We got our first deal in Contract!

[Matthew Hernandez]

Hey Everyone! My name is Matt Hernandez, and my younger brother (Caleb) and I just got into a contract with a house in Arkansas. We are a bit nervous, but I am tired of all this analysis paralysis crap. Below you will find the details of the house, and if you have any suggestions please let us know:

House Location- Benton, AR; Bedrooms and Baths- 3/1 and a half; Sqft- 1456; ARV-125k; Contract Buy- 50k; & Repairs- 20k.

We are a bit of a pickle, because we found out that our HM lender won't lend out of the Dallas-Ft Worth area. If you know anyone that lends in Arkansas or want to partner in with us, please let me know. We are going to go through the list of HM folks today and tomorrow, so hopefully we can solidify the finance soon. We plan to flip this house. 

We got this deal through a personal contact who has a relationship with the owner. We were being creative with the deal, and we offered to pack and move them to their new destination (DFW). Thank you for your time and wish us luck!

- Matt Hernandez

[Michael Ward]

@Matthew Hernandez buy the house with a construction loan, interest only for 12 months, then sell before the 12 month term is up. I’m in northwest Arkansas and just did that with Simmons Bank. Simmons is pretty hungry for construction loans it seems. I paid 6% interest and 1 point in closing fees. And, bonus, you develop a relationship with a commercial lender. PM me for more info, and we can plan on a phone call if you like.