All Forum Posts by: Barry Westover

@Cameron McNulty I have wondered this too. My brother makes a good living flipping houses there. That is all he does. I have been thinking about investing there but have been a little spooked by the hype. He lives near Fayetteville but I don't know where he does most of his flips at. I may have to ask him as it is not that far from me.

WOW he lives 3hrs away almost from LR and does fix n flips? thats a drive and a half. I'd be interested in speaking with him about jv'ing if he is interested.

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why would you use credit card debt on a fix and rent rather than a fix n flip which to me seems the only way i would incur that much debt on personal credit cards so the balances do not loom over my scores. sincerely asking as it doesnt seem like it was a good plan.

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Quote from @Nathan Gesner:

Quote from @Jessica Lamont:

Price doesn't matter; you should operate off percentages.

If you buy at $120 and ARV is $200, what happens if rehab is $60? That only leaves $20 for profit. What if the market continues to drop and now ARV is only $190? or $170? What if you take six months longer than projected or material costs increase 15%?

In today's market, I wouldn't recommend flipping for a novice. There are too many variables and the downward market makes it even riskier.

What would you suggest to them instead ?

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holy crap nice profit

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Quote from @Eliott Elias:

Invest in Killeen, there is a low price point and the market is not as soft as Austin right now. I have a deal that's perfect for you

ok lets talk

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Austin, Texas

Quote from @Aaron Gordy:

@Barry Westover You could always buy with a VA loan or a fha loan. I am doing a fha duplex deal in Austin and the buyer is putting in 15k thereabouts. VA loans can do zero down. I am a veteran and have pulled it off many times.

I'm not a VA and FHA requires proof of income if i recall correctly

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Austin, Texas

so youre saying 20k wont get me anything correct ? final answer? need a lifeline? lol

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Austin, Texas

thats exactly what im doing is leveling up. its not a 300k property its a 58k property with 100k rehab by a VERY experienced GC. so all in its a $158k property. I said the ARV is $300k.

2 Votes

Austin, Texas

I did my first flip in Gainesville FL, well it was a half a flip but thanks to the RE agent that is also a BP member ( Jennifer Baronna ) she saved my bacon and found a buyer to take over the half finished rehab. I still walked away with $50k thanks all to her ! fast forward 3 months my money is dwindling down from 30k seed money to 20k due to using it as income. Everything is so expensive here in Austin so I chose out of Killeen and San Antonio to go with SA due to a larger market. I have a GC ready to go. Found a killer deal that my small 20k all in would be enough , the deal was 58k pp (which i big 67k and still lost), rehab 100k and ARV 300k. This deal would have put me back in the race to play with the adults. Now I just feel stuck like chuck with no truck hat i cant find deals that are within my low budget. ANY VETERAN SUGGESTIONS WELCOME

1 Vote

Austin, Texas

All Forum Posts by: Barry Westover

Barry Westover has started 2 posts and replied 16 times.

Post: Why is Arkansas Real Estate so cheap?

Post: Why is Arkansas Real Estate so cheap?

Post: Rehab using credit cards

Post: What is a good price point to buy fix &flip right now?

Post: Profitable Flipping in this Down Market

Post: FRUSTRATED with $20k to spare

Post: FRUSTRATED with $20k to spare

Post: FRUSTRATED with $20k to spare

Post: FRUSTRATED with $20k to spare

Post: FRUSTRATED with $20k to spare