All Forum Posts by: Dyami Pike

So I'm looking into getting my real estate agent license, and I have some questions. I don't want to be a realtor, Im just looking to access the MLS and make offers myself without bugging my agent, and save the commission.

are there running costs for being an agent?

Do I have to work for a brokerage?

Does it cost to keep my license?

just not sure what the actual cost is after I get my license and if it would actually be worth it.

0 Votes

Kansas City, Missouri

Quote from @Billy Daniel:

It really depends on your goals. Your first one will be just as much about education and experience as it is about money. Our last flip netted around $15k and took around 4 months. We are also fairly experienced. Define your goals and then go for it!

We don't have flipping experience, but we have some construction experience. our goal is to buy another flip afterwards so is it just about figuring out what we want to use the profits for and how much we need to make off of it and then finding a deal that works with those profits?

0 Votes

Kansas City, Missouri

My business partner and I are looking at getting a SFR to flip in Springfield, MO.

we are trying to decide what a good amount of profit off our first flip would be. Obviously we want the deal to be a home run and make as much off of it as possible, but we don't know what realistic numbers are.

our plan is to get a hard money loan with rehab cost, flip a house in the $60k range and have enough profit to purchase our next flip, hopefully in the $100k price range.

what did you walk away with on your first flip? How long did your flip take?

$10k in 6 months? $20k in 12 months? Or am I way off and should be closer to $30k in 6 months?

1 Vote

Kansas City, Missouri

Quote from @Ryan Fox:

Hey thanks for your help! We refinanced over a year ago and got a 3.75% interest rate. It's a 30 year fixed. We owe $275k on it and have $175k in equity. The lender we talked to said the HELOC would be around 12%. He said that the low interest fixed and the high interest HELOC would end up being more than if we did a cash out refinance and had just one payment at around a 6% rate. And he said on the refinance we could take 80% of the home value. So is that 80% of the $175k equity, or 80% of the full value of $450k?

that is 80% of the equity. you can only borrow against what you own, otherwise the bank is double lending you money for the same asset. but thats still $140k in cash. which would be an amazing amount for a self financed brrrr, or downpayments on brrrr loans for multiple brrrrs, or you could purchase 3 $200k MFH with 20% down and have 6 doors right off the bat. lots of choices.

1 Vote

so I'm new to investing in real estate, but I was curious if anyone has bought a fire damage home for a flip or even to brrrr? if so, how did it go? any extra problems that came from the fire that you didn't foresee, or did it work out better than most because the price of it was so low?

1 Vote

Kansas City, Missouri

All Forum Posts by: Dyami Pike

Dyami Pike has started 10 posts and replied 65 times.

Post: Become a RE agent in Missouri

Post: Profits on first flip

Post: Profits on first flip

Post: Cash-out refinance on primary residence?

Post: fire damage house for flip