All Forum Posts by: Drew Cameron

Hi fellow BPers. I am looking for a recommendation for a company that does unsecured personal lines of credit to speed up my  growth rate in my flipping business. I previously used a company for my first flip that used credit cards at 0% intro interest rate to complete my first flip. I have no interest in repeating  that experience. I'm looking specifically for personal lines of credit and not any more credit cards. My credit score is around 720 and still recovering. In my market I can do a flip with roughly 80,000 so I'm  looking for a minimum of $100,000 to be safe.   Any insight would be greatly  appreciated.  

I thought it would be even longer than that. He's convinced that a lawyer told him he would be okay as long as his car is worth less than $5000 they wouldn't take anything and he could buy a house with a VA loan. I thought 7 years was more likely the case. I don't know if he is aware of the type of bankruptcy he would be filing, but regardless it doesn't seem worth it to me for $10,000 or less of debt and three years of taxes.

I have a friend who was in the military and is planning on filing bankruptcy and then using a VA loan to buy a home. Is this possible without waiting the standard 7 years? I'd hate to see him stuck as a renter for so long when his debt is so small and he could potentially fix his situation in a year.

Tracy I use a local company in Arizona called the Matrix.

@Donny Aldo I converted the cards to cash with 0% intro cash advance  fees. The company I used charged a 10% fee for the credit cards (they marketed it as business lines of credit). I was able to receive 40,000  less a 4,000 sur charge taken upfront by the company. I had $36,000 liquid and used about $3,000 to pay the mentor company I use locally. The flip total cost was roughly $51,000 that I split with another member of the mentor company. My out of pocket cost was about $25,500. So when  I say  I broke even I actually came out ahead, because the flip paid my fee for the company and now any flips I partner with them on will be all profit. Another side benefit was some of the cards had cash bonuses and other perks. I also learned a lot about the process and  overcoming obstacles.  If I use fund and grow to obtain around 60,000 or so that should be enough to do a flip solo and  profit roughly $20,000  and  learn more. I'm also trying to find  some  wholesale deals to raise  capital the old fashioned way, but  so far I haven't  had any luck yet.    

I’m considering using this to start doing some flips. I used a similar company to do my first flip and wound up breaking about even after fees( I split the flip with another person and a company for a 1/3rd share of the profits). The first one wasn’t very successful because of some city permitting issues causing the flip to go long. I made about 7,000 after all was said and done which was the fee to use the mentoring company and the credit card funding total. I know this is kind of playing with fire, but my credit score is now over 700 and I have about 40K in liquid credit with no debt. I’m considering using fund and grow to get a higher amount of funds to do a solo deal with the mentor company and make 2/3rds of the profit split typically 30-50,000 a flip in my market.

I’m interested in the grant terms. I’ve heard mixed things. Some people say it’s 12 months minimum before you don’t have to pay back the grant while others say 24 months. I️ was also told that you can only have one FHA loan at a time because they are intended for private residence and not investment property.

Hi fellow investors. I just did my first successful flip by partnering up with a couple other investors. We put the property in an LLC so I could use the first time homebuyers grant. My plan is to use the grant to purchase a duplex and live in one side for free or close to it. I plan on house hacking with bigger multifamily homes to quickly scale up. I know that there are certain stipulations that come with the grant and I want to use FHA loans to keep my down payments low. Are there any lenders out there that can help me with some clarification? Also I am in Phoenix, AZ. Not sure if that matters for the national programs.

What kind of mailing piece do you use?

New to wholesaling using a list. I had mixed results with driving for $$$. I'm looking to up my direct mail and use a list to save time. What lists are people mailing to? What is your response rate?