All Forum Posts by: Jeremy I.

Surprisingly fast, about 6 hours or so... I don't know if this is normal. The problem I ran into is the lender stopped lending in the area my project was located, so if you have an idea of the location let them know.

I'm new to REI in Houston and faced something similar. Ultimately I ended up getting pre-approved with my hard money lender first. My wholesaler wouldn't write a contract with me without funding in place. That funding source fell through, but because I already had hard numbers I was able to find another HML quickly. Now it's off to the next phase, project management. Hope this helps! Jeremy

For me, I'm new to REI and I'm impressed with the amount of genuine free knowledge housed by the non-pro content. Makes it easy to upgrade. I'm finding it hard to follow because of the frequency, but I'm very appreciative! I made my first post last night and have received great feedback within 24 hours.

Carlos Bejarano welcome! I'm in the Houston area and new as well! Good luck!

Brent Coombs a wholesaler found my first one and the evaluation package he provided made things easy (evaluation perspective). For the first few, learning is just as important to me as making money. On my first the whole seller provided an SOW and estimate. I received a bid from a contractor after contract signing and before close. I don't have the "luxury"of the wholesale agent for this one, and I'm working the due diligence alone. I think I should get an inspector, but don't want to ware my money if there is another option.

I have my realtor to provide me either comp information or average price/sq. ft. (Comp preferred) to establish ARV. Once I have that, I subtract 30% , purchase fees (I'm using HML until I find private money) and repair costs to establish purchase price. Based on this formula, the max I can spend on repair is $40k and I will still clear $20k profit (I may be missing realtor fees on the rehab purchase but the 30% provides enough cushion for me). As I perform my due diligence, I need to nail the repair estimate in order to ensure my desired profit. Thanks for the response, hope this clarifies.

Hello BP Community!  I'm new to real estate investing (bought first property to flip yesterday) and I'm thinking about what is next.  I've been on realtor.com looking at homes and I think I've found a winner (I think it is bank owned).  I've contacted a realtor to go look at it.  The numbers on the property suggest a $40k rehab will still make money.  I've reviewed the estimating book published on BP.

As a newbie, should I get an inspector to go with me to look at the property before I make an offer on it?  Is there any other advice somebody can provide?  This is my first of many more posts. Thanks!