All Forum Posts by: Todd Vicknair

appreciate all the responses, still learning as you can see

understood, I was trying to be financially creative and at the same time have something good to offer the seller, lol. I guess dont over complicate things. thanks for the response Justin

So heres potential scenario.

house is not on MLS as of yet, it is a short sale. owners asking 200K, what they owe. my question is, can I offer to do a "subject to", but offer 120K? it needs to be rehabbed and of course i need a profit. Just didnt know how that worked if they accepted lower offer with subject to. I would offer a down payment just say 20K, offer small amount to have them move out, put deed in my name, pay down the loan at the 200K mark with mortgage in their name. rehab the home, sell the home just say for 365K. now what happens? who gets the check at closing? am I paying them the 100K that I owe only, then they have to pay back the other 80K to whom? would it be me that they owe the 80K? sorry im lost, maybe this scenario will not work.

Ok thanks appreciate quick response

Hey guys, brand new to BP, not completely new to flipping, however its been a few years. I listen to the podcast everyday all day, alot of great information. I have a 50k$ loan from family interest free, can probably get heloc from primary residence for 60-70$k. I have an LLC, trying to keep all funds inside the LLC from purchase of property to rehab and all other costs. What are my best options? Just wanting to flip for now to build capital until i can buy and hold. Use part of the 50k for downpayment and rest to pay for holding costs and use heloc for Renovations? Use for downpayment and ask bank for loan for balance of house and renovation? If so what type of loan is that called? What type of loan should i be requesting from bank to get started? Hope this makes sense, appreciate the responses. Keep in mind im trying to keep part of my 50k in bank acct to pay the loan/interest so im not taking from personal funds that im living on