All Forum Posts by: Victor Spencer II

@Andrew Postell wrapping the costs into the loan when I refinance I think pretty much answered my question. I didn't know you you were able to do that when you refinance. I think my next step now is to talk to some local banks from what I hear about their refinance policies to see who will be best to work with.

I am in the middle of flipping my first house and im looking to buy and hold as part as my second investment and looking for another flip.

@Andrew Postell I am pretty sure you helped me answer the question. With a hard money loan I can pull enough money out to buy the house, rehab the home, and have enough to refinance the house after I rent it out. Which would consist of me getting a conventional loan from a bank at whatever % down to refinance the home.

@Jordan Han

thanks for that info that helped as well. I've watched many videos on this strategy I am just now in the position where I can actually do it for my first time and I have a duplex I'm already looking at that I want to do it with.

Hey @Account Closed Thanks for the reply. 

how do you pay for that and how much does that usually cost? 

Currently my title company is running my preliminary report. Is there a way that I can do a search as well to find out if this property has any liens on the property. This is going to be my first real estate deal that I will be fixing and flipping. I am hoping this works out because it will be a huge success story I can post about. 

@Account Closed

I for got to tag everyone on my last response, but I connected the both of them and the deal is going through and i'm still getting my little chunk of the pie. Thanks for everyone's advice I really appreciate it. After just connecting the both of them it just felt like the right thing to do. 

Thanks again, 

Hey everyone thanks for the advice. I took anisha's advice and connected the both of them. I appreciate the input and now everyone is happy.

Hi @Kevin Siedlecki that is correct I have someone that will give me a personal loan and I would need to show him the details and all the information on the property in order to receive it. I was told that I would need to go to the title company and have a lean on the house for the amount that I would buying the house for. Then with the rest of the money I was giving would go towards renovations for the house. 

@Account Closed I have been thinking about that as well, but it takes me completely out of the picture. It does seem like that is what is happening anyways. I want to do everything the right way and do what is fair and that's why i'm on here trying to get other people's opinions that has been in this business i am fairly new. 

I met a private investor that will fund my deals 100% with a 12% interest. There is another investor that knows I have this contact. This investor has contacted me and wants me to fund the deal 100% through my private investor including the labor. I asked what the split would be since I would be providing the money for the deal and they responded with 12%. Then also said that the money should be sent to her through my private lender so everything would be going in her LLC. This is someone I have been going to weekly REI meetings with that is running the meetings. I am just wondering if this sounds normal and the numbers pan out correctly.

@Bradley W. A good way to network in Sacramento is the REI meetup group in Roseville. Starting this month they will have one every month moving forward. I have met a good amount of people just from one meeting that has helped me a lot. I'm new into REI as well, i've been doing this for about 3 months.