All Forum Posts by: Travis Sperr

Do you lend repair money? 

I have a guy - send me a message - I always get removed when I share contact information in a post. 

You can flip with bad credit - we make loans to flippers with less than stellar credit regularly. You will need strong liquid reserves to overcome your credit and experience. You might consider wholesaling the deal or finding a partner that can fill the gaps you bring to the deal. 

Based on your post you aren't going to get a conventional mortgage -credit and short term intent being the biggest two items.

Look for hard or private money lenders that might be willing to work with your situation.

Welcome @Chris Adams. Denver is a great place to be right now! Don't let this market intimidate you, there are still deals to be had out there.

Good luck!

I have been to this meeting a few times - it really depends on the topic - some are great with local investors and high value. Others are sales pitches - but that is how they make money so I can't fault them for that. Just like any group the networking is what you make of it. Always a good draw from new to very seasoned investors. 

@Marcello Di Gerlando Without knowing how much you have available - you might consider working with an established lender before going out on your own - there are a lot of gotcha's in this business, not nearly as simple as most think of it to be. Just be careful out there and lots of systems/due diligence.

There are deals in every market - not as easy to find right now but they are out there. Just depends on your strategy and goals. I am doing/seeing/funding the most profitable deals I could have ever imagined, even in this red hot market.

All signs point to our market staying strong for the foreseeable future - if you wait for the market to cool - what does that look like? not participating in potential gains? 

Careful with considering your primary an investment unless you are buying multipleunit, typically what works for you isn't always the best investment. Maybe you get into something a little less than you can afford to allow saving money to buy investment deals.

Good Luck!

Please work with a professional - I see people get burned all of the time, thinking they have all of the tools to be a private lender - we take calls weekly from people trying to figure out what to do on a deal they are a lender on that there is an issue with. 

Probably a fine line with the law here and I don't know what is the legal way to handle it. I would send him a certified letter - requiring signature - stating that if not picked up by x date - you will sell for garage sale value and mail a check for the proceeds. In the mean time - put in the garage or out of your way as much as possible. 

Depends on a lot of factors - experience, support, knowledge of the area, finances (specifically reserves) and support again.

I have witnessed -people do well and get burned investing outside of their area. I believe that the amount of time and capital spent to look at properties across several states would be better used in your own area finding deals. Even in the hottest and tightest markets there are deals if you work for them.

That said, I am in Denver and all of my units are within 30 min drive. Even with the close proximity I still hire out the property visits and inspections.