All Forum Posts by: Stephen Dickey

So I did a thing today. I quit my 9-5 job on the spot, no warning. No back up plan. And no money (well, I have $60 bucks). Now, before you call me crazy, hear me out. The job sucked. It was the most stressful, mind numbing work i have ever done, as i struggled to find one single aspect of the job i enjoyed doing. Not only that, but it all my coworkers hate their job as well so it is a continuous cesspool of negative energy. I could not spend another minute having my soul sucked away. I tried to enjoy the work, but to no avail. It was so far from my dreams, goals, and vision.

With that being said, I am part owner of an LLC who specializes in revitalizing distressed properties. We have been in business since 2015. We have successfully completed six flips, and have two more houses on the market. The reason I left my job is to put 100% focus into this business, as we are undergoing some changes right now and really need to focus to get where we need to be and reach our goals. The only problem is I have been working things on the back end of the business from my office, for which i was confined to for 10 hours a day, five days a week. Therefore, I am not quite sure where to start.

Lucky for me, my business partner has been a godsend through my recent struggles, and we have investors lined up to fund our deals, but we have no product to provide them. SO it is time to grind, grind, grind. Also, I feel so ALIVE since leaving, and I am truly excited (and nervous) about things to come. But hey, it's part of the journey right?

I just wanted to reach out and get some of my thoughts and feelings off of my chest and let you all know that as scary as ripping away the safety cord may be, I am 100% committed to finding a way to creating the life of my dreams through real estate. 

Does anyone have any similar experience with my current situation, and if so, how did you handle it? What actions did you take? I would love to hear some war stories, as any positive feedback, lessons i can gain from others would be truly valuable to my upcoming journey. As for me, for the first time in a long time I feel excited, and that is worth the process all in itself. I'll be back to give you the summary!

@Abel Curiel, I'm not too familiar with how to use LinkedIn in this scenario. Could you elaborate? I have some connections on the site, so this could be very beneficial?

@Abel Curiel Thanks a ton! Gave me an interesting idea!

Hello everyone!

Just wanting to connect and ask if anyone has any tools, methods, techniques on getting their house sold after flipping it. I understand market concerns as well as standard marketing methods, but I am really wondering if anyone has done any effective, outside-the-box marketing that has helped them sell their flip property. I have a few ideas of my own, but just wanting to throw some feelers out there!

Thanks!!

They are not required by law, however a lot of them do have an application of some sort, especially asset based lenders. I just went through a situation with a few different lenders, and four out of five made me fill out an application of sort. Funny thing is, I decided to go with the only one who didn't. Bottom line, if the deal is good, you shouldn't have a problem finding a lender, regardless of your financial situation or credit history.

I would follow the advice of Mr. Grant Cardone and invest in a multiunit apartment complex. With that much cash on hand you should be able to find a good deal by having numerous options for a down payment. 

@Stephen Kiser Thanks I will reach out to him and definitely mention your name!

@Account Closed I will PM you. Thanks for reaching out!

Good morning everyone.

I am a real estate investor in the Charlotte area, and I am currently looking at different opportunities to fund a new project we just acquired. We acquired the property at a phenomenal price (house free and clear), and after doing some estimating, budgeting, due diligence and obtaining a CMA from my real estate agent, the ARV for this property has a great chance to be extremely profitable. The property needs a complete rehab, which we estimate will be $50K - $75K. We have a team of contractors and sub contractors in place, as we have done a few properties before that are very similar to our current situation. Basically, we are looking at a very profitable house flip if we do this the right way and don't cut into our margins. It would be profitable for both us and a potential lender.

With all that being said, I am actively seeking financing to get this property rehabbed and on the market. Previously, I have been fortunate to use private money to fund the previous three projects we have completed. I want to take it next step however, as pulling together private money is tiresome and often stressful at times. I would rather receive all funding from one source, as I could really focus on the task at hand. 

I have a couple of ideas in mind. I have contacted a couple of rehab lenders in the area, and they all need the same info (scope, CMA, etc). This seems to be the most logical route, but being fairly new investors, there could be some hurdles. We also have $20K-$30K to get started, in which we could fix the place up to "rent-ready" and do a cash-out refinance to finish the job (we have done this before, just very expensive).

Does anyone have any ideas/suggestions/advice on ways to finance this flip? Has anyone worked with any national lenders they would recommend? If so, how did that experience go? Any feedback would be greatly appreciated.

More info on the specific details available upon request.

Thanks for your time and interaction!

Your projection for cash flow seems low, a lot of expenses. If you remove the management fees, it opens it up a little more. Definitely look into how you could minimally improve the property to raise the rent rates, say $25-$50 per month, which would help raise the number. 

What is the market value of the property? Is it listed at full price? 

Go to your local tax office. Look at list of upcoming foreclosures. Check out the houses. Do some due diligence. See if any of them can be bought cheap, and figure out rehab costs. Run some numbers. Find out the ARV. See if there is a profit margin, and how much equity the house could have after repairs. Determine if you could either A) flip the property and profit, or B) rehab and refinance to repeat above steps (BRRR strategy). Purchase house. See if you can secure private money or hard money for rehab. If not, use the capital. You can sometimes build equity if making the right deal. Keep remainder of $100K for future purchases. Some of these houses in certain areas can be bought for a substantially good price from tax liens. Make some money, or set yourself up for some passive income. Rinse. Wash. Repeat.

I have successfully done this four times, and I had a LOT LESS THAN $100K when I got started. It is risky, but if you do your homework and find the right deals, you will receive a significant amount of leverage which you can use for future endeavors. Just don't get burned! 

Also, using money as a downpayment on multis is never bad, as long as the money is being made on the purchase. 

Either way, by having $100K, you have a lot of options! It all just depends on what you want. 

Happy investing!!