All Forum Posts by: Nicholas Smith

We finally figured we would do a house hack on our first property because of the wedding that is approaching. We found a 3/2.5 near Jodeco Lake in Jonesboro, GA and the seller actually tried to fix it up already. They did a horrible job on flooring but it's whatever. So they were asking for 145,000 for the property. We made an offer for 130,000 but that was a week ago. We haven't heard a peep from the agent. What should we do?

 I completely understand that logic. Thanks! That makes sense. I was thinking about doing wholesales since my money isn't where I would want it to be. I also was thinking about just doing a buy and hold to a sense. Like stay in it a year and then put it up for sale. The slow and steady approach. After all, isn't that who wins the race haha

 I completely understand that logic. Thanks! That makes sense. I was thinking about doing wholesales since my money isn't where I would want it to be. I also was thinking about just doing a buy and hold to a sense. Like stay in it a year and then put it up for sale. The slow and steady approach. After all, isn't that who wins the race haha

 That is exactly what I'm starting to see is the obvious and smartest bet. I think I will do exactly that.

the house is a 3 bed 2 bath going for 119,000. We would be doing most of the work ourselves so I estimated the rehab cost to be around 10,000. I predict the ARV to be somewhere around 155,000 to 165,000 because every house in the neighborhood was at least 165,000. Some were higher but after doing comps I think 155,000 is a safe bet. We would live in the flip and work on it for 6 months then put it on the market to sell.

 Ok I will post the numbers. Thanks everyone for the feedback!

 It's not that I don't think it will sell. I'm just trying to look at worst case scenarios. 

I thought about a HML but I don't want to take on that much risk.

We have found a house! We made an offer but after hearing the FHA loan isn't going to work for flipping we are at a dead end. We did research on the different options, and we just want to get some insight as to what we should do. Hard money lender is an option but if the house doesn't sell, we are in trouble. Conventional loans with around 15% down payments aren't going to work. We were thinking about ARM but we just aren't sure. Anybody has some wisdom to shine our way for our first flip.

 Maybe in the future but right now im just focusing on properties within my zipcode and a little further outside of it.