All Forum Posts by: Austin Tess
Austin Tess has started 5 posts and replied 6 times.
Quote from @Nicholas L.:
yes, you can get a loan to do a flip, but flipping still requires your own cash - it's typically impossible for a brand new investor to borrow an amount that covers all of the costs of a flip.
when you purchase a property, there are closing costs on top of the purchase price, and closing costs can be substantial - especially if there are points on the loan. then, there are holding costs while you rehab - servicing the loan, insurance, utilities, the rehab. and you still typically need a down payment with almost any kind of loan.
so, to recap, you need cash for: down payment + closing costs + holding costs.
for a new investor, a live in flip might be a lower risk option than an outright flip. outright flips are very, very difficult right now. you're competing against pros for inventory.
hopefully this is helpful
Hello all,
Potentially dumb question, but I'm new and spit balling. I'm working on strategies to get financing for eventual BRRRR. So, is it possible to get an outright loan for say 100,000 and use that to buy, flip and sell a house for a profit? I know this is a rookie question, so please no negativity.
Post: Questions about refi
- Posts 6
- Votes 11
Hello! I just bought my first investment property and I'm already looking out a year from now to start applying BRRR. I need some help wrapping my head around everything. Would it be to forward to ask if anyone would be willing to hop on a zoom call? I'm in the Milwaukee market. Any advice is always appreciated.
Post: New property questions!
- Posts 6
- Votes 11
Hello,
I am in the process of closing on a 2 unit property in Milwaukee, WI. There are currently tenants on a month to month in the upper and lower. I will be moving into the upper unit. I am closing on the 4th of December. How should I go about giving notice to the upper tenants? Is there a certain form? Or is it a letter stating that after such and such a date we will not be renewing your lease? Should I wait until I close on the house?
How often do tenants on month to month need to resign lease?
Hi all,
I'm new here. I'm on the hunt for my first multi family. I've been interested in real estate investing for about 2 years now. I'm starting with very little, but am determined to make it work!