All Forum Posts by: Adam Lowe

So I’m doing my 1st flip and I’ve been getting a mixed response on wether or not pulling permits is a good idea. On one side I’m being told that it’s a must and that it’ll hurt me once the inspector comes through. Conversely, other people say it’s more time/money and as long as it’s up to code it shouldn’t be questioned? Any thoughts or past experiences would be greatly appreciated!

@Sean Wilson ohhhh okay, I've heard of portfolio loans. Thanks for letting me know, I'll check my inbox!

@Sean Wilson I appreciate your input, I definitely will be cautious moving forward. I've never heard of that type of financing. Do you mind sharing those lenders info with me? The commercial loan is completely new to me.

@Jay Hinrichs

 I don't think they're going to have much luck cracking down on this. Unless they pass a law where you can't assign contracts anymore....

@Jeffrey Holst 

I’ll have to seriously consider that strategy moving forward. 

@Eric L. Yeah, that sounds great!

@Jeffrey Holst Thanks for your input. Buy and hold does make a lot of sense and I see how it has a huge benefit long term. I’m just afraid to lock up a majority of my money so quickly. When you say you’d target a duplex for your first deal, do you mean as a rental or a flip? I don’t know of any duplexes I could get for 100-150k.

@Eric L. thanks for responding, I do plan on partnering with someone experienced. However, that seems to be the most difficult part at the moment. I thought if I could finance the deal with hard money, it’d be a no brainer for someone to partner with me. Since they aren’t putting money in the deal there is virtually no risk but they still share the profit. Somehow I’m still having a pretty difficult time finding someone open to the idea.

@Luke Carl I think everyone's ultimate goal is to build up passive income to the point they don't have to work unless they want to, but 40k isn't a ton of cash to work with. Does it make sense to have it all wrapped up in one property for the long term? I feel like I can leverage 40k for a lot more by flipping. Maybe I'm missing something, I don't know.

@Luke Carl my bad, I forgot to tag you in my 1st response!