All Forum Posts by: Brandon Collins

In my market, I search for homes $200K that have been on the market for over 90 days. Most in my market are priced a little under however, but I start here because there are some higher priced properties that need updating. And maybe I can offer a little less than asking based on estimated maintenance, etc. I typically want to offer at or below 70% of the ARV…or at least start there.

You can also run a search for “investors,” “investor special.”

I hope this helps.

I wish you all the best.

You don’t need your real estate license to find flips. Driving for dollars, checking listings that have been listed for 100+ days, etc are ways to find deals too 

I would do your due diligence. Make sure STR is allowed there. What are the regulations and permits like?

 You can always talk to hard money lenders. Plan or no plan. Talk to more than one and determine who has the best rates and terms etc. You are going to pay a little more because you have no experience but after a few deals and they know you know what you're doing the terms get a lot more favorable because you are no longer a high risk.

That leads me to my next question, where do I find hard money lenders? Can I find them on here by just creating a post and saying here I am I need money? Lol.

If you have a good agent, you can see properties ASAP.

If you are licensed, you have legal and professional obligations that may burden you as an investor.

When you sign a contract with enough meat on the bone, the money will come to you, fast - even if you have a tiny network.

If you have no network, make one - the instructions are just a click away.

If you can find sellers, you can make enough money wholesaling to get yourself where this post begins - with you financing a deal all by yourself.

Bonus points: you are now talking to - and perhaps pals with - investors that have money and experience.

What's not to love about that?

If I had to advise family on this, I would easily say the following:

Forget the license - it's ballast, a millstone.

Toss the crappy podcasts - they are actively harming you. 

Start working your search, and don't stop until a deal shows up.

Find investors and make a private network.

Become an investor yourself.

Here is a question for you:

Which is easier - making flipping podcasts, or actually flipping?

Find the investors, and lose the pontificators.

All the best!

Why are you limiting your source? Why do you pnly want to flip REO's and not just flip anything that makes sense? I have flipped about 500 in the Cleveland markets, maybe a handful were REO'S. I will flip about 20 over the next month, SF MF, none are REO'S . Stop reading books. How are you going to get them, not easy and with no experience well..... Stop making it more difficult than it has to be. Deals are everywhere, I get 20 a week sent to me,

Good Luck  

It sounds like you need to meet some hard money lenders. You didnt really specify what your exit strategy was, so I assume it's flipping. Please correct me if that's not the case. Hard money lenders will give you the financial backing you need to close deals quickly. Most HMLs can find a deal in 10 days with clear title. Trying to get bank financing will take forever, not to mention you'll have to submit the same docs 18 times because they will lose them. Also, if you are pursuing REO properties, the condition of the property might give you leverage to get a great price but that same deteriorated condition means that a bank won't offer financing because the property is uninhabitable at the time of closing. Find yourself a good hard money lender and establish a relationship. Leverage the fact that you have a 9-5 job.