All Forum Posts by: Chris F.

Hi BP. I'm actively looking at properties in need of work in Fitchburg (varying levels of construction) and was curious if anyone would have any reliable contacts for contractors in or around that area?

I don't want to purchase the properties prior to contractor inspection (vs general inspection) as I've burned myself badly in the past doing this. I'm looking for a team I can work with and get their quotes on the renovations prior to purchase so I know what the numbers in total are beforehand.

Any information, or strategy, is greatly appreciated.

As always, thanks for the endless amounts of resources everyone here as a team provides.

Thanks Chris, appreciate that. Since I would treat this similarly to my flips, where I use hard money to purchase and reno while the HML lender takes first position, I technically am not on the initial purchase, however, I have 100% control over reno, sales price and to whom I sell it to. Since I was never was technically part of the purchase in the first place, I was not sure if I could somehow sell this to myself, rather than an investor, and then use the profit I would get from selling to an investor, as my down payment. Perhaps not, but always worth a shot.

Hi BP, first time poster, long time reader. I've searched through forums, but I've been unable to find any answers to my specific question. Briefly… I have a part time business flipping houses, along with a regular career and family. The day to day of managing crews, as I've found unreliable GC's, finding properties, research, driving around, etc. is daunting and takes away from my career and my family, as well as adds a ton of stress. I currently own one two family which was my first home purchase and may only have about $35k usable equity in it for a potential HELOC. My wife and I have since purchase a single family which we now live in, renting out the two family and cash flowing. My goal is to acquire other multi-family houses and get out of the flipping SF's. In order for me to acquire these flip houses in an aggressive market, I have used hard money each time. My question is, could I acquire a multi-family house using HM, renovate it, then "sell" the property to me and use the equity build it (would be profit if I were to sell to another investor) as my 20-25% down payment, assuming there is that much built in? I've been quickly told no by conventional lenders, however, so much that is posted on BP is so incredible and creative when it comes to non-conventional ways of financing or acquiring properties. I'm looking to do this fast, and acquire more, as the health requirements of my wife (37yrs old), are reluctantly forcing her out of the workforce.

Any direction is greatly appreciated, but I also understand that there are many roadblocks along the way.