All Forum Posts by: Christopher Kinnaman

I'm thinking that maybe I should go with a private money lender and stay away from banks because of my credit

I am new to the real estate game. I am possibly going to be getting a lump sum of cash this month which I then want to use to purchase a house. I do know for a fact that the amount of money I will be getting is not enough to purchase a house and make renovations. The question that I have is can I purchase the house and pay for it in full and then turn around and borrow against it so I can make the repairs needed before I then resell the house? I am looking at possibly purchasing a house for about $70,000 and possibly trying to take out a loan against the house for about $30,000 so I can make repairs which would put me all in at $100,000. Another important key factor is that I do not have the greatest credit so I don't know if I would have to go with a hard money lender or an angel investor or what not. Any insight that somebody might have with this would be beneficial. if I'm coming across as sounding stupid right now, I apologize but I really do not know the ins and outs.

I understand what it is that you are saying and that's why I'm thinking that I would have to start with a desktop appraisal just to get a ballpark figure but then actually go out and look at the property in person and take pictures so I can see firsthand what kind of condition the property is in and also do as you say look at different comps in the area to see what they're going for before renovations and after. Hopefully that would give me a decent idea.if there's anything else you can think of as far as steps go, please let me know. any more information I can add on would obviously be beneficial.

@Bob Okenwa oh and comps too, can't forget those

@Bob Okenwa what I meant by my question is if I input the square footage and all that into the software and it generates a value of after rehab then I go out to the neighborhood and take the pictures and whatnot of the surrounding area, how would I then adjust the value up or down based on what I saw?

I recently posted a question on here about becoming a wholesaler a couple days ago. one thing I have noticed is that a lot if not all people that are selling a wholesaling course incorporate software where you input a few key features of the home and then it generates a value that you should then present to the seller. It doesn't take into consideration what type of street it is located on. If I used that same type of software, how then should I take that number and adjust it up or down based on location?

I want to make sure that the numbers work well before I approach an investor to flip the property to or assign the contract.

Ah ok

@Alyssa Strom, thank you.

Michael Kramer

I have not heard that term yet. Could you please explain the difference between a wet and dry closing?

@charles gill

that video that you posted is not a clickable link