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!!!
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!!!
Hello Todd,
I am new to this site and came across your post. I was wondering which hard money lenders you used. I'm trying to avoid a lot of the scammer loans that I've been coming across. Any help would be appreciated. Thank you very much!
Mortgage Lender-Investor · Parkland, FL · Member since 2015 · 15 posts · 8 votes
10y
Hey Todd. For the properties you're purchasing through auctions, are you doing research on the title and liens ahead of time? If so who do you use for this. I'm nervous I'm going to get stuck with a huge lien or code violation through these auctions.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
10y
Most of the sites have title information for each property. Also, you can pay a title company to do a title search for you. When you use the same title company for all your deals, they are usually more than happy to do it for you since they know they will have your business if you purchase the property. Mine charges $75.
Investor · Baltimore, MD · Member since 2015 · 5 posts · 0 votes
10y
I actually have a similar relationship with my contractor. He will give me a flat rate price for the complete rehab, he will pick the materials and make most of the layout decisions. But about 10% of his money is paid as a commission based on the final sales price of the house. So if he picks cheap materials his commission at the end would be much less. So far he uses the exact same materials on every job. That's why he wants to pick them out, because I think he gets a killer deal on them.
I'd love to meet up sometime and talk about the business. I'm not trying to steal your guys, lenders, etc like a lot of people. I just like talking about this business. Shoot me an email.
[email address removed -- please include it in your signature only]
Folsom, CA · Member since 2014 · 9 posts · 0 votes
10y
I'm a realtor. Was curious if you had done any flips with your realtor or is he just finding you the properties? Possibly might go in on a deal with investor, but trying to figure out to structure a deal. All I have to offer is my realtor expertise, $$ from commission.
entrepreneur · Keller, TX · Member since 2015 · 17 posts · 0 votes
10y
Todd S. Great work! I'm working along the same goals so I can finally get 100% freedom from working under anyone else for good. Working on my first flip now in week 2 of rehab, getting ready to make a few offers for deal 2. I'm starting with pretty much the same resources and have a goal to get up to having 2 or more in each phase of the process over the next year. I'm glad to hear that's not an unreasonable goal!
What process did you go through in finding your private money lender? I have a couple good hard money lenders in place but would definitely enjoy having a private lender option as well.
Aberdeen, MD · Member since 2015 · 78 posts · 9 votes
10y
Hi Todd,
You have done a great start off. Are these properties are currently on the market now? Another question is, when you pull the comps, what's your mile range? Half mile or 1 mile? Originally posted by @Todd S.:
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.
Investor · Middle River, MD · Member since 2014 · 96 posts · 37 votes
10y
The private lenders that I found are the same ones that thought flipping a house was a bad idea. Once they saw the finished product, the short time frame, and the quick sale they were chomping at the bit to get a piece of the pie. My suggestion would be to just talk about your success you are having. You will be surprised how many people want to get s piece.
The private lenders that I found are the same ones that thought flipping a house was a bad idea. Once they saw the finished product, the short time frame, and the quick sale they were chomping at the bit to get a piece of the pie. My suggestion would be to just talk about your success you are having. You will be surprised how many people want to get s piece.
Are you interested in more properties? I have a client in the Landover area with a property that has lots of equity.