All Forum Posts by: Terri Hollinsworth

Hey guys,

I am looking to find my first deal and need some advice on how to start generating leads.

Do I just need to find a good broker? Or an agent?

Do I need to find them myself? Or have someone knowledgeable finding them for me?

I know I can’t find those good deals on zillow.

I want to buy ASAP but I need to find a good deal.

I’m in Orlando, FL.

Any advice is much appreciated.

Terri

So I am at the point where I want to buy my first house to flip. I am so ready. I have a few potential investors but will need to get a hard money loan to start for at least a portion. I want to know more about the process in obtaining hard money and what I should do before hand.

I am in Orlando, Florida.

I’d like to know, first what is the first step in obtaining hard money? Do I need to pre qualify myself or do I just need to find the house first.

Do I have to have the hard money loan first before I buy the house? Or vice versa.

If I find a good deal and need to jump on it how fast can I obtain a hard money loan?

Do I just need the house under contract first?

Any other advice would be helpful!

Thanks,

Terri

@Mitch Messer

Wow thank you so much this is great advice! I will be writing these questions down for sure.

So I have a meeting coming up with a potential private money lender. It is a preliminary meeting to find out how much they are looking to invest and what they are lookin for out of a partnership.

I’d like to ask some people for advice on any questions I should ask, what not to say and maybe even what you wished you have said to potential investors.

Thanks in advance!

@Jay Hinrichs Thank you for your responses! It's good to hear about those tools on the MLS.

@J Scott All of the benefits seem to outweigh the cost of getting my License.

I’d really like to commit to being successful in real estate and I’d like to have all of the tools available. I even had a conversation last night at work with some local brokers and one of them being wholesale. They said the first thing I should do is get my license. 

Hey maybe I’ll find my first deal and by the time I’m ready to flip it I will have my license and be able to sell it myself! 

I know it’s not necessary for my first flip however I have learned a lot just putting the question out here!

Thanks for all the feedback everyone who has replied! This post has gotten WAY more attention than I anticipated! haha. 

@Rose Reid thank you so much! It’s great to hear advice from someone in my area! I really need to sink my teeth into learning more about the Orlando Market. Do you use investors, loans, hard money or mortgages to fund your flips? Or do you just pay with your own money?

@J Scott So when you say 1,000/month in fees to join local and national real estate associations, is that for networking purposes? Did you mean to say 1,000 per year? 

I read that article. Thanks!

It seems like yes, getting your license would save you money on fees if I plan on doing $100,000 deal per year. However, I am kind of concerned with starting off. If I become a real estate agent for the sole purpose of having access to MLS and doing my own sales, is it sort of a job in itself? On top of the flips? It seems like becoming a real estate agent will be something I need to give it my all and immerse myself in it 100%. Is that correct? Would it be wise to maybe get my license after I have a few flips under my belt? I plan on keeping my job until I have a sufficient amount of money in my bank account from real estate. What do you think?

Yes! I would love some recommendations on brokers in Florida. Specifically in Central Florida. How does one network with brokers? As a beginner? Do you have to build a good reputation? Adding to that, if i don't have my real estate license do I need to even worry about finding one? 

Best,

Terri.

Thanks Stephen! Thats actually a good point. Get my feet wet first!

Hey Jay,

Do you think it’s a good idea for a first time flipper? Also, thanks for your advice!

Thank you Bob! I appreciate your advice.