All Forum Posts by: Jeff Hall

@Tim Brown we've got all of that hammered out, he's the money, I'm doing everything else. The end game is what's in question here. I'm thinking we take a flat cut off our earnings, but the majority goes back into the business

thanks @Andrew Neal I appreciate the advice! Chatting with a lender first is a good idea... I'll be sure to ask about Grant programs

My wife and I just got married last month and have been wanting to buy a house for awhile but since we got married we're making a push to make that happen sooner rather than later. I'm a 1099 add have one year at that job under my belt and she's a W2 with about the same amount of time at her job. Are there any creative ways to get into a home without a ton of money down? Would a USDA loan work (we could move into an area where that's a possibility)? I know this isn't a increasing question persay but certainly might require that brilliant outside the box thinking I know you all possess. Thanks!

We're doing a flip and I'll be doing everything start to finish. He'll check in on the property now and then, but yeah, I'll be doing everything.

I am trying to get my first deal off the ground with an investor I've been in talks with for about a year. My investor and I originally came up with the idea that we would be splitting everything 50/50 but since I have no cash in the game I threw a few ideas at him including different splits or paying me a small flat fee, but before I sent him a firm proposal I wanted to run it by you all...

As all the guru's and BP podcasts talk about, I need to know my "why". Obviously I want to make some cash on this, but I also think I might be more concerned about getting my first deal done. How do I balance these two scenarios so I'm getting what I'm worth, but also creating value for my investor taking a risk on a first-time flipper? My investor originally said he had cash to fund a deal, but since this is my first flip he pivoted to wanting to use a conventional loan to minimize risk [and turn it into a rental if it all goes sideways] with the idea that we would just do a smaller home that needed a cosmetic work and/or kitchen/bathroom upgrades, etc., and feel things out before we turn around and do it again if all goes well. 

So to my question: Would it make sense to go 50/50 or a different split? Or would it make sense to take our return and dump it back into another deal and pay ourselves a flat amount? Does anyone have anything more creative?

I certainly appreciate any advice! Thank you!

Thanks guys, I really appreciate the input! Unfortunately it seems my DTI ratio, because of student loans, doesn't qualify me for a 340K loan.

That's really good to know as well Brian, I'll have to check into that as well.

I'm a first time investor\homebuyer and I've been studying as much as I can in my free time (and of course listening to all the podcast​s on here) and I've come across a house that my friend is selling in Fort Collins that seems like the perfect place to get my start. It is a 5 bed 2 bath house, mostly finished basement with 2 rooms and its own entrance. It isn't zoned as a duplex but easily could in the future. We would like to move in upstairs and rent the basement which would cover about 75% of the mortgage (and later rent the 3 beds upstairs). We are just starting out in life, about to get engaged and our parents want to split the down payment with us since we don't really have the money ourselves. So I guess my question is... Is an FHA loan the best way to do this deal? or are there other more creative ways to do it (owner finance isn't an option). Thanks!

Hi Everyone, 

I've been doing my due diligence in getting ready to start flipping houses and doing rentals...but I've come across an opportunity to buy numerous foreclosed homes over time that are sitting on land that is zoned for two properties. My plan with my two partners (two real estate lawyers) is to tear down the houses and build two shotgun homes on the lot. 

I'm just wondering if anyone knows of any literature they can refer me to about to do this. I have no doubt I'll figure it out over time, but I'd love to be made aware of costs, issues and other scenarios to keep in mind while I'm working through this. What is the best way to finance...All private money? Hard money? Construction loans? Or a combination? Any advice would be much appreciated!

I already have some private money as well as some hard money...and so, of course, I'm also looking for other investors who are interested in having consistent money coming in from multiple high end contracts at a time.

Thanks for reading everyone!

Best,

Jeff