now if you mean cost up front as in down payment and closing you would still be responsible for this. If you have questions how this works feel free to PM me.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
11y
1) Parkville house #1 bought for 70k. Listing for 180k.
2) Parkville house #2 bought for 103k. Listing for 240k.
3) Perry Hall house bought for 140k. Listing for 240k.
4) Essex house bought for 68k. Listing for 145k.
Sacramento, CA · Member since 2015 · 74 posts · 21 votes
11y
@Todd S. Sounds like you are off to a great start! Before you started, what strategy did you pick for finding deals and why did you pick it? Once you got started did you stick to the plan or switch gears and why?
Investor · Pasadena, MD · Member since 2015 · 52 posts · 20 votes
11y
Congrats @Todd S.! Very inspirational. I'd also like to know where you're finding your deals. I know the first in Dundalk was homepath. Did you stick with that? Also since you're in different markets how are you determining the ARV?
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
11y
One deal was a private seller, two were from online auctions on Hubzu, and one was from the MLS. All were found by my agent who is worth his weight in gold. He helps with all analysis of the properties and determining ARV.
Investor · Pasadena, MD · Member since 2015 · 52 posts · 20 votes
11y
That's a great agent. I won't ask who they are, but can I ask how you found them? My agent has been very helpful, but hasn't been proactively finding me deals. I find most are willing to put in your search criteria for the automatic MLS emails and that's about it.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
11y
Any typical agent will set up the auto search function, but I see that as lazy if they are getting the commission on the buy and the sell. You need to basically interview agents and they need to basically interview you. My agent works with only two investors. He's an associate broker so has other agents working for him. He gets a cut of all there stuff and exclusively works for me and the other investor. Our success is his success basically. Also, it's important to find an agent that does flips himself as well. That way he shares and understands the vision.
Investor · Baltimore, MD · Member since 2015 · 5 posts · 0 votes
10y
Hey Todd, I've one rehab two years in a row and a lot of your story sounds similar to mine, except my agent (who does rehabbing himself) stole my private money lender (12% zero points, zero fees). I've been investing in Arbutus. I love it over here.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
10y
Kyle Schuler If my realtor acted in an unethical manner such as yours did, I would be looking into a lawyer. They are held to an extremely high standard of ethics.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
10y
I am currently using two general contractors, I am working out a new setup with one of them to be paid more like a project manager. We are structuring a weekly pay scale and a small commission of the net profit for each property. We are still ironing out the fine details. Coincidentally, my hard money lender used to work with as he was coming up years ago, and they had the same structure. Both advised that it is more profitable for both parties.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
10y
Henry Sordia I use one hard money lender for everything. I found him just by doing a little research online. He is covering 100 percent of the acquisition. I am covering the rehab.