All Forum Posts by: Allen Smith

Thanks everyone for the help. Scope of work complete. Used everyone's advice. Contractors coming out Wednesday. Thanks to each of you!!

Thanks @Diana Muresan. Do you fund out of state? Would love to see what we can do together. 

@Scott England. Thanks. This is an invaluable asset to anyone inexperienced such as myself. 

@Diana Muresan This is something I am not very familiar with. We cannot do the owner occupied. Does the Fannie Mae finance rehab as well? Giving me something to think about. Thanks

Thanks @Caleb Jordan. Just got an offer accepted on a second flip today. Funding it with a conventional loan that is also going to fund the rehab with 20% down at 5.25. Is this a good funding plan for a flip? I still have cash reserves if I go over budget. That was my plan to not use any of that in case they don't sell quickly. Thanks for the input. Don't want to think about a 3rd yet until I close on at least one of these. Getting good reasonable contractors is what is keeping me up at night. I have estimated my costs with @J scott book on estimating rehab costs. Have 3 set up for next week to give me estimates. 

@Scott Jensen. Worried about the same thing. Yes I have cash on hand to handle if everything goes bad. The exact reason I didn't get into liquid assets. Another reason we didn't go conventional on this one was multiple offers and needed to close quickly. Thanks for the insight. Understand I'm going to make mistakes on the first one.

I am financing my first flip with my own money. I took out a Loan on my 401k and paying myself 6.5 interest. I also took out a Heloc on my home at 4.5 interest. I also have a 14 month zero interest Credit card to buy most of the supplies/appliances with 2% cash back. My thought was this would greatly reduce holding and closing costs. If all goes as planned this will generate 22% immediate ROI. Experienced ladies and gentlemen feel free to critique me. I love constructive criticism. Makes us all better. Thanks!

@Evan Wiesner. Thanks for the advice!! Great call. Never thought about Guthrie. We live in North Edmond and I have looked at several homes around Waterloo and Charter Oak mainly for rentals but thought it was to far out. Are you renting, flipping or both. Started look and making offers 30-45 days ago and this is my first project. Thanks!!

Following you on your social media. Going to give your software a look. Thanks for the help.

This is great. Thank you so much. This will be a tremendous help for us to get started!!