All Forum Posts by: Conor Lowe

@Michael Ealy

First off I want to say congratulations on an amazing project. It’s very inspirational and motivating to read. I have been looking more toward multi family lately for the reasons you pointed out. In the past I only had experience with single family. Thanks for the advice.

@Jay Hinrichs

Thanks Jay, I appreciate you taking the time to give me some advice.

@Jay Hinrichs

It is a secured line of credit.

I operated as a house flipper and home remodeler for 3 years from 2014-2016. After three years I decided to try something different and got a job as a sales manager at a car dealership. That job was high stress and 60 hr weeks, so I resigned from my position after 2 years on January 1st of this year. I want to get back into real estate since I’ve missed it the last two years. I am finishing up securing a $500,000 revolving line of credit at a bank. It’s looking like my interest rate will be prime plus a point. My request from the forum is any advice on the best way to utilize this line of credit. I’m located in the midwest where you can get a single family resident in a decent neighborhood for around $80k-$150k that will rent for $750-$1400.

If they're splitting the rent down the middle, which one would assume. Then that means the lower income renter is paying $438 a month while making $500, leaving him with $62 to live off and all other bills. So I would turn them down unless he is getting financial support from family due to being a FT student, which he probably is. And if he is I would require the parent to co-sign and be financially responsible.

Any suggestions on what would be the best market to move to for someone looking to buy distressed homes to flip. A little background on myself. I am 28 years old with a home remodeling background. Over the last 4 years I have supplemented my income by buying and remodeling 8 run down homes and selling them. I do almost all work myself. The problem I am running into is a lack of homes to buy in my market, which is Springfield, MO. I have been looking for another project for 3 months now with no luck. I have worked with the same realtor for years, he specializes in foreclosures and hasn't been able to find me anything. I have also been attending estate auctions and searching the MLS, but again no luck. I have been wanting to move for awhile already. Seeing as I don't like the cold, I would prefer somewhere with a mild winter, but am open to all places. So really any where is an option. I would be looking to buy properties with a value of 250k or less. Any insight would be greatly appreciated. My long term goal would be to transition into holding the homes I rehab as rentals before too long.

Justin Lloyd I have funds, it's just finding deals that I'm currently struggling with.

Leland Barrow Thanks for the insight, I couldn't agree more with you. These are all real things to consider that have already come to my attention. I never intended to flip house for very long, and would quickly switch over to buy and hold. I just thought the best way to get into this would be to buy a house that would make a good potential flip. Then after I renovate it, keep it to add to my portfolio instead of sell it. This would ensure me good returns for the market since I bought it well below market and instantly built equity through the remodel. I also have the advantage of being able to keep renovation costs low since I am an experienced home remodeler and can do most work myself.

Any suggestions on what would be the best market to move to for someone looking to buy distressed homes to flip. A little background on myself. I am 28 years old with a home remodeling background. Over the last 4 years I have supplemented my income by buying and remodeling 8 run down homes and selling them. I do almost all work myself. The problem I am running into is a lack of homes to buy in my market, which is Springfield, MO. I have been looking for another project for 3 months now with no luck. I have worked with the same realtor for years, he specializes in foreclosures and hasn't been able to find me anything. I have also been attending estate auctions and searching the MLS, but again no luck. I have been wanting to move for awhile already. Seeing as I don't like the cold, I would prefer somewhere with a mild winter, but am open to all places. So really any where is an option. I would be looking to buy properties with a value of 250k or less. Any insight would be greatly appreciated.