All Forum Posts by: Alex Billips

I have a 730 credit score just finishing my 4th flip and have cash to fund all rehab cost. I have a great team of contractors in place to complete the rehab. I’m looking to step it up to at least 10-20 flips a year. I just scheduled the closing for the third home yesterday and will have the fourth on the market in 7-10 days. Who has the best lending options for funding the purchase and what are the terms? Looking to build a long term relationship with a quality private lender who understands how this all work.

@Heidi Emmendorfer

Be careful using Zillow, lots of miss leading information. I normally anticipate painting, flooring upgrades and all new appliances on newer homes I also drive by and look at the home. If it’s empty look in all the windows.

It’s a lot bigger gamble on older homes because you don’t know what to expect with the plumbing and electrical.

Remember to always calculate in a unknown factor or 5-10k in renovation cost and if you don’t need it then you make more.

Always look at the homes not what’s online.

@Dmitriy Fomichenko

Thanks for the information. I’ll contact the plan administrator and see if that’s an option. I’m not quite ready to leave the my current job but working on it.

@Brian Eastman

Thanks for the insight. I was not sure if I could move the money now into the solo 401k or if I had to wait until I eventually leave my current job. Thanks.

I have a 401k at my current job. I’m wondering if I can change it to a Solo 401k with checkbook control and then use the funds to invest in single or multi family rental properties that I am the sole owner of.

I also currently have been buying foreclosure properties and flipping them and rolling the capital.

I was also wondering if I can also use the Solo funds to buy foreclosure properties to hold for rentals long term.

Sorry if I’m asking to many questions just excited to keep moving forward. Looking to leave the 9-5 behind me ASAP.

@Russell Brazilian

I agree with what you said. Poor business decisions being made.

@David Stumpf

Price for interior painting including ceilings $3.00 per square ft. for a repaint. Labor and material included with caulking.

Exterior painting is normally $2.00-3.00 per Sq ft.

Both could go up if you have a lot of trim detail like picture framing on walls, chair rail etc.

I would get two or three itemized quotes.

Sherwin-Williams can give you some good referrals. Good luck.

@Account Closed

This is possible and I am currently working towards a similar goal. Turning 200k into 2 million in the next 5 years.

For me it’s buying at the right price first, rehab and sell then reinvest all profits and repeat. I’m also am buying vacant lots in hot rental markets. I subdivide the lots then build 1200-1300 sf single family homes with cash. Put a mortgage on the new house for what it cost me and repeat. This make the rentals cash flow and I have tons of equity in the houses.

@Danielle Wolter

Have you tried to rent on AirBnb. Instead of just standard monthly rental?

@Jason Bott

Jason can you please send me the list of insurance company’s you use for fix and flip investors. I’m closing on my second house and about a week and want to get some quotes for the insurance I need. I will be doing basic rehab then putting the house on the market to sell. Thanks.