All Forum Posts by: Bryce Erickson

If you need to rent the rehab, the builder could put a construction lien on the property if it does not sell. That way he'll have recourse to get paid whenever it does.

I had my first rental near ASU. I tried to manage it myself from California. That didn't work well. I went to court with tenants and lost. They didn't pay 2 months rent so I non renewed their lease and the court (or mediator) said I had to pay them $950! Just part of my learning curve. After that experience I would recommend using a property manager that's near the property. That all could have been handled better if I had a PM from the beginning.

I'm wondering would it work to buy with hard money and then turn around and do a re-fi with a bank to get the cheaper rates? 

Hi Grace,

I'm in the area you are too (Santa  Clarita) and have been a landlord for twenty years. Good to see you found in the info on BP! Let me know if I can help you in any way.

So if a HML is generally too expensive (and from what I've found most won't do high enough LTV for a newer investor with limited funds) then where do you go to get cheaper money? Peer-to-peer type relationships? Or get equity partners? I am trying to put together a flip in CA now and an LTV of even 90% leaves me needing a lot of cash to do the whole deal. Once I have the 'where's the money coming from' part answered for me I'm off to the races and I can find many deals! But I've been a Realtor in CA for years and haven't found an HML that will do what I need to make any deals feasible. Just getting into my local REIA's to try to get an answer there.

Wow that's a great success story. Thanks for answering the question & giving us the roadmap. So it sounds like you would recommend a coaching or mentoring approach  for getting into it?

Just curious if you started with a coaching program or learned from the school of hard knocks? Congrats on the success!

I have been reading threads about wholesaling and looking for opportunities in my area or people that are actively doing this strategy. What I'm finding is not very much activity. I heard recently at a REIA meeting that wholesaling has greatly diminished in the northern LA area and that the strategy is not that viable right now. Can anyone confirm or refute this? Thanks.

I apprecite you giving this perspective. It is very helpful for anyone wanting to get (or not get) into wholesaling hearing from somone who has been active in it. I look forward to a blog post.

Hi Eric,

I saw your thread and wanted to say hi! I am also in Santa Clarita. Let me know if I help you in any way.