All Forum Posts by: Felix Rivera

Hi Bruce. I see you need houses. Here in upstate ny. There are plenty of good deals. Let me know if you do deals out of state.

Originally posted by @Bruce Glenn:

Hi Gabriel,

I've been flipping houses for 30 years now and back in the day I had a line of credit and could just stroke a check. Then the downturn came in 2007, 2008 and I basically lost it all and my good credit. Since then I have used all private money. It started with a friend that had a nice savings that he didn't mind using for investing in properties. In the last 4 to 5 years I've done nearly 20 flips and my problem now is finding houses, not money. I do have an advantage with all the years experience, many individuals are more comfortable with my track record and giving me money. But, if you can really show the numbers to someone with money, they might consider. I give a detailed account to my investor; purchase price, rehab costs, time frame, ARV, time to sell, etc. Then if the profit looks good to them, they can proceed.

There are pros and cons to it all. I like the JV deals because there is no dealing with the lender, no high money costs and with a number of my people the trust is so great that they never even go see the house. They leave me to do what I do.

Many ways of doing this business out there, just thought I'd share what has worked for me.

Thank you everyone for your advice.

anyone use private money lenders? why do they ask for upfront fees.

Yes Greg ,I was kind of thinking of that too. Sometimes dealing with family brings problems.

ok thanks guys for the advice.

Hi everyone :) . I would like to ask a question and a opinion ! . Today I went out with the realtor to look at some more home's. I want to see a lot of home's to see if I can start wholesaling ! . I seen a home that is in my town , like 10 minutes from my home. Its a great area !. They are asking $85k for the home. The home was renovated !. I really love the home to buy and hold the home. The Realtor told me I can put a offer like 65k! So my QUESTION is  "How can I buy and hold a property " ?. I already have a renter in place as well. I took my brother with me and he told me if I buy the home that he would rent it, Bam!!!!! . I really don't want to go to a regular bank.. Any suggestions.?. Are there any lenders that would help you buy and hold a property ???

Hi Frank, Thank you,im excited ! .The property is located in the town of Newburgh NY. I close on April 4th. If you know anyone in the hudson valley looking for ahome let me know.Its in a great area,balmville area and balmville is a great location. It has 3 bdrms 1 bath . It has swimming pool andjacuzi.

Any Investors in Hudson Valley NY. I'm about to do my first flip, any opinions or tips I need to know. Bought the house threw auction. $3,700 Auction premiums. Bought the property for $74k- ARV $210k, Rehab about 35k. I tell you, this can be a little stressful.

Did you check the comps?.Maybe  bring it down 5-10 k.