All Forum Posts by: Arthur Fuller II

I want to thank all of you for replying. Just some background info: I'm in Los Angeles.. this market is over saturated with mailers and you need a budget of upwards of $20k a month to be successful here. I'm trying other methods, cold calls, door nocking etc... Also trying the Random deal that pops up on the MLS. That's why I asked about making low ball offers.

@Brandon Turner tells us that we should be making multiple offers weekly. My question is what is the best way to do this? I recently set up an alert on redfin.com that tells me when something comes on the market that fits my criteria - but once something comes up do I simply contact the listing agent and tell them what I want to pay? or should I have an agent represent me and make the offer. And if I do contact the selling agent and give them the opportunity to represent me but give them an offer bellow the listing price and I running the risk of offending them?

My home's value is about 650k. I currently have a fha loan @ 3.75% for 200k. I would like to access 100-125k of my equity. My current loan is 6 months old and I DO NOT want to refi. My credit score is about 620 so I don't qualify for a HELOC (which is what I want). Any suggestions as to some options?

Thank you,

Art

(I'm in Los Angeles, BTW)

My home's value is about 650k. I currently have a fha loan @ 3.75% for 200k. I would like to access 100-125k of my equity. My current loan is 6 months old and I DO NOT want to refi. My credit score is about 620 so I don't qualify for a HELOC (which is what I want). Any suggestions as to some options?

Thank you,

Art

Here is my advice on finding a mentor - be proactive. 

1st what you need to do is go to as many local REIA meeting in your are that your can find. Find out who are the serious wholesalers and flippers in your area. If someone says they do either don't be too shy to ask how much they've done in the past 3-6 months.

Beyond that, learn your market and how to analyze a deal. Both from a flipping perspective and as a wholesaler. 

Work towards getting something under contract. I don't know if you have budget for direct mail. If so, do that. Otherwise get serious about driving for dollars or even putting up bandit signs. Another no-cost-option (other than your time and effort) is to go through craigslist or www.gosection8.com and talk to as many landlords as you have time to call and ask if they're interested in selling their rentals.

Once you have something under contract or someone whom you feel might consider selling contact one of those REAL wholesalers or flippers and ask them to help you go from interest to contract to sale... 

This way you bring value to someone from whom you're asking for assistance - and this way end up getting "mentored" without asking for a "mentor".

Good luck!

I have submitted 4 offers on REOs today to start my 1st flip. I'm going to need hard money for this. When do I apply for HML? right now? After I get an offer accepted? Right now I have a ballpark on the rehab - do I apply after I've gotten an exact scope of work?

thanks

I have submitted 4 offers on REOs today to start my 1st flip. I'm going to need hard money for this. When do I apply for HML? right now? After I get an offer accepted? Right now I have a ballpark on the rehab - do I apply after I've gotten an exact scope of work?

thanks

when running comps on areas where I see homes I'm interesting in flipping I notice that in the past 3 or 6 months there might be good activity (several sales) but the mix of DOM is very wide.. there might be 3 homes that sold in under 45 days and then 4-5 that too over 180 days to sell. The remodels don't look vastly different. Is this just a case of by vs good marketing by the people/agents selling those rehabs?

 Interesting Lee - how did you find them? And are you willing to share the banks info?

 Thats Diane, 

I'm actually looking to get a HELOC on my primary residence to use for investment purposes.