All Forum Posts by: Mike Burkett

@Jermaine Collins @Tommy Daggett  If there is something the podcasts don't seem to cover for you and you would like to speak with someone directly with any questions you have, I'd be happy to visit with you. 

@Derrick Castile LLC and bank loan are both good ideas. If you currently have a fulltime job and good credit and some cash reserves, you may be able to get a bank to lend you money to purchase an investment property. Otherwise you probably need to start with a hard money loan. Most hard money lenders prefer to lend to an LLC rather than you as an individual. They will generally require you to have some cash reserves and decent credit.

@Corbin Grimes  I've got a spreadsheet I built to analyze flips and buy and hold.  It is an Excel spreadsheet.  All cells are unlocked.  Happy to send you a copy.  Send me an email if you would like it.

@Ryan Verbist  DFW is a very active and very competitive flip market.  Lots of wholesalers in this market.  If you are not finding your own deals, wholesale deals are getting expensive and cutting into profit margins for investors.  Loans are easy to get and can be quite competitive with experience.  Plano is a very nice suburb, but there are many, many other submarkets available for investors.  Everything will be cheap compared to LA. 

We are going to fund a loan for a brand new investor next week.  It is not little or no money for the borrower though.  Since he does not have the experience we are requiring him to bring 20% of the purchase price to close, plus closing costs.  We are supplying 100% of the rehab amount.  If you have regular employment and good credit, a conventional lender is the way to go.  Plan on a longer closing period with a bank.  

@Harrison Barber  Yes there are loans that can cash out at 90 days.  Conventional loans must wait 6 months.  

@Phillip Henderson  Why can't you do all of it at the same time?  Yes you need capital.  Yes you need to read up and talk with experienced investors and yes you will need financing.  Talk to lenders in OK and TX while you are doing this.  Depending on the type of lender (bank, hard money) you can qualify for, you should find out what their underwriting guidelines are and see what you need to get pre qualified.  If you are not finding properties on your own or using wholesalers, I would begin networking with realtors to find one that wants to work with you.  Make sure they work with investors.  Not all realtors like investors nor are they knowlegeable about investing.  Let me know if I can help.

Happy to discuss any financing questions you may have in this market.

@Soniel Estime 1)I've been an MLO for 20 years.  You can learn a lot about the business as an MLO.  You can also learn a lot with a real estate license.  You can also learn a lot by partnering with someone already in the business. You can also learn a lot by reading about real estate.  2)  Study the recommended reading.  I passed it first time no problem.  You do need to know the material.  3) To make money, you need to know a lot of people.  You need to know and meet a lot of realtors.  You need to network.  You need to know your business.  People need to trust you.  The more of these you have, the faster you will earn money.  4)  I'm sure there are.  Good luck