OfflineAre there any investors out there that can give me some advice on flipping.I'm right in the middle of possibly my first deal.I had a contractor look at the home and he's evaluating repair costs as I type this and then he'll email me the results.I have a possible lender online who i will split the profits with but he seems sort of sketchy.I have no money to put down on a hard money loan that most hard money institutions require.I heard that i can put together a loan package including the profits to be made from the deal and possibly find a doctor or someone that has that kind of money and offer to split the profits with them 50/50.What makes this deal so appealing to me is that i already have 2 people who want to buy it as soon its finished. And i could make 15,000.Any help would be priceless.thank you
ANY FOOL CAN CRITICIZE,CONDEMN AND COMPLAIN AND MOST FOOLS DO.
BENJAMIN FRANKLIN
You might want to get in touch with Bill O'Rafferty on this site, send him a pm. He is a big time Realtor in Ca. and might know of some avenues you can take in securing some private money for your deal. Hope this helps and good luck with your potential flip.....Jan
Stay away from someone who you think is sketchy. Do you think you'd be able to assign the home how it is?
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
This home is a foreclosure so i dont think i can assign it.I live in a kinda rural area and have looked for other investors but their isn't any rei clubs here and i havnt got any responces from my ads targeted towards investors on craigslist.I dont live in the middle of nothing however,im about 45 minutes east of sacramento,ca, in the sierra nevadas.After reading deans books "your town" and "profit from RE right now" about a dozen times each at least,I can see a lot of potential in my town and i will start working on different advertising methods deans taught me and see what I can do to find the funding I need.I'll make it work one way or another and wont stop until I see the deal through.I'll keep this blog updated with my progress so others either see what to do or "knock on wood" if i make a mistake what not to do.
ANY FOOL CAN CRITICIZE,CONDEMN AND COMPLAIN AND MOST FOOLS DO.
BENJAMIN FRANKLIN
If you feel something is sketchy about the lender, then go with that. We usually end up right about these kind of feelings.
You can also post details about the deal here on the site and there may be someone who will be willing to partner with you that has available funds.
Good luck and keep working it.
Kristin
I'm submitting my offer to the bank today.we'll see what happens
ANY FOOL CAN CRITICIZE,CONDEMN AND COMPLAIN AND MOST FOOLS DO.
BENJAMIN FRANKLIN
What about transactional funding?
Great job taking action Ranger! They always say "find the deal, the money will come" well, it looks like that may be your issue. I only wish I had an investor to fund it for you. I too have had Fix and Flip deals that I couldn't move because I didn't have a Private Investor to fund it. I am working my tail off and have another Fix and Flip deal on contract BUT so far, no money partner. Don't give up!
Greg
Keep your chin up and KEEP PUNCH'IN!
about locating a portfolio lender. They are much more inverstor friendly. If you have qualified buyers in place you are in an ideal position. Call and talk with a local Mortgage broker in your area and they can probably give you a list of portfolio lenders. Run the numbers on this property and if you can, show whatever proof you have of buyers in waiting. I located a portfolio lender( difficult to find ) in my town, but they deal maily in commercial property or bundled properties ( 5 or more ), but their lending guidlines differ greatly from regular banks. As I mentioned, they are very inverstor friendly.
Longhorn
Greetings Jan,
Where in California is Bill located? I'm in Los Angeles and would love to speak with him especially if he is familiar with the DG techniques. I have not landed my first deal yet but am working so very hard.
Thank you.
NOTE: Thanks again for your prayers for my husband's healing.
Peace and Blessings,
Sheila
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
If you have a seller and buyer lined up and under contract I can provide the transactional funding needed to do any deals you may have. there just has to be a decent profit in it and I must have a signed contract from the seller and the buyer.
If that works for you, send me a PM and information on your deals and I will see what I can do.
Ranger16 - How'd it go with the offer? I don't think you ever replied to this thread how it all worked out?
Thanks,
Tom