All Forum Posts by: Nick Stango

Thank you @Mindy Jensen good info

@Christopher S. I'm looking for anything I can fix and flip for under 150k including rehab and all other costs. So ARV 200k with a 50k repair budget with a 90k or better purchase price. Basically a 70% rule or better.

Thank you everyone for all the great advise!

Hey @Mindy Jensen how would I make money on a fix and flip if I'm buying at fair market value?

@Mike Osterman I'm ready to start making offers now that my funding is ready to go. There are lots of foreclosures available that are priced too high to make money on a flip, but I'm just going to do the math and start making offers regardless of what they're asking. I'm supper busy with my home improvements business right now but I still have time on nights and weekends to look at properties with my agent. I like your honesty, you're right, I need to just get to work and believe it! Thanks

@Jeremiah Perry these were my questions to @Devan Mcclish I'm not sure myself, he seems to be the man who knows.

@Devan Mcclish okay so drive around, look for crappy houses, write down the address, mail them a letter saying: I would like to buy your house? And then if they respond, then I go over and talk about how much they are willing to sell for and how much they owe, and all the details, and see if I can somehow get a good deal, maybe give them some cash, take over the payments, have them sign the deed over to me, then rent it or flip it or wholesale it or whatever I could do to make something work in my favor? 

Thank you @Katie Neason for that great info! I do need to get together a plan C, I figured on a similar plan B "renting" if I can't flip fast enough. Where I'm looking renting would be easier than flipping and a better tax incentive if held for at least year or more. I guess selling a turn key rental could be a good Plan C option. One issue would be the high interest rate on the loan and trying to refinance out of it. Not sure how easy that would be on my first rental property. Thanks again

Thanks @Greg Behan great advise, I will stick with it and hope for the best, I do not want to over bid just to have a headache to work on that makes no money that's for sure.

By the way, Thank you all for the feedback, It is very much appreciated.

I've been thinking about sending out letters to pre foreclosure properties. I have an agent I'm using but I'm also still getting my funding in order (almost ready to go) I don't want to keep bugging her to show me houses until I can make an offer. I'm borrowing from my brother and he is in the process of getting me a proof of funds letter and a statement from his self directed IRA. It just seems like the banks want too much for these foreclosures or too many investors are willing to overpay for them.