All Forum Posts by: Deano Vulcano

I have other investors, which will allow me to continue to churn out the lower priced homes.

Maybe one day I learn to type properly

This particular private investor prefers to the larger deals, he hates having lots of paperwork. And he said this type of transaction benefits his tax position much better. I'm certainly not going to question his motives or ask him to explain to me his strategy to me.

All I know is I have someone wanting to write me a check for a million dollars.

I have been doing $75k-$150k flips for quite a while. 

I now want to try a higher end flip. I can spend up to a million dollars including rehab. I would like to net around $200k.

I would prefer a 50 radius around the Phoenix area or a 50 mile readies around Charlotte NC.

But I would look at something outside those parameters, if the numbers are appealing.

Thank you John, Charlie and especially Jeff for taking the time to be so specific.

These bigger pockets forums never cease to amaze me, such great advice and information and the replies are so quick.

What are the legal ramifications for a private party to  borrow from a private lender at 8% and then turning around and lending that to a rehabber for 14%?

The problem with MH`s is finding comps on the retail side. Areas where MH`s are plentiful, unfortunately the  foreclosures are also, so that drives the prices down and it is a difficult task for an appraiser to find comps. Plus funding for them has been almost non-existent until Century 21 mortgage (the only lender I know that will lend on MH`s) came on the scene, but they are overwhelmed and it is very hard just to get an application processed. Yes, there are good buys on MH`s but reselling them can be a pain if not impossible. Disclaimer: this will always vary by location.

@Jay Hinrichs Thanks for heads up. I see a Charleston trip in my near future. But I don't see myself on the rider yet. We are also 30 minutes from Charlotte...major growth there as well.

I do have 300k plus a deep pocket private investor as well as access to bank money. Here's my thoughts:  Buy the first two properties for cash, and 8 more rental properties by the end of next year putting $25,000 down on each with 15 year notes. Take all the cash flow from properties one and two and put it into property 3 for early payoff.  When that's paid off, put cash flow from those three into 4th, rinse and repeat.  My goal is to generate $10,000 a month free and clear on 10 rental properties in 10 years.

I am 54 years old. My goal is to generate income for retirement. Will have approximately $80,000 a year generated from flips after living expenses to reinvest and also have a private investor with deep pockets.