All Forum Posts by: Eric Newcomb

 Eliott, 

Is 6% standard for a seller finance or is it in that range due to current mortgage rates?

 Alex,

Thanks for the response! I didn't think to try and get the full title transfer in the sale. I am currently looking for a real estate lawyer in my area for this. In your experience, is there always a balloon payment involved?

Hi All,

I am a general contractor in central mass who also has done some flips for realtors and myself. I have been looking for an off market deal for an investment property and have found one. It is a small single family home in the town I am currently living in and I know the seller. 

With interest rates where they are today, I have been studying some other creative financing options to pursue. The seller owns the property outright so my first thought was seller financing. However, I have no experience in this and am looking for some advise/lessons learned when writing a contract like this. Or another form a creative financing that would work in this situation. Any help would be great!

Thanks,

Eric

 Hello Paul,

I am a general contractor in the Worcester area with experience with flips. I just finished my current home and sold it and closing on the next fix and flip at the end of the month. Feel free to direct message me to discuss further, I'd love to connect!

Great insights Will, thank you for the response. And yes, this is to kick start the flip business but I appreciate the advice on keeping a few of the properties along the way. I was thinking that the BRRRR method may help with this along the way to keep capital moving.

Thank you all for you advice! After talking over it a bit more, we have decided to sell (agreed we won't make as much off a single family rental). We think this money will help us better with the next flip and also with investing in a multi family. Thank you again!

Hello my name is Eric. I am looking for some advice in my investing/flipping career. A bit of background of myself:

I used to be a construction superintendent in Boston building 30-100 unit apartment buildings. I left this to start my own small general contractor/carpentry business with the focus being on flipping homes for myself as well as starting a real estate investment career.

I renovated my current home (was a fixer when I bought it 3 years ago) and now have around 100k+ equity if I were to sell. If I were to rent my current home, I could cash flow roughly $800/month. I recently bought another home I am planning on moving into that is also a fixer upper.

With all that said, my question is do I sell my current home and take the cash now or do I rent my current home and take a HELOC on it to fund my future flips?

Thank you!

This post thread was very informative, thanks for the post and everyone who answered! am also in the market for a hard money lender but for a fix and flip not a primary residence property. 

Does anyone have a good hard money lenders for a flip project? I am in the Worcester MA area.

I am new to real estate investing and looking to network with local investors in the Worcester County area. Thank you for posting this meet up, I will be sure to attend!