All Forum Posts by: Deb S.

I'm considering backing out of the deal I was going to do.  No money exchanged yet, but signed a contract with a wholesaler.  I really wanted to get this house and think it would have been a great first flip for me.  With the crisis going on, I feel like things have not peaked yet and will get worse until we stabilize.  

I think as a HM lender they will be taking on higher risk hoping that a renovated home will sell in a timely manner AND for a good price.  Banks will have a smaller pool of qualified buyers due to job loss.

With people out of work and the market having crashed in the last 6 weeks or so, cash buyers will not have the cash they once had.  People collecting unemployment will not be able to qualify for a mortgage.  It's a risky time for both sides of any real estate transaction.

I hate to sit on the side lines but I would rather be wrong than broke!  :(

@Brian Pulaski  Thank you for your input.  I appreciate the tips!

Hi all,

I have the opportunity to buy a vacant SFR from a wholesaler that I would fix and flip. I've known this person for about a year from our local REI group and I trust him. This property is less than a mile from my house and is mostly in need of cosmetics. I just don't know what the proper steps are when buying the contract.

Should I be asking to have an inspection or is this something that is not done for a wholesale deal.  Ideally I would like to bring my handyman over to walk the inside of the property and get his thoughts since he would be better at estimating repair/reno costs than I.

I will be getting a HM loan and would like some input on what you think good terms/rates would be for someone who is new to HM lending.  Thank you all in advance for your input!

Deb

Thanks for all the info @James Dickmann.  It seems you've answered many questions related to SLF including some that I had.  Will be doing some research on them.

Welcome @Tatiana Podel!  I'd say you've already taken an important step by joining BP.  Listen to their podcasts and you will get lots of ideas from people who have done deals and have gotten very creative to make their deals happen.

I would also second @Jonathan Bombaci suggestion to go to your local REI group whenever you can. I've met some great folks there. You will meet RE agents, wholesalers, flippers, property managers, other investors, etc. A wealth of information. Make yourself a business card so you can give it out when you go to the meetings - nothing fancy - it can just have your name and phone# on it. You will collect many other business cards while there. It's a great networking opportunity and I highly recommend it!

Best of luck to you both!  Deb

@Will Barnard if The property was an investment property then I believe he could avoid capital gains by doing a 1031 exchange? If he lived in it then it would not be an investment property.

@Tab Teehee  Wow!  You are truly an inspiration - when you pick a project, you don't mess around!  The 'after' pics of these apartments show what a great job you did in turning this into such a giant success.  I would rent one of these in a heartbeat!  By the way, I live in Lake Suzy as well so if you ever want to meet up for coffee or are looking to partner in the future, feel free to reach out.  Again - congratulations on seeing this through.   So happy for you and your wife!

Welcome @G Todd.  Where in SW Florida are you looking to invest?  I'm interested in multi family and am located in the Port Charlotte/Punta Gorda area.

@Erin Wicomb  Wow! That's amazing! Good for you!  Multi is definitely the way to go.

@Eric Hrlbock  Hi Eric,  how did your friend get that list?  Does that person work for the town?  Thanks.