All Forum Posts by: Luke Mitchell

I think I really need to scour my local area harder for private money lenders so I can get better terms. My whole reason to utilize hard money lenders was for no money upfront feature, so if I cannot avoid that, then I need to go another route. Thanks for all the advice guys!

Thanks for the advice Jack Bobeck! I've seen some bad reviews of DoHardMoney. Are they a legit source or have they earned a bad reputation?

Hey guys, its been a while so take it easy on me here...lol. My wife and I are looking into our first 'Real' flip and I say first real flip bc our current home we are renting from my father in law, we flipped. So our experience is limited, however, I am a painter and maintenance man for a large apartment complex and my wife is a Realtor. So we aren't complete newbs to the whole real estate gig. My question is in relation to financing our flip. We have fantastic credit, above 750, and tons of available credit, over 40k. We only have about 6k in liquid to invest and even that is a stretch right now. We are wondering how we should fund our first flip? We are hoping to stay below 50k and sell to an investor looking for a nice rehabbed rental house to keep our cost low. I can do a lot of the work myself and plan on saving a lot of money this way. We just would want to be cautious and not use hard money if we don't have to bc of the points and high interest, however, we also don't really have access to private money either. We don't have any investor groups in our area and are extremely limited on family and friend resources for funding. Any advice or recommendations would be appreciated!

Lee Village and Continental Realty. Both are on Hwy 19 in Lee County

Facebook, Trulia, Rentals.com Good luck!

Welcome to BP!

I would concur what Joshua said. If you have a bigger rehab budget, it is always best to make the bathrooms and kitchen as nice as the property will hold. Seeing how the properties only have 1 bathroom, make it nice and bright with light colors and tile.

biggerpockets.com/books

I agree with what everyone else is saying, but to add something I haven't seen mentioned. Comps!!! Make sure your Realtor has actual comps in the area that are firm. Everything may go 100% ok during the flip but if the comps aren't accurate you WILL NOT SELL!!!

Originally posted by @Ryan Ahlgrim:

Here's a related question: Are there any investors on here who actually NEED wholesalers to sustain their business model? I've been buying rentals and flips in Tulsa right off the MLS no problem on my own. I've never once relied on a wholesaler to bring me a deal.

(It might be important to add I'm not trying to rip on good, legit wholesalers. I'm sure they're out there.)

This is a sound question. As a contractor who is looking to break into the wholesaling side of REI, I would love to know if it's being made out to be something that it's not. Maybe it works in the bigger markets like NYC or LA, but will it work in everyday USA?