All Forum Posts by: Eric Huntermark

Jaedon,

Thanks for information and breakdown! Definitely going to consider everything including your last point about 0% interest credit to actually execute the flip and get materials/labor.

Quote from @Meghan Carson:

@Eric Huntermark

Welcome to BP! 

Beautiful first flip. Wishing you the best in continuing to build out your portfolio. 

 Thanks, Meghan!

Quote from @Rick Pozos:

Financing. Get to some local meetings. After talking with some folks, you will find someone out there will have a bunch of cash. They will lend you their IRA money.

My friends and family lend me 100% of the purchase price AND rehab money. I usually only have about 2k for closing costs out of pocket. Then I have monthly interest payments until sold. The thing to remember also is that I buy super duper priced houses. If I ever got foreclosed on, my lender would make a bunch of money finishing the house. They would not be upside down.

The key is finding VERY discounted houses.

Rick, thanks for the insight! That's exactly what I'm looking for in a capital structure. When looking for houses, do you leverage your network more than searching the open market? My next big gap in knowledge is finding homes

Quote from @Dominic M.:

Having family with trades is a huge benefit, even if they don't do the work, utilize them as a resource. 1. Sourcing reputable contractors via your network 2. Not overpaying and getting great terms 3. multiple bids/ quotes 4. project management. 

The link would be to capital, sourcing and analyzing deals: underwrite, underwrite, underwrite. Speak to lenders, have a nice package together: they will want an SREO, your background, your assets/ income etc, they will want your "business plan", your underwriting, your capex breakdown line by line. 

Connect with local wholesalers and investor friendly agents and provide your criteria to start receiving deal flow.

Thanks so much for posting this! Ton of great information !

Quote from @Corey Bogaski:

Welcome, Eric! Under 10k might be hard to get into unless you partner up with someone who has capital or can find a private lender willing to work with you. A good way into it may be doing a house hack or live and flip then pulling the equity out in a refinance.

Tons of ways to make money in this game! If you need any help lets connect and talk. Maybe we can bounce some ideas off each-other and help one another. 

Unfortunately a house hack isn't likely an option. The wife and I just bought our first house about 6 months ago. Looks like your local to me. I'll reach out via email so we can connect.

Quote from @Jaycee Greene:

Quote from @Eric Huntermark:

Additionally, as I'm thinking about conventional loan products as well. I need to better understand all impacts each option has for a smaller operation. It may be that a conventional loan product is better to start, but i just have to factor in the longer runway to getting funded (e.g., underwriting, etc.)

Let me know if there's a better way to think about this. Thanks again for the discussion!

@Eric Huntermark Unless you're already independently wealthy, a conventional loan product (assuming this = bank/credit union loan), is going to probably be less attractive for you and most banks/credit unions don't lend to flippers.

It sounds like, I'll need to either pony up some more cash or find a private lender that is willing to invest in some of the deals with me

Additionally, as I'm thinking about conventional loan products as well. I need to better understand all impacts each option has for a smaller operation. It may be that a conventional loan product is better to start, but i just have to factor in the longer runway to getting funded (e.g., underwriting, etc.)

Let me know if there's a better way to think about this. Thanks again for the discussion!

Quote from @Jaycee Greene:

Quote from @Eric Huntermark:

Hey everyone!

Excited, and honestly a really nervous, to be diving into the flipping business! 

I previously owned a long-term rental that I bought from a parent and rented to family for over three years (lesson learned!). When they finally moved out, after destroying everything), I flipped the property, doing most of the work myself and leveraging family with trades backgrounds. I ended up making a profit that paid for my wedding and honeymoon!

My first flip!

Now I’m looking to get serious about flipping. I still have a full-time job, but my goal is to start with 1-2 flips/year for the first couple of years, then ramp up to 5+/year.

Right now, I'm focused on learning as much as possible—market analysis, deal sourcing, estimating rehab costs, and raising capital. I'm also in the process of finalizing my business plan and setting up my LLC.

I'm excited to connect with the community and would love any insights or advice as I get started! Looking forward to learning from you all.

Hey @Eric Huntermark, welcome to the BP Forum! Nice first flip. Are you targeting the same type of house/area? Do you have your financing in place or are you using all your own money (or an investor)?

Thanks very much! Yes, I'm looking to start with single family homes (Purchase price ~<$150k, resale around $225k - $250k) in the Pittsburgh area. Do not have financing at this time. Looking to limit the amount of cash I need to put in (ideally under $10k) by leveraging different financing options

Thanks very much! Yes, I'm looking to start with single family homes (Purchase price ~<$150k, resale around $225k - $250k) in the Pittsburgh area. Do not have financing at this time. Looking to limit the amount of cash I need to put in (ideally under $10k) by leveraging different financing options

Hey everyone!

Excited, and honestly a really nervous, to be diving into the flipping business! 

I previously owned a long-term rental that I bought from a parent and rented to family for over three years (lesson learned!). When they finally moved out, after destroying everything), I flipped the property, doing most of the work myself and leveraging family with trades backgrounds. I ended up making a profit that paid for my wedding and honeymoon!

My first flip!

Now I’m looking to get serious about flipping. I still have a full-time job, but my goal is to start with 1-2 flips/year for the first couple of years, then ramp up to 5+/year.

Right now, I'm focused on learning as much as possible—market analysis, deal sourcing, estimating rehab costs, and raising capital. I'm also in the process of finalizing my business plan and setting up my LLC.

I'm excited to connect with the community and would love any insights or advice as I get started! Looking forward to learning from you all.