All Forum Posts by: David Kors

Hello everyone, I'm getting started in house flipping business with only 4K in my bank and I'm having a hard time finding an private lender. My question is that 4K is enough to close on your first investment property if you follow the 70 percent rule correctly? I believe most private lenders only loan you 70 percent loan to value. I have read some articles where people invest with 0 percent down but they used 70 percent rule correctly.

Hello everyone, I was learning about brrrr strategy that many investors are using nowadays by question is which kind of loan would be ideal to use for the first property? And if I find a property below the market value for example like many house flippers use 70 percent rule and if I find a property that I buy using 70 percent rule would I have to make a down payment? And when I choose to refinance the property what happens to 30 percent of the equity that's sitting there?

For all those loans I would have to have atleast 20 percent down. Is there any loan that requires low down payment? I still haven't purchased the property I was thinking about opening up FHA under my name but now I'm thinking if I should go for brrrr strategy.

Hello everyone, I'm purchasing a multi-unit property soon using FHA loan where I will be living in one of the unit and renting out the rest. My question is how can I finance my second investment property? Can I refinance the property after 6-12 months and use the equity of the house towards my next down payment?

Thank you!

Hello everyone! I bought a list from listsource and there are about 1500 properties on it. That's a lot of properties to mail to by myself and I would rather be looking for more by trying different techniques. Is there any service that actually do the direct marketing campaign for you? Thanks everyone!

Thanks everyone great advices!

I would like to do a fix and flip.

Hello everyone! I currently reside in Chicago Illinois and I was thinking to take a hard money loan for rehab properties. Would that be a good idea? If yes, which private lender would be the best in chicago area? And what happens if things start to go south and take a loss? Would the property just be foreclosed or would you be bankrupt? Not that I want that to happen I would definitely work with a real estate investment broker or realtor and make sure in which ever property I invest in is worth it.

@Erik Garland I usually do drive bys now. I've tried different ways of marketing and found drive bys and direct mailing to be the most effective one's. Although currently I recently found a investor friendly realtor who has access to foreclosed properties. As a beginner in this business I want get my feet wet with something that is not so complicated. 

@Don Spafford Those properties do go to auction but you have to find tax delinquent properties before they go to auction and spark up a deal with the owner. 

Hello everyone! What is the process of wholesaling tax lien/delinquent properties? And foreclosed or pre-foreclosed properties? I'm currently working with a realtor and he has access to many foreclosed properties. And I just sent out direct mails to all the tax delinquent properties this week. Btw I currently live in Chicago Illinois. Thanks!