All Forum Posts by: Cameron McElhaney

I've been trying to do my due diligence on choosing a brokerage to hold my real estate license. I want to mainly focus on wholesaling but if I come to love retail listings I'm wondering what would be the better choice in terms of costs and overall resources. Specifically, I have the opportunity to be a part of a well known local investors mastermind/coaching for free if I join eXp. I know KW has great training and I do prefer in person events. I know all the bigger pockets guys are KW but brand names aside I'm just not sure where I can make the most success.

yeah I'm aware of the high offer. her neighbor originally offered her that and she rejected him so we felt obligated to start there. think I will have to tell her it just won't work and keep in touch. she is an extremely kind woman and we have built a great rapport with each other. so maybe this is a future deal! this is also my first ever lead / deal.

Hey everyone,

I have a lead who has a property with an ARV of 190k and needs a rehab of roughly 45k. The home is in great condition, but outdated and would need to be connected to city water. I made a cash offer of 135k and was rejected. There is a sentimental connection to the home and the seller is set strictly on receiving 160k for the property. She is very open to seller financing but does not want to have the payments exceed a 15 year time span. She also is interested in receiving money down from 10-20k. I am trying to wholesale this deal and hope to get a 10k assignment fee. I need advice on how to make this deal work or else I will have to part ways with the seller. I think my only option would be to persuade her to come down in price. Market rents are $1500/mo so as it sits it would make an amazing cash flowing rental, but the rehab is what kills it as a worthwhile deal.

numbers:

ARV: 190K

ASKING PRICE: 160K

REHAB COST: 45K

ASSIGNMENT FEE: 10K

MARKET RENT: 1500

My goal is to do 2 flips in the next 12 months to create enough capital to put a downpayment on a duplex to house hack. I have no money to put into a deal. Recently, I went to a local real estate investing meeting and spoke with someone who is a hard money lender. Hearing about it opened my mind up to the possibility of obtaining a flip property using hard money as a means to purchase a home and some sort of gap funder to cover the closing costs and rehab costs. Is this a realistic way to get an eager person like myself to create capital or does this sound like a first timers recipe for disaster? I know hard money tends to be suggested to those more experienced, and I've heard that hard money lenders typically only like to lend to people with experience. Am I better of just being patient and saving money or should I stop being scared and start calling around to lenders and ask them what my options are?