All Forum Posts by: Kevin Hunt

I'm looking at a house on the market. Its up for $65k right now with about $30k in repairs. ARV is near $130k. Trick is I'm going to be occupying this property so my holding costs aren't as important here because I'll be selling it within 1 year of owning. I am a kitchen and bathroom installer and I work on landscaping and general carpentry as a moonlighter. I'm looking at taking advantage of the FHA 203k loan. I might either just get a traditional FHA and get a home equity line of credit taken out. Will that only work if it appraises for more, or should I do the 203k route?

Also, I have enough for a down payment but not any material costs, which is why I'm looking for an option to have the costs rolled into the loan. 

Any thoughts bp?

@Mancill S. I'm currently in Woodstock, getting my license soon and looking for investors to work with in the local area.

Hope to be in touch in the near future, happy investing!

Greetings Mancill!

I'm from the northwest suburbs in Mchenry county. Which markets have you done flips in?

I live in a market where there is lots of foreclosures and many of these properties have been neglected. I have been doing as much research as I can on estimating repair costs as well as ARV, also I'm currently going to get my real estate license as well. My contractor has done a few walk-throughs with me so I know that the construction costs are correct and my only grey areas are holding costs being that I have not done a real estate transaction before.

I appreciate the quick reply and will look at lenders this week!

I have my eye on a few properties in my area and have a partner that is a Contractor/Carpenter. We have run the numbers on many of these properties and about ten of them seem like good investments and I'm ready to make offers to purchase.

I'm 21 years old and have a full-time job and a Credit Score of about 710. I have little money to put down but have a few family friends willing to invest up to $20,000. I'm currently looking for a Hard Money lender or Portfolio lender in my area that has worked with investors or are willing to lend based on the deal at hand rather than my lack of credit history.

My question for the Bigger Pockets Nation is this: Should I speak to the sellers and get the property under-contract FIRST or should I go to a conventional/private/hard money lender to get a loan pre-approval to ensure that the offer to the seller can actually be funded?

The classic chicken and egg question. So what are my options and what have all the pros done before so I know what to expect?

I love hearing from the Pros and can take criticism. Thanks in advance BP Nation!