All Forum Posts by: Steve N.

Hey guys,

I have a friend who is a carpenter/handyman, he owns his own company. Well we were talking about the idea of flipping houses together. I can tell you my friend has never been good with money at all so he does not have the capital or credit to do this himself. So I would provide the capital and buy all material and pay for any help he may need (laborer). Well it sounds good but I got to be careful because I can tell you this friend has screwed me in the past 100%. He has even admitted it and apologized. I was curious if there is any way to go about this and not get screwed? I know I am sick of my 9-5 job with no option for overtime. My paychecks are the same no matter what I do and this seems like a opportunity to make money on the side. I guess he would work on the home while I continue my 9-5. One thing I was thinking was no one is paid a penny until all profits are seen at the end. Also we would have to account for capital gain taxes at the end. I would subtract that before dispersing any funds.

Thoughts/Suggestions?

Thanks,

Hello everyone,

I am looking at purchasing a second home. Not sure if I would rent it out or just flip it. I just recently refinanced my own home to get a lower interest rate, I closed at the end of January. I found a house that the owner is asking far less than what I believe the house to be worth. The sellers of the house I am interested in don't want to use realtors or anything. I called my lender and they will only give me a investor loan and require 15% down and I read online with investment loans the interest rate is higher. I would love to use more of the banks money at a lower interest rate. I can afford the 15% but again would rather use more of the lenders money at a lower interest rate. Can you guys give me any tips or ways to approach this? My lender was saying that if I try to say "owner occupied" it could be considered fraud. 

Thanks, 

Thanks that will help me sleep at night knowing that I did not make a bad decision that cost me unessisarry fees.

Thanks guys for the responses. My question is if it was smart to use a buyers agent. This was my first home and I have no contingencies in the contract (no home inspection). I still feel I am getting a good deal but also feel I could of saved the buyers agent fee if I could of somehow submitted a bid. Can a individual get a NAID number? Can a listing agent submit a bid on behalf of the buyer? I know that would be a conflict of interest. Sorry for all the questions this is my first home and its alot to take in.

Im in the same situation now. I bought a house that was a HUD home and I had a buyers agent. Then the agent was working with me very little she showed me a grand total of 2 homes which took one afternoon. I have a verbal agreement to buy the home now and HUD wanted a minimum of X amount. By the time I added the listing agent fees and my buyers agent fee (which I rolled into the loan). I feel I didnt necessarily need a buyers agent and I am paying 7k for a buyers agent when she did not do much at all. But I am thinking you cant submit a bid without a NAID number so maybe I could not of placed a bid myself? I am worried I am loosing 7k for almost nothing. I called the listing agent many times (which always gets his cut) and he never once offered to submit a bid for me or anything. Am I missing something? Help I am loosing sleep over this. Thanks