All Forum Posts by: Nicholas Smith

@Johnny L. Have you talked to any of your local community banks or credit unions?  Sometimes they are a little more flexible than your larger banks.  And as you grow, you'd probably want to look at opening some real estate investing lines of credit.  

@Sabra Kay Welcome to BP!!!  Be sure to take advantage of all the resources that it has to offer..  

@Nathan Mount Welcome to BP!  I'm an agent licensed in Indiana and Illinois.  So I work the Chicago and NWI markets.  I do some investing as well.  Would love to connect with you sometime in the near future!

As @Sara C. said, you should definitely be looking at what it can sell for once it's either rehabbed or built.  And if your building, you and your realtor almost have to make a best guestimate. Because nobody knows exactly where the market will be once a new build is complete.  But you should also be looking at days on market, meaning how long these properties are staying on the market before they are sold.  Wish you the best!

@Johnny L. I used several credit cards on my first flip.  I used it to pay some vendors and to buy materials.  In my opinion, credit cards are definitely not ideal.  Taking out a small mortgage is another option if the property is able to be financed.  But if it's not, you have to do what you have to do especially on this first one.  Make sure you get that card paid off timely though.  And as you develop a track record, I'd start looking at connecting with some private investors.  A few words of caution though. 1) If this your first flip, you might not want to buy property that needs massive rehab.  Too many unknowns for your first one, 2) Get the property inspected BEFORE you buy it, 3) don't use all your cash to buy the property and only have the credit cards to fund the rehab.  That will leave in a very illiquid position, 4) and if you mess up (which you will, lol) man it is not the end of the world.  Just take all of the bumps as learning lessons.  

@Scott Passman Sorry I missed your post.  But if you're still interested in discussing the NWI market, would be more than happy to chat with you.  I'm an agent/ investor in the area so I could definitely give you my perspective.  I'll shoot you a message.  

Start going to as many local real estate meetups as you can.  Not only are these meetups educational, but you will also meet many investors that are probably doing what you want to do.  

@Frankie B. Hey man, welcome to BP!!  I'm a realtor/ investor in Northwest Indiana.  And I actually live in Hammond.  Let's connect one day in the near future.  Take care!

@David Conroy Congrats on your completed project!  

@Daniel Sabato Real estate investing is a contact sport. So you might want to consider getting connected with some of your Real Estate Investing Association (REIA's) if you aren't already. Network like crazy! Connect with wholesalers and other investors. There are a lot of other off market strategies, i.e., driving for dollars, direct mail to property owners, etc.. But to start, I'd definitely connect with some realtors and wholesalers.