All Forum Posts by: Garrett Pearson

I'm looking for financing for my first flip. I have excellent credit but I have DTI issues so conventional financing probably won't work for me. My question is how should I vet finance companies, private lenders and/or HML? What if anything should I be looking for besides the points charged, interest rates and terms? I have talked to a couple private money lenders and/or possibly hard money lenders and I have received some good information and told that I qualify for loans with them but need to make sure that I am selecting the best ones. Are there any wolves out here that I should definitely stay away from or any really good ones that I should consider? Thanks in advance for your help.

Hello. I'm a new investor. I'm building my team and are looking for recommendations for a great  experienced investor friendly and knowledgeable Realtor in Chicago Western/Northwestern suburbs. 

@John Reynolds Thanks for your responses. It sounds like you are becoming a believer pretty quick here. Glad you are finding value. I look forward to future updates. I considered going to Flip Hacking Live which would end up being about the same price if not more after you add in travel expenses. It sounds like the buying the system and having access to expert investors on a continual basis may be a better bang for the buck as opposed to only hearing from expert investors for the 3 day period. I'm sure that the networking there would be invaluable but I'm not definitely not going to do both at this time as I don't want to keep tap too hard into my investment funds. 

WOW. You had quite a time there with getting a tenant. Glad you finally got one. "I want mailbox money". I like the way you put that. It does sound good.

@Jeremy England WOW. Thanks Jeremy. I'm sitting here like DUH! LOL. This is why it is good to talk things out with others. I think I have been overly optimistic in thinking that the turn around on a flip would take about 3 months. I think that because I just purchased a home in an area where houses barely hit the market before they are sold oftentimes the Realtors are pre-selling to their buyers' list but that is a pretty small area in the grand scheme of things but chances are that my first property won't even be in that area for that reason. Thanks for the insight.

That's what I thought. I guess if I can find a really good cash flow deal, it may be worth sinking my money in and waiting for 6 months to pull the money out. It might delay me six month before I am able to do another deal unless I can find some wholesales in the interim but on the other hand, I will be cash flowing for life. I should put some thought into that.

@Shannon Witters Thanks. I checked it out. She is doing really well but she also joined the Masterminds which can account for some of the success as well.

@Harjeet Bhatti How long do you have to wait to cash out on a commercial loan?

@Adam Drummond Sweet! That sound like a nice passive income. I would love to do the that but my understanding is that it can be difficult to refinance in less than a year after purchase. I can't afford to tie my capital up for a year.