All Forum Posts by: Luke Diem

Patsy Waldron I figured the owner occupied could be a good first fix and flip if you don't already own a property (in my case I'm currently renting). The lender I spoke with said you could sell the house after it's finished after a couple months. Is this not true? Thanks for your input!

If you don't have a primary residence I have found a few lenders that will finance 96 1/2%-95% of the cost of house plus rehab costs. I am considering this path for my first fix and flip because I am currently renting and I don't own a house yet. A few of the qualifications for this type of loan are a 680 credit score or better, must have an acceptable debt to income ratio, desired house must meet certain expectations (working toilet, running water and a few others I don't know off the top of my head). I would suggest looking into this type of loan (home renovation loan). If you already have a primary residence they also do a similar loan with house cost and repair cost wrapped together if you put 20% down. For both primary and investment loan they also wrap in the mortgage payment for a predetermined length of time, so if your fix and flip will take 6 months you will not have to make mortgage payments during that time period. So I believe the 3 1/2% - 5% for primary residence and the 20% for investment property will be the main amount of money you will have to put in out of pocket. Please note I have not yet done this myself, if any information isn't entirely accurate I do apologize. Hope this helps!

Looking mostly at Flushing, Fenton and Birch run. Preferably 3 bed 2 bath. I would like to be all in with house purchase and repairs for around $100,000 or less. I would consider anything close to this description.

Hello everyone! I am searching for a good wholesaler in the Genesee county area in Michigan. I figured this would be a great place to look. If anyone could help me with that I would greatly appreciate it! Thanks in advance!

Thanks for the information. You guys have been very helpful!

Hello! It looks like there are a few experienced lenders here. I am new to real estate investing and am working on getting my first buy and hold rentals and also interested in fix and flipping homes. In the near future I will be looking to partner with lenders, my question is how exactly do I go about this? Keep in mind I have very little experience and am trying to start my first few deals. Do Lenders work with new real estate investors like myself? Or do I need to get a few successful deals under my belt before I even consider reaching out to lenders.

Also isn't the interest rate the private investor earns on the money invested a big part of what makes a deal worth while for him/her? Or is that alone not enough to make a deal?

I am currently looking into a duplex and a 6 unit building. Would the experience gained from property like these be good enough after owning it for some time. I'm just trying to figure out what steps I should take to get to my end goal of one day owning a large apartment complex.

Would it be possible to find private investors on a $1,600,000 deal as a new investor? Basically I'm wondering if I should be looking into big deals with the hopes of finding private investors to finance the deal or if I should stay small until I can afford to put all the money up myself.

Chris M. Thanks for the input!