All Forum Posts by: Jason Eyerly

@Tim G. How do you recommend finding deals? I'm looking to do a fix and flip using a HML but don't know where to look for deals. I have slight wholesaling experience but I've never been on the end of the deal where I'm looking for the property.

Your real risk is that home depreciate and then you owe more than the house is currently worth. However, if you want to hold it long term anyways, this may not really be an issue, as markets move in cycles.

What about the seasoning requirements? 

 Sorry, that's inaccurate since the whole thing won't cost you $200k.

I'd love to hear where you're at with this now. You were a bit all over the place. Did you look at comparable rents to check if you could cash flow it positively with vacancy calculated in, etc? Assuming you did all that, did you then backtrack and go through the scope of work, rehab costs, 70% rule, etc? Remember that a property should cash flow 1% of the total purchase price per month! After all other expenses. So that would be $2,000/month combined. 

Hello BP,

    I'm primarily looking to buy and hold, but I don't have enough saved up (nor will I in less than 12 months) but while thinking on it today I think I may have found a solution. I'm not sure how realistic it is so I wanted to ask those who have done it.

Is it possible for me to do a fix and flip using a HML, and then get a cash out refinance? I liked the idea because it leaves me the ability to take some of the cash out of the house, while paying back the original lender. Then, I can just make payments on the single new loan, and cash flow the property. However, I've heard about 6/12 month seasoning requirements, as well as waiving those requirements if you just want to be refunded original cost of the house less rehab (not optimal for me, lacking investing capital), and I've also heard this may be avoidable if you are renting out the property. I'm hoping for some clarification here.

   My fiancee and I were considering just turning around and selling our first or second flips just for the cash to pay off some medical collections and beef up our brokerage account, but ideally we are looking to create cash flow, not net worth. Thanks in advance!

Give her this listing and after the deal is closed send her a nice bottle of wine and say thanks for your help but the deal-flow isn't sufficient.

How about a gift certificate to waive the late fee for one month of late rent? That doesn't really cost you anything, and will be HIGHLY appreciated. Speaking from experience here.

First come, first serve. He got his motorcycle first, and there was space, so you rented it out to him. Anyone who wants to do the same can get on a waiting list?

@Glenn McCrorey So quick to pass judgment. Shameful.

Well, give them a call and tell them about what you are doing and that you are/represent investors looking to pay cash for the property. If they are willing, and if it seems worth your time (keeping in mind you have to get 70% or better of ARV) ask them if you could stop by to look at it in person so you can run the numbers and give them an offer. Most people are very willing to have you come over. My first DM campaign I had 60+ calls the first weekend, a lot from people who weren't even selling, and were wondering how I knew they had even thought about it, haha. Nevertheless, after a brief phone call to gather some information if the property sounds like it could be workable then they will more than likely be willing to setup a meeting (motivated). If they are stubborn or being ridiculous, or the property doesn't qualify, (un-motivated) you can save the personal meeting (and your time), and continue on to the next.