All Forum Posts by: Christopher Blanco

Have you looked at HML's?

I started building a team to do a fix and flip strategy with a transition into BRRRR. I contacted the real estate agent whom I used to sell my MIL's house after my wife and I rehabbed it. She did a great job and the house sold within the first week of being on the market. She was upfront with me and stated that she never worked with an investor before, but she worked with an investor agent at her brokerage. She arranged a meeting between the three of us. The investor agent was impressed by my plan and knowledge (thanks to BP!) and said she would help my agent in any way she could. I thought this was going to be good. So my agent sent me 43 properties to evaluate the next day. I thought to myself, this is working out! I was able to find 6 that I was interested in, plus I have sent her 4 more my wonder scout (my wife) found by scouring zillow and redfin.

That was Tuesday, here it is Friday and I have not heard from my agent even after several emails. I am worried that she doesn't understand the urgency with which we need to strike on good deals.  I don't want to be rude and DEMAND her time as this is my first deal. Should I:

a) Go scorched earth and tell her to forget it and find another agent

b) Find another agent and work with them as well

c) Contact the investor agent and ask if she can politely nudge my agent

d) Just be patient and wait it out? 

@Logan Kern What kind of REI do you plan on doing?

I just wanted to say that this thread and @J Scott's wealth of materials and books have made my learning experience a lot easier. I currently pursuing my first Fix and Flip deal and I agree with J Scott that the deals are tough to find. Most properties I come across through MLS are way over priced for their condition. I am taking my time and waiting for the right deal to be found, but I have that luxury as I have a paying job. I agree that financing, especially HML loans, however is not hard to come by. I am pre-approved to get 90%LTC from a HML for my first flip. While the money isn't cheap, its a great resource for a new investor like me. I know I will be successful (thanks to BP and J Scott's material). I just need someone to take that first risk on me!

Thanks again!

The whole thing would have my Spidey senses tingling. Unless you can turn this property around for a super big profit, or a smaller profit quickly, I would slowly back away. 

Good luck!!!

Look into Lima One Capital. They lend to new borrowers, and if your credit score is good enough you can get 90%LTC. I have been super happy with them so far.

I guess my strategy is a little different. I plan on using HELOC on my primary to cover carrying costs for flipping. After I sell the flip, the HELOC gets paid back, and I will use the profits from the first flip AND the HELOC to do two more. Each time I pay the HELOC back and start over. After I do 4-5, I won't need the HELOC anymore as I will have enough cash to carry my properties. Maybe you should start off this way? My plan is once I have built enough cash in flipping, and the market cools a little, I will invest in buy and hold.

Look into Lima One Capital. I am getting ready to fund my first deal with them in the next month or so. They have great programs for fix and flip and buy and hold. Get pre-approved now so that they have everything ready to go when you give them a deal. The only stipulation for them is that they must close in a LLC.

I would also use the wealth of knowledge at www.diychatroom.com. I have learned so much from that site on DIY.