All Forum Posts by: Austin Wallis

Joanne, I think many are looking for recommendations on the core of whole selling, not asking for an exact science.  For instance, there's many middle-middlemen who want to give a flat $10k per deal to basically steal you from your deal.  This is absolutely a scam and could be an easy tip folks give to help newbies. 

Teddy, I'm in the same boat too though.  Finding comp's are easy. Finding the deal is easy.  Is there a standard contract folks use?  How efficient are using the local real estate associations (ie what % of wholesale deals occur with individual buyers, vs. associations)?  Is it considered a full real estate transaction, or paired down to only?  If no title transfer is involved who is the 3rd party dealer protecting both parties during the transction?

I just experienced the same money issues with COVID impact (ie credit score > 800, own a $500k home, etc.) on my first flip deal and was able to go through my retirement on a line of credit, got a heloc, and personal loan from family for the last 5% via promissory notes.  FYI, it sounds like you're under a bind, but a 50/50 split is still waaay generous.  Not sure if you've looked into reselling the deal itself to a wholesale buyer yet, but that's also an option.

Best of luck!

This side post makes some great points: https://internetscamsonline.weebly.com/.

Personally, I would never take the deal. Regardless of your income, or any unemployment status it's being marketed as something it's not plus you're paying to give him deals and he doesn't educate, or give visibility into how easy wholesaling is (ie you win an auction and resale same day/week to another investor who assumes the payment, flip, project, etc.)? Also, if he truly believes in those he hires you would think he'd stake claim on those seeking the most education and genuine interest in his business practices, not those willing to pay up front to give another the deals. Seems insanely greedy to me, but I guess everyone has a price they're willing to pay for ROI.

Hey All,

I'm a Colorado investor looking to start my first flip!  

I've had other non flip type investments, but am throwing myself head first into a gov auction flip I won yesterday and am having a hard time navigating the lending world during COVID. I've calculated $65k loan (5% buffer built in) to finish my purchase price and repair costs with $18k of my own cash. I realize this is a high risk loan (ie Wells rejected my personal line of credit for $55) even with the ARV (minus expenses) well under the 70% mark, but I have an 800 FICO score with have $100k+ in personal assets to back the deal.

Any advice on who would take on the risk?  Maybe I just need to pull more cash out to entice the lenders?  I have a real estate agent as a best friend to look after the property and researched a dozen contractors, so I'm ready to get started - I just need a little bump on the money side and fast!  Maybe there's a private lenders website I can advertise to this weekend?  

Any advice helps!

Great ideas - I'll forward on to my inspector.

I have an inspection coming up tomorrow!!! and need the utilities on.  The gov representative confirmed no utility gets turned on and is OOO today/tomorrow for questions.  Can I own this task myself?