All Forum Posts by: Michael Whitener

I have the opportunity to pick up an unfinished new construction deal. comps are 225k - 250kon the same street.I estimate 20-30k to finish it. I feel it is a bit big for my first flip and am considering doing a wholesale deal. That would bring the cost up to 140k. Any advice? i am conserned about the buyers pool for a house at that price or I would jump on it myself.

Thanks Wayne,

I will see if I can get some sort of commitment letter from him. I have gotten a verbal.

Thanks for the reply Crystal.

I understand what and why he is asking for POF. I was wondering how do you get the funds without seeing the property first. I have a potential private money investor, but he wants to see what he is putting his money into. I have also considered hard money and crowdfunding but most want a contract closing date. Kind of a catch 22.

Just wondering if it is possible to get funding before having a house under contact?

I have been basically handed a flip deal from a friend that only does buy and hold. He has told me that I need to get my finacing lined up before he will show me the property. It has the potential to give me 50-75k profit. 

Any ideas?

Thanks

Mike

Thanks for the repy Henry! 

Trying to find my first deal right now. My investor friend has turned me on to a good one since he doesn't do flips any longer. Just need to find the cash now.

 Love that!

@Travis

Got 2 possilble deals I am looking at. Good market here, but much competition. My investor friend was floored and unhappy that I found a private lender so fast. Networking works.

@ johnny

Got a son in college at Austin tx. Gonna talk to him about doing the same when his RA deal is done. Hope all goes well for you in getting your broker license. I will let ya'll know what happens.

@ J scott

I am reading your book now. Wanted to tell you that I LOVE this quote!

"The other is a full-time project manager, who is responsi-

ble for finding, hiring, and managing the contractors, and ensuring that the projects

stay on-schedule and on-budget."

I had an asphalt/concrete biz for 12 years. This is the key. Once I had a GM I snowballed until a divorce killed the business.

Thanks for the replies.

That was what I expected to hear, Just like doing my due diligence.

Really appreciate the advice!

Thanks

Mike