All Forum Posts by: Christopher Blanco

I am working through some details and trying to understand the process of getting started in a Fix and Flip/ BRRRR hybrid real estate investing strategy. I think my biggest source of confusion is between the offer and the closing. Please tell me if I am wrong in my understanding on how this works:

1. My offer is accepted and the house goes under contract
2. In my offer, I put a 7-10 day contingency for due diligence on the property
3. I put up "earnest money" to hold the contract
4. In that 7-10 day window, I need to line up the following:
   • Ensure the utilities are on for the period in my name
   • Schedule a walk through with a either a GM or Home inspector
   • Begin to work through financing the deal
   • Get Bids from Contractors
5. Once the inspection is complete, I need to develop a Scope of Work and get bids from a Contractor
6. If all the numbers work out, then I pull the trigger on the deal

If my assumptions are correct, then my questions are as follows:

• How do I engage lenders without having a deal? I would like to know the likelihood of getting approved for a deal, do I need to identify a deal before that happens? 
• Can I interview GC's BEFORE I have a house under contract? If not, how do  get them in the property and bids back in that 7-10 day window? Do I just come here and ask for referrals?
• Can you REALLY schedule all of these things in 7 days? 

@Chinedu Michael Onuoha Welcome to BP! I am also new in the REI realm in Cleveland. Nice to meet you.

@Angela Kriv there is always a way!

@Angela Kriv , create a group of contacts on Facebook that contain your co-workers. When you post your link to your blog, website etc, you can choose to exclude that group from seeing the posts. 

Thanks so much! There are so many things to look at! 

There is a price for everyone that works. You can always rent, the question will be can the numbers work out? If you are doing this remotely you are going to need a PM firm to take care of the properties for you. You will need to ensure that you get good deals. In a small town, maybe look to do BRRRR and buy distressed properties.

I am new to REI as a business. I have "rehabbed" two of my own homes, built a home, and " fix & flipped" my mother-in-laws house when she passed away. None of it was for business just for personal needs. I am ready to jump in to REI and make it my primary line of work. I have a goal to be a full time REI in the next 18 months. My initial plan is to fix and flip to build up cash and then begin a BRRRR strategy to generate long term growth. I currently have a full time job with a flexible schedule and a good salary in marketing

The thing  I am trying to determine is where the financing for the first deal will come from. My wife and I are beginning to look at properties, but I would love to have at least a small network of investors to send deals too when I find them. For the first few deals I would be looking at near 100% funding to build up my cash reserves. In return I would be willing to pay a higher interest rate for the first few deals or enter into a profit split for a mentoring relationship until I get my feet wet. 

So if you are in the Cleveland area and want to take a new REI under your wing or even if you are just looking to invest, please let me know and lets meet!

I'm new to this as well, and looking to put on offer on my first property in the next few months. What I understand the process to be is as follows:

1) Research - learn all you can, and be ready to act

2) Network - Get to know lenders, agents, and investors in your area. Begin to socialize the idea with your friends and family

3) Find a property and do your due diligence to ensure this is a good deal (like using BP calculators)

4) Go look at the property and get a ballpark repair budget in mind

5) Make your cash offer with an 7 or 10 day inspection contingency to start. I think once you get better at this and have a team on call, you might be able to shorten that window to 3-5 days. 

6) Have and inspector and your GC take a look at the property and verify your numbers

7) Take your report and socialize it to lenders, if its a good deal, you will find money

8) Close on your property

Wash, Rinse, and repeat. That's the strategy I am taking.

What are some reputable Hard Money Lenders to talk to? I am unsure about who is good and who is a scam! Does anyone have a reputable HML that works with brand new investors?

I am new and would love to attend, but tomorrow won't work for me. I will definitely be at the next one however. Looking forward to meeting people from the area!