All Forum Posts by: Brian Sturgeon

Hi Amia. This property was purchased with cash provided by my partner. Generally, it is hard to get traditional financing for auction properties, since the capital is needed the day of the auction or shortly thereafter, and lenders take longer to provide funds, even if you have been pre-approved.

Investment Info:

Single-family residence other investment.

Purchase price: $122,000
Cash invested: $8,000

Auction property that needed minimal work that was optional and for aesthetic purposes. Property is on market now for $250,000.

What made you interested in investing in this type of deal?

Was undervalued by any stretch of the imagination.

How did you find this deal and how did you negotiate it?

Found it myself online and to to attend auction in person.

How did you finance this deal?

Partner provided capital.

How did you add value to the deal?

Clearing title and minor cosmetic work.

What was the outcome?

On the market for well under appraised value and hoping for quick sale to reinvest proceeds.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Currently am listing with Coldwell Banker.

Hi All,

This is my first post on BiggerPockets and am very grateful to have found this site. I am a college senior graduating in May, 2017. I am wondering how feasible it will be for me to start fixing and flipping homes when I graduate with little or money of my own to contribute to deals and no track record. 

I am reading as much as I can about the risks involved in fixing and flipping so please spare me those details. I am simply wondering if it will even be feasible to arrange financing if I am able to locate an an undervalued property and have a good team in order.

An idea I have is to locate a distressed property where the owner would be willing to arrange at least partial owner financing and go through a hard money lender to fund the rest of the project. Obviously, there is a lot that will need to be accounted for to make sure I don't get in over my head, but what hoops would I have to jump through to get these "players" to agree to such a deal without a successful track record or cash of my own?

Additionally, is there another method of financing that would be easier to arrange under my current circumstance... maybe buying an REO with an interest only loan and using hard money for repair costs...? I am going to continue doing my own research but would sincerely appreciate any knowledge you could share.

Thanks in advance!