All Forum Posts by: Seth Griffin

Investment info:

Single family residence, fix an flip

Purchase price: 250,000
Cash to be invested $50k
Estimated home value: $400k
repair costs: $50k
State of home: Has several upgrades already like roof, cabinets and others , but it has not been kept up and the owner is being forced to leave.

What made you interested in investing in this type of deal?
Growing market, need to build capital before we can buy and hold

How did you find this deal?
serial wholesaling company

How did you finance it?
We haven't bought it yet, but we're looking at a mix between personal, hard money, and 0% credit cards

Questions: Any thoughts on these would be super helpful as we move forward on it
1) We'd like to buy through an LLC that we create. We have an existing LLC, but it's for a business of a completely different nature and purpose. We'd create a new one, but how do you get financing for that LLC when it's brand new? Do hard/private money lend to LLC if it's indemnified by the LLC owner?
2) If/when we do flip it, our options are to do a 1031 exchange or take the hit on taxes if we take the money right out, correct?  Other options?
3) We have a selling agent, a contractor, and we're looking for funding sources. We have lived in and know the market very well, though this is our first time.  We've read a few bigger pockets real estate books.  What surprises did folks get on their first flip and fix? What blind spots could we have? 

Thanks for any help. Good luck to each of your own deals.

We have wanted to try over the years, but due to fear and other situations we haven't begun investing.  The financial climate is changing rapidly, but from what I've read and seen, there are opportunities in almost any environment. I just need to learn to be flexible and creative, which I hope to do from engaging with the BiggerPockets community.  Glad to be here.