All Forum Posts by: Naema N.

I happened up on this site the other day, they claim to have a list of all the private money lenders in a certain area. They claim to have their phone number and email address for a small fee of $97. They claim if you don't secure a deal with one of the lenders on the list your fee is refundable. Just wondering if anyone has used this list before?

@J Scott, yes those numbers sound about right. I will discuss that option with my husband. Thanks for the advise!

Hi @j scott and anyone else willing to lend advise.

First, let me apologize in advance, this is going to be a long post, but want to give as much details as needed to get good advise. 

J.Scott, I've read (listened to on Audible) your book The Book on Flipping houses and read The Book on Estimating rehab costs. I am about to re-listen to the book on flipping, I have learned so much my brain hurt, lol. Thanks for putting that out, it is a great tool for us newbies.  I also frequently visit your 123flip site. Thanks again for the wealth of knowledge you put out there for free!

We (husband and I) are new to investing and are contemplating our first "fix and flip". We currently own a 5/2/2200 Sqft SFR in the suburbs of Chicago (used to be our primary residence but has been rented for the last 6 years). We have to pay the mortgage balance (approximately $50K) off fairly quickly (1-2 months) the reason behind that is too long to get into here.

The house is in fairly decent condition so decided we will fix and flip it to command a higher sale price and to get the experience in doing a fix and flip. I am a part-time realtor so I can pull comps,I believe the AIV of the property is between $150-180K but ARV will be about $250K (conservative estimate likely more like $285K). I've had one GC guve me an estimate of $80K for rehab costs, waiting on another one, as I think that's a bit high. Calculated fixed costs to be about another $30K

We both have good W2 jobs but husband has a heavy dti due to our primary residence being in his name only and all of our other credit obligations. My debt is not that high but credit situation isn't good right now, therefore we need a 100% financing option.

Not many HML offer this option so we are considering going with Do Hard Money (I know there are mixed opinions about them) but we do not have any family or friends that we want to get involved in this at this stage. And I also don't want to split profit 50/50 with someone, so DHM is our best option, expensive but best option, in the end we expect be able to clear between $80-100K in profit, which we plan to leverage to obtain more rental properties, and pay down some debt. This will allow us to leverage more traditional lending options, as we have the income.

My question, should we go through with this option or take our chances and try to sell as-is and possibly end up with the same end result?

@John Warren I would love to attend these sessions to get acquainted with other investors in the area. Can you please send me an invite for the next session.

Thanks

Hi folks, I am new to investing and would like to join these sessions. How do I get invited? 

@Shannon K., I am also very new to investing and would love an opportunity to look at your plan as basis for creating one myself. If you don't mind sending me a copy.

Thanks

I loved this guide! I found this while doing some research on real estate investing and begin reading it and couldn't put it down. I am extremely grateful for the advise given in this guide and intend to put all of it to use. Thanks for providing such a comprehensive guide for us beginners. This will likely save me and other beginners hundreds if not thousands of dollars in mistakes that we were going to make, but can now avoid. Prime example, paying a high price for some guru. Thanks again, this is going to be one of the tools I continue to use in my journey to becoming a serious real estate investor.

Thanks

Naema