All Forum Posts by: Frank Hinck

@Justin Carmack

Agreed the Title co’s will know the attorneys.

@Justin Martin

If using Hard Money you cannot house hack / live in the house during the Renovation, but once you refinance out of the Hard Money to a traditional or FHA you can house hack / occupy it. You could approach 20 local small banks and with a written business/financial plan and see if they would take this on which some could, try looking up / making a new thread of "best local banks in the _____ area".

@Courtney Olinger

I think it’s all about do you want to buy/fix/hold, buy turnkey, house hack, fix & flip? And do this with houses/condos/2-4 units?

A good thing to look into would be House Hacking a small Multifamily using an FHA 3.5% down loan. Brandon Turner on the Podcasts has published a lot of info on this. If i could go back 10 years to graduation that's what I'd do.

@Freddy Alban

I think the strategy is different based on if you're looking at a buy & hold on MLS / or buy & hold from a wholesaler, or fix&flip from MLS or wholesaler, and is also totally different if you're trying to wholesale it yourself from a motivated seller. What are you looking to do?

Constantly analyzing deals and coming up with your Will Buy / Wont Buy line is important. Checkout the Guide to Analyzing repair costs by J Scott can help you on some, but the purchase it’ll be contingent on inspection.

@Madelin Mendoza

Trying to buy local, do the local stuff. Reach out to everyone you know in the area, your parents friends, family friends, talk to folks at church, the local bank branch. You could even go door knock some duplexes and see what the owner's deal is, also buying owner direct can cut the Realtor commission out. Agreed with the other comment the house hack you may still have to pay some out of pocket, but once both sides are rented it'll cover PITI, cap-ex, and cash flow

@Joseph Puthusseril

Rates can be competitive now, also depends on your % down, collateral, payment history, credit score, etc.

@Cody Bradley

Try all 20 local banks in your local area, eventually you’ll hit the right Banker or just fine tune your pitch enough. A formal 5 page portfolio with all the pricing, or maybe go with the “I’m interviewing lenders” pitch

@Steven Ocampo

Very commendable looking to get started, I read all the other comments so I’ll just leave mine here: getting Family & Friends money on your first deal is 1-risky because you’re putting folks money on the line you’ll have to eat Thanksgiving dinner with if it doesn’t go well, 2- as an admittedly small time Hard Money Lender myself I wouldn’t see that $50k family money as true equity from you, especially with 0 flips under your belt.

My take is instead of Philly where you don’t have contacts, you should start networking in NYC and find an experienced outer boro flipper and learn from them, cut any expenses you can (aim for $1,500 month cutting anything not absolutely needed) and at the end of the year you’ll have $20k of your own funds, local connections, and a year of listening to BP all under your belt. No criticism meant from any of the above, just my experience & opinion I’d give to my friend or cousin looking to get started.

@Daniel R.

There are a couple BP Podcast episodes that go through this A-Z

@David Zeek

Right now if your investments are down then it might not be a good time to withdraw, on the other hand who know what effect the election will have on the market Up/Down. Personally I only have about $4k in the market Which is all long term plays, so leaving it for now