All Forum Posts by: David Ebbeson

Hi John,

Hello and welcome to the BP Community!! Sounds like you are off to a good start and are gaining knowledge both through educating yourself on the process and hands on. But, I can tell you this with your current DTI at 60% traditional bank financing won't be available. Your only choice is private or hard money. With that being said, if your projects are good, your credit ok with out any tax liens or other items that can tie up a property from being sold or refinanced when the project is completed then, you should be able to get funding for 90% of Purchase Price and 100% of rehab costs through a hard money lender. You will have to have the 10% down payment plus your closing costs & title of course. If you have any questions that I maybe able to answer for you please feel free to ask.

Good Luck & Happy Investing!!!

Hi Daniel,

Welcome to our BP Community!! Congrats on your entrepreneurial spirit and drive to keep moving forward with your knowledge and pursuit of your goal of being your own boss. Like some have stated on here there are many factors that need to be considered and looked at. The first, is does the property work within the reality of the numbers and budget. Meaning, does the purchase price, rehab, closing costs, I/O payments, carrying costs, and selling costs leave you with any profit? Do you or your partner have any experience in flipping houses? What does your credit and scores look like (not a basis for lending more of a protection from liens being placed on property making a potential problem for selling). Do you have money in the bank to show you can cover down payment, closings costs, appraisal, and 3-6 months of I/O payments? These are all things that need to be considered and probably more before jumping in. If there are anything questions or anything I can be of help with feel free to reach out to me and I will try and answer you.

Best of Luck & Happy Investing!!

Hi Erza,

First welcome to the BP Community!!   Secondly, I wouldn't agree to that because it limits your growth potential based on his efforts.  He is trying to force you into using just him which limits your options.  I do see them used a lot with brokers, basically because they are trying to protect themselves from you going straight to the lender yourself and bypassing them which costs them money unless their lender tracks the source of the loan when first initiated (some do and some don't) so, it comes down to them wanting you to go through them to make sure they get paid. In that case it really isn't a big deal unless your try to circumvent them. Also, the agreement doesn't prevent you from talking to other sources. I hope that was helpful to you.  Let me know if I can be of any further help to you.

Good Luck & Happy Investing!!!

Hello Al,

Welcome Al, I hope you enjoy the community as we all are here to help one another. In response to your question on Lima One Capital, I have used them as well as many others and there are ways of using the HML for more than one purpose, it all depends on your situation and project. If you would like to discuss them message me and we can talk.

Hi Ceary,

Welcome to the BP Community always nice seeing new members coming in looking to build on their future. This is a great site with a ton of information in many different sources, also, the people are very helpful and willing to help as you can see. You have taken a great first step now the adventure begins. Take your time and get the knowledge you need to be successful. Checkout and maybe join a local REIA Group or meeting to talk with others doing what you are looking to do and gain insight from them as well. Those groups can often give you a gauge of your market. Best of luck to you on your mission to create wealth.

Good Luck & Happy Investing!!

Hi Ron,

Welcome,  It is always a pleasure to meet individuals such as you who are looking to use there expertise to take them down a new path to new and exciting challenges. I wish you great success in your new career path of real estate investing in this New Year!!  If I can be of any assistance to you or answer any questions you may have please feel free to reach out to me I would be happy to answer any questions and discuss your investment plans.

Happy New Year to You & Happy Investing!!

Hi Danielle,

                Welcome to the BP Community!!  I agree with @Becca Summers and @Valerie Hiscoe. Most of my RE Investor clients use a 10% contingency when calculating their costs.  Valerie recommended 2 very good books by J. Scott very helpful.  Also, the house flipping spreadsheet is very good tool for estimating costs, margins, profit, etc...  If I can answer any questions or be of any help please feel free to reach out to me.

Good Luck & Happy Investing!!     Hope you have a Safe, Happy & Blessed Thanksgiving

Hello Jason,

Welcome to the BP Community!!  You have made a very wise choice joining the group.  There is a ton of information for you to learn about almost anything having to do with RE Investing.  The information is available in many different formats so your sure to find a way to advance your knowledge on RE Investing.  The previous members have all given some great advice to you take full advantage of it.  If, I can be of any help to you please contact me.

Good Luck & Happy Investing!!     Have a Safe, Happy & Blessed Thanksgiving!!

Hi Miriam,

Congrats on joining the BP Community and welcome aboard!! I am sure you will find that you have made a very wise decision in joining the group. There is a ton of information on here in many different formats to help you learn. I agree with all of the previous suggestions made by other members. I would add another book to your list that is by J. Scott who is also the author of "The Book on Flipping Houses" and also goes hand in hand with it the book on "Estimating Rehab Costs" both are good. Definitely get to a local REIA meeting and get to know people they can be a great resource for you. If I can be of any help please feel free to reach out with your questions.

I wish you Good Luck and Happy Investing!!   Have a Safe & Happy Thanksgiving!!

Hi Shadeen,

I would like to welcome you to the BP Community!! You have made a very good start to your new career by joining this group. There is a lot of information to be found here and the people are very helpful as well. I have a couple of suggestions for you first, checkout the site an get to know it what it has to offer. Second, checkout the education section as it has a ton of information to offer you in various formats. Third, I recommend John Scott's books "Flipping Houses" and "Estimating Rehab Costs" they will give you a very good start in understanding the fix & flip process. Lastly, after you have gained some knowledge I would suggest finding and attending a local REIA meeting or group near you. I hope this has been of help and I wish you success in your quest.

Have a Great Day & Happy Investing!!!!