All Forum Posts by: Eric Creel

@Bryan Hancock thanks Bryan. I understand the ways it can be structured. Can you tell me what ROI % would be a good deal for a friend/investor?. Or what % straight split would be fair?

Hi, 

I am soon to be licensed contractor. I am considering doing a spec house with a potential investor. He has offered to fund the entire deal and I will handle the rest. How are the percentages usually split? Thanks in advance!

@James E. Krause

From my experience everyone has different taste. However, going neutral is the best way to go on an investment property. Right now people are loving the light Grey cabinets with a white veiny granite.

@LaQuata Kirkland

What did the lenders tell you in regards to the turn down? If you have a 620 and 5% down you qualify for a conventional primary. However, if you don't show enough income your DTI (debt to income ratio) may be too high. You need to ask the lender that evaluated your loan what the reason for turn down was. As I said before, everyone uses the same guide lines so bouncing from one to the next will just lower your credit score.

@LaQuata Kirkland

Honestly, lenders do not differ much from one to the next since the federal guidelines changed. You basically need a 620 Credit score with a 5% down payment to do a primary. If you come up with a 20% down payment a smaller bank will likely lend to you with a lower score.

@Jacob Villalobos

I believe my expectations are fine. Im trying to figure out how to find the right realtor? I don’t want another one that lists it on the mls and is done. Is there a top producer list out there?

Hello,

I am currently on my 2nd investment deal and need some help. My first deal was a home I built and sold 3 years later. On that deal I used 3 different agents (14 months!) and neither made me feel that they were actually "selling" my house. Long story short after the 2nd agent I dropped the price and listed FSBO. The 3rd one then called me and talked a big game and I gave her the listing. Basically, I feel strongly that I left a minimum of 40k on the table. I took my first offer in 13 months at 343k and it appraised at 389k. I guess since I was so relieved it sold I used her to buy my next investment... paid full asking. She was on vacatIon durIng both closIngs. I listed this one FSBO after all of the frustration and had 2 showings in the first 30 days. #3 called me again and I gave her the listing because she offered to do it at 1.5 commission. I agreed, even though she has yet to step foot in my remodeled house 🤦🏻‍♂️. HOW CAN I FIND AN AGENT THAT WILL SELL MY HOUSES FOR TOP DOLLAR IN A REASONABLE TIME FRAME? Thank you in advance.

@Alex Nelson

I would not waste your time with one of those hand held sprayers. You will constantly be refilling, making a mess and working on it. I bought a Graco X7 and is my best flip purchase yet. I primed and painted the outside of my first 1600sft house in 3 hours. Try rolling a brick house and then use this sprayer 😂. IMO this $400 will be the best you’ve ever spent too.

@Sam Shueh

Sam, thank you for the info! I guess that was my main question. Certain agents will have a list of these properties?

@Ron S.

Thank you Ron