All Forum Posts by: Bill J Fay

Very market specific. I would lean on an investor friendly agent. You are paying a good chunk of compensation to your agent, and this should be their wheelhouse. If you are listing yourself, find comps that your subject property beats out the water and list around that benchmark. Don't shoot yourself in the foot, but in this market, deliver a good product that a buyer would consider a win.

Absolutely. Although consider your hold time. Many flippers wait from Thanksgiving to New Years to list their flips, especially in certain markets.

Ask your lender for recommendations

I would recommend working with an investor friendly agent that won't charge the typical retail rate. Find a flat fee or 1% commission agent that works with volume investors. 

Or get your license and list yourself if you want to save the comp.

Target a lender that can close quick without a long underwriting period. Make sure you ask about their draw process for any renovation holdback. 

If you are looking to get financing for your 1st project, I would do the following:

1) Find a great deal. Present the comps that you are using to support your ARV to your lender. A lender wants to make sure you are making money, so they are returned the borrowed funds.

2) Make sure the property is driving distance to where you live. You will want to check on the project multiple times a week, especially when you are getting started.

3) Find a property that is newer than 1940. Older homes are harder projects. 

4) Make up your lack of experience with other strong compensating factors like good credit, liquidity, and a solid game plan. 

If you'd rather pay yourself instead of another GC to sub out your remodels, do it! Can only help but is not needed to have a profitable business.

You can paint the exterior with a sprayer. May need multiple coats and you will go through more paint.

I would hire a professional and learn from them on the 1st one.

YouTube - free!

Also, Home Depot holds free workshops as well. Link

Congrats on getting back in! BRRRR strategy is still a great strategy in many markets. I would recommend keeping your ARV conservative. We are still running into appraisers leaning on the lower end of comps in many markets. When speaking with lenders, make sure to ask about their seasoning requirements for cash out refinances.