All Forum Posts by: John Spina jr

Hello BP Members. Im a general contractor looking to get into my first flip. 

Ive been searching the MLS for something decent and came across properties that are in foreclosure and pre-foreclosure. How is this different from buying a regular property thats owner occupied in regards to a flip? Hopefully i worded my question the right way. Ill take any advice and ill elaborate if needed.

@Laura Alamery Im a General Contractor in Staten Island trying to get into my first flip. Like @William D. I'm saving capital for down payment and holding costs. Plus repair costs. Would wholesaling be a better option to get enough capital to start funding for my flips? 

Also what is the best way to get into wholesaling? 

@Christopher Phillips

Have you had to deal with a client that sold a property this way? What would be some advice if I took that route?

@Christopher Phillips

Maybe at this stage for me my best bet would to try and find something i could use an a owner occupied property and season it for the terms and then resell. Or I could just take some time and save up for more capital. 

@Account Closed would you be able to elaborate on how a subject to or a wrap can work in regards to a flip? Im a general contractor from NY looking to get into my first flip as well and I've never heard of that method before. Im in the process of raising capital for down payment and holding costs. Any tips to kind of speed up this process?

@Will Barnard thank you for that insight. I clearly have some homework to do but I know where I stand. Much Appreciated!

@Christopher Phillips ok that definitely clear it up for me I appreciate that. If I were to use a Fannie Mae loan for a rehab, the loan would be to buy the property +rehab and would I be able to include and estimated holding costs? Also does this loan require a 20% down payment?

@Will Barnard I would say I have a pretty good understanding of my market and estimating rehab costs. The issue I have currently is obtaining the capital needed to fund a flip and holding costs. Im going to continue to narrow down my search while saving capital until I can find an opportunity to start my first flip. Thank you

General Contractor from Staten Island looking to get into my first flip as well. @David Michael, could you explain how seller financing could work in regards to a flip? Would the owner of the house pay for the cost of repairs and then we would split the resale value? 

@Laura Alamery that definitely helps thank you. Im going to narrow down my sources. 

@Will Barnard when you say exit values do you mean the ability to determine the correct ARV?