All Forum Posts by: Logan Hicks

25-35%: rent

15%: Automotive

25%: Bills

10%: Savings

10%: Entertainment

5%: Misc.

This is after tax, so assume their gross is +20.5% more on average.

Noone will want to front all of the money as well as do all the repairs and give you profits.

It doesnt make any sense.

You interested in selling? :)

What kind of financing is available?

@Mark Jones

Hey Mark, with your current situation, I would strongly advise that you build a healthy cash pool before moving on to your next property purchase. What you are currently attempting is a great way to lose your ***.

If anything, get together with a group of investors and collectively pool spare monthly cash you have at purchasing a property, and fixing it up over 3-6 months instead.   This will drastically mitigate your risk, while also allowing you to diversify across multiple properties, as well as having a regular stream of selling and buying cycles.

@Glen Nash

You are shopping in similar areas to myself for MFUs. I would be willing to invest with you.

"...then he started talking about me sending him the fee for loan insurance and he could have the money transferred today to one of my accounts. the amount was a little over $600 bucks which was fine..."

"...fee for loan insurance and he could have the money transferred today..."

Complete ********. No HML would EVER lend you money in less than 8 hours.

It takes time to process the information, research the location, check out the comps, get the credit check results back, eat lunch, waste 15-30 minutes browsing youtube thinking about the risk, paying someone from CL to go out to the location, take the required photos, send them back to you, moving the money, and sending the wire.

Also, no such thing as "loan insurance". The whole concept of a loan is its a risk. You cant just "FDIC" a loan.

If anything, the guy is making you pay a finance fee for him to borrow the money for him to loan it to you at a higher rate.

@Dana Whicker

I wouldnt mind working with you on investments if you are interested Dana, thats exactly my kind of mentality. I really hate having my time wasted. 

@Mark Fuller

I wouldnt mind building you a database and a private website to help manage the criteria requirements. I wouldnt charge a fee for it either.

@Logan Williamson

Im always looking for wholesalers to work with, especially if they have deals ready for me. I will go ahead and tell you the whole reason why I myself as a buyer usually dont waste my time (Which is usually what it is) with wholesalers, is most wholesalers bring me deals where they have skimmed most, if not all, of the profit out of the deal for themselves, and theres nothing left on the plate for me to eat.

What I always tell them is why would I buy this, when I could spend the exact same amount of money, pay to have properties build in similar areas, for less, and make immediate margins simply by having the place built and renting them out.

If you cant bring a good deal to a buyer, odds are they wont answer your call after the 2nd or 3rd call.

What are the current finance options?