Brand New and looking for Advice!

[Veronica Helms]

Good afternoon all!

I am brand new to BP and the only thing I have invested in the Real Estate market is time and research. I am a motivated individual that is tired of being disappointed at the lack of money I make at my 8-5 healthcare job. My father has been in the remodeling business my whole life and flipping houses has been a topic of most conversation recently.

I am interested and even more determined to fix and flip houses in my local market! However, being young and inexperienced has me feeling a little doubtful and all I have been doing lately is doing endless hours of research, and burying my head in blogs and forums instead of starting a conversation of my own. And frankly, I NEED ADVICE!

1. Do I need to become a "business" or can I simply be in the business of "fixing and flipping"?

2. How and where do I find lenders? I have tapped into my local REIA group and plan to attend a few meet ups; thoughts?

3. I personally know and trust the GC I plan to use but he says he will not pull permits in his name, only in the homeowner/businesses name... is this smart? safe?

4. Any keywords worth saving/looking for when searching for lenders?

5. What are good resources to find properties?

6. ANY GENERAL INFO THAT IS WORTH KNOWING THAT I KNOWWW I AM NOT ASKING?

not sure how BP works but here are the areas I hope to do business in:

Charlotte, nc      Belmont, nc      Gastonia, nc      NODA     Plaza/Midwood

Northlake     Coulwood     Mount Holly, nc    

...for now.

The sky is the limit, I just need help clearing the clouds!

Thanks for viewing and commenting!

Veronica

[Gregory Walter]

As a supplement to the good info Nicole left

1) You don't need to register a DBA with the secretary of state if you're operating in your own name.

2) If you have a regular job and Ok credit you may qualify for conventional credit.  Conventional credit is often BY FAR the best source of funds.  Any decent real estate agent can link you up with a few quality lenders.

3) I think Nicole hit the nail on the head.  He is probably not a licensed GC or is not registered with your county to pull permits.  In my opinion pulling permits the main reason to hire a GC, otherwise you could hire a supervisor who is not a GC for less money.  Also, my understanding is that many counties technically require the licensed worker or a supervising GC to pull the permit for the work they are doing.  The homeowner would pull the permit if they were doing the work.  

4) You just get a list and call and do an apples to apples comparison.  Its best to get your list from referrals from someone that works with multiple lenders, and does a lot of transactions - another investor with a lot of volume or an a real estate agent that works with investors.

5) Many sources but if you don't already have one, you should work with an another experienced investor mentor, or link up with a real estate broker that specializes in working with investors.

6) There is a lot of good information on bigger pockets and a lot misinformation on bigger pockets.  If you haven't already you should link up with a good real estate broker who can help you analyze the deal and make sure everything is copacetic.  Being licensed guarantees a minimum level of quality.  Pick someone that is a real estate professional first and a salesman second and someone who specializes with investors. 

If I can be of any further assistance please reach out.