All Forum Posts by: Jeff Mobley

This is a wholesale deal. This house is located on a corner lot. It has all new appliances, tile floors and new kitchen and baths. New tenant lease begins May 31. Please feel free to call/text me at 305-351-6169.

They sound a little shady. Their leen position on a property, purchased right, should be enough. What's the name of the lender so we can all stir clear.

Ding. Ding. Ding. Right on John Houk. Making daily visits is a wait of time. 3 visits s/b the goal. But I say once when u 1st look to see if is a deal. Once with your contractor/sub-contractor. And a 3rd to do a final inspection before paying the final draw. 

Solution: Have contractor sign agreement to take pics wkly and submit them wkly w/an invoice early in the wk.(Tues.) to allow time to get draw from lender to pay contractor by Fri. Check the pics and invoice (of ea. wall in ea. rm. even if work's not being done it) in the comfort of your home.

My mentor recommends giving a contractor no more than $300-$500 to start a job. This sounds smart and very prudent to me. How much do you give?

I agree with Jeff and Cathi.  Disclose that an inspection has not been done and save that money for another deal.

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I like Bill Au-Yeung's advise. But I would focus on flipping 3 bed/2 bath, single family homes. They're the most common home and sell the quickest. Flipping them will help you to, quickly, build a cash reserve. With more cash and good credit r/e investing will get easier for you.

I would flip using hardmoney lenders. With a good enough deal a hardmoney lender may not even need a down pmt. from you. They look more at the deal (a good deal) and less for cash down or good credit. But you have good credit and $10k cash. That should be enough to, literally, have 2 or more flips going on at once. 

I also agree  with Gino and would like to add that you should also consider a credit partner(s), private investors and hard money lenders to fund deals. Hard money lenders will especially look more at the deal you put together and how well you can control contractors on an investment flip and less at your credit. And some need no, or very little, down.

You could do a lease option and sell the note to a note buyer. A seasoned note with a good-credit tenant should do the trick. Also, you could place a renter in the prop in an attempt to attract landlord investors. Either way you're covering your monthly pmts. until you can sell out right.

You could also hold a silent auction with a reserve price close to your asking price. All the best.

1st off, BIG Time Congrats. Also, always be looking for the next deal, even before you finish the one you are on especially since you want this full time. I would also advise leveraging your money on several deals as opposed to just one. You've done your 1st flip and are on your way to building that much needed cash reserve. You've got experience and cash now. Hard money lenders ad private investors are a great way to go. Just make sure you use the 70% rule, then deduct for repairs and roll as much interest pmts. and points into the loan as possible. Do it man. Congrats again and keep it going!...all the best.