All Forum Posts by: Eric Bertolasio

I've been on BiggerPockets for years now, listening to the podcast and reading forums. But I feel like I have hit a wall. 

A little bit about me, last year I purchased a duplex in Oklahoma City, I live on one side and rent the other. It was my first home purchase and I used an FHA loan.

I'm trying to make my next investment but I'm having trouble finding the financing. I've applied for lines of credit and loans but have been denied due to my debt to income ratio. I thought it would be a good idea to do a flip or two to help lower my debt, but I'm having trouble getting approved for any loans to do that. 

So my question is, if you were in my shoes, what would you do next? I don't believe I have no options, I just don't know what those options may be. If you can help me out it would be very much appreciated! Thank you. 

With the Oklahoma Sheriff sales, I see that it says you have to have 10% of the purchase price within 24 hours. So, when you register for the sale, do you have to have proof of funds? I don't see that anywhere on the site. 

@Alex Owens @Rodney Miller I posted this comment earlier but didn't know how to tag a person in them, so here is a repost of it. Thanks @Dmitriy Fomichenko for the tips!

Thank you for your response Alex, it's exactly why I signed up for this site. I assumed that auctions were a decent way to find homes that needed repair for a decent price. But like you say, estimating costs is impossible. I've never been to an auction but I was planning on going to one next week just to get a feel for them.

In that case, what is your preferred way to find and buy homes?

Rodney, thank you for the offer, I will take you up on that. I will be getting in contact with you soon.

Thank you for your response Alex, it's exactly why I signed up for this site. I assumed that auctions were a decent way to find homes that needed repair for a decent price. But like you say, estimating costs is impossible. I've never been to an auction but I was planning on going to one next week just to get a feel for them. 

In that case, what is your preferred way to find and buy homes?

Rodney, thank you for the offer, I will take you up on that. I will be getting in contact with you soon. 

I am new to this site and am looking to get involved with buying homes from auction and flipping. While I don't have any experience with it, I have done plenty of reading and learning, but I feel like it is time to actually get my hands on a project. I do have an initial question that hopefully can get answered.

I am going to need a financial investor. From a financial investor's viewpoint, what kind of information do I need to have in order for you to be interested in getting involved in a home? I know the basics such as after renovation value, projected renovation and purchase costs. But with auction homes the final cost is obviously in the air and renovation costs are hard to pinpoint. So basically, as an investor, what information do you need from me?

Thank you for any and all responses,

Eric