All Forum Posts by: Irma Leibas

Thanks a bunch for all your responses! They’ve been super helpful in guiding me through this process. I know it’s all part of the learning curve, and I’m keeping my fingers crossed that things work out for the best. In the meantime, I’m going to dive deeper into references and take a closer look at the property, making sure I have a clear idea of what I want with the PM. Right now, I’m on the hunt for different types of contracts that might be a good fit. 

I’m under contract for my first house flip and using a hard money loan, which requires a scope of work. I had a general contractor walk the house with me, but I haven’t received a response after a few days. I found another gentleman who is more of a project manager, who isn’t licensed and has been having subs visit the house to get me a bid. He seems diligent, but it’s taking longer than expected. How long does it usually take for a bid? I went under contract on Friday afternoon and walked the house with the project manager on Monday morning. I’m nervous because I have a time frame for the purchase agreement. I can’t close in 15 days; that’s my first mistake! 

Frustrated and feeling annoyed!  I'm coming to find out that it's a lot harder to find a decent deal to fix & flip, let alone getting a seller to accept my offer.  Apparently, a lot of sellers don't want to accept hard money loans for financing.  They prefer cash or traditional financing.  Is there anyway around this? I have spent hours and days searching, viewing multiple properties, and writing up offers, and I keep getting turned down.  

It's insane how some of these properties are falling apart in Gary and Hammond, Indiana, and they want 30-50 grand! LOL!! There's not much of a profit to make.  So now I'm wondering if I should just purchase a turn-key property to rent out.  

I am considering Kiavi, RCN Capital and Diamond Residential Mortgage Corp and don't know who to use.  There are so many different fees! LOL. It would be for my first fix & flip.  It would be nice if a lender could cover 100% of the deal and reimburse them at closing.  I am looking to build my team as I'm writing this.  Do you all think it is imperative to have a licensed GC?  

 Hence, the reason why I want to invest in real estate.  I want to be able to leave something behind for my family! 

 Yes, I didn't even think about that.  I use to work for Home Depot back in the 90's and I remember contractors using those credit cards.  Thank you!

 Thank you for explaining this the way you did.  Sure did help me to understand that I'm not ready yet to purchase my first flip!  It's not easy saving 50k! 

Hello!

I'm new to Bigger Pockets. I am a realtor in NW Indiana and seriously considering doing my first flip. Nervous as hell! One of my clients needs to sell her home in Gary, IN and I was just thinking if I should buy it myself. I was considering using the BRRR calculator but it seems pricy !