All Forum Posts by: Mike Lofton

@Tami DuBose Very much appreciated!

@Benjamin Ford Thanks! I’ll send you a PM right now with details.

Hi Everyone, 

I'm in the process of my first virtual wholesale deal (the others have been in-state transactions), so I'm looking for advice on how to find good contractors, title companies, transactional lenders and property managers. Here are some quick details: 

- The property (duplex) is located in Lake Charles, LA (1-mile away from McNese State University); I live in Houston, TX and my potential end-buyer lives in Los Angeles, CA.  

- The deal has multiple exit strategies available: BRRRR, buy & hold and "wholetail" just to name a few.

- My potential end-buyer is new to out-of-state investing, so they need help with finding a credible contractor and property management company to secure the investment. 

- I have a great title company locally in Houston, but they do not perform closings in Louisiana - huge bummer... they're amazing!

My questions: 

1. How do I find an "investor-friendly" title company (or attorney) to close this deal? Preferably one that is familiar with double-closings.

2. Do you have suggestions on finding a reasonable/responsive general contractor for out-of-state investors? Even better - do you know anyone in (or near) Lake Charles, LA? 

3. Same question as #2, but in regards to property management companies. 

4. If I need to purchase the property myself (which I'm comfortable doing given the potential ROI), do you have suggestions on good private/hard-money lenders willing to fund the deal?

Any advice will be greatly appreciated. Thanks!

@Mark Sewell - thanks for your feedback, Mark. I was leaning in that wholetail direction too, but it feels good knowing there are multiple exit strategies available. 

@Tchaka Owen - Your advice is very much appreciated - thanks! Knowing that I have several exit strategies makes me feel much more relaxed about the deal. 

I'm not familiar with the private money process, but I'm relatively confident that I can get approved and double-close. Would you happen to have a network of private lenders with reasonable financing terms? If so, please send me a PM. In regards to my cash buyers list, its currently a work in progress, as wholesaling is a new avenue for me; I was a "buy and holder" in the past. 

@Tchaka Owen - Thanks!

Some basic details include: 

Purchase Price: $279K

ARV: $400K- $415K

Repairs: maximum $30K (cosmetic: flooring, cabinets, countertops, etc.)

Bare min. repairs: maximum $5K (new paint, cleaning, etc.)

Wholetail ARV: $340K to $350K

Hi BP Community!

(This is my first forum post - super excited!)

I just locked up my first purchase agreement that has substantial potential after a quick rehab...now the question is: what's next? Given the large spread between the ARV and purchase price, should I use private money and double close? With only surface-level knowledge of house flipping, I'm not exactly sure of the nuances and costs that come along with "wholetails" and flips.

Please let me know your thoughts - thanks!

Mike