All Forum Posts by: Account Closed

Starting a small business and the bank is willing to loan up to a $50,000 dollar line of credit with possibly a $50,000 dollar credit card. Interest rate on the line of credit is 1% plus prime and 5% plus prime for the card. Thoughts on what type of investing I should go from here ? I originally thought fix and flip with the line of credit, but am open to hearing about other creative options for Jacksonville, FL. Thanks in advance.

-Ty

Hello Friends! I am new to this site as well as Real Estate investing. I am trying to get leads for wholesaling and flipping in my immediate area (Ponte Vedra, St. Augustine, Jacksonville) so I can get my first deal under my belt. I am super motivated and very excited to take on this profession as my new venture in life. Any assistance in my area from a seasoned investor or anyone that has deals they want to pass on please let me know. I am also looking for private lenders with competitive rate too. I am very system oriented in business so any other investors that use good systems to work their business (instead of their business owning them) please pass on advise. I have been a business owner for over 10 years and I have been very system dependent but I have always created the system that was duplicatable in my companies. I want to build this business the same but I will need some help.

BP Nation, 

Any active wholesalers, mobile home guru's, or flippers out there in Jacksonville, Fl area?

My brother is looking to become active in the local REI community and may be looking to do a fix and flip on a fair lot in south jax. May be looking to purchase something as a primary residence there in the near future as well.

Also, any recommendations on local REI's that he could attend? Detail? (first meeting free, membership cost, etc.)

Any help would be greatly appreciated! 

@Account Closed, my target response rate is 2%.  I'm on my second drop with 39 responses (most from the first drop). I should exceed 2% before I get to 7 drops.  It is an Absentee owner list.  Some are vacant, but most or rentals.

I believe that there is a real nice spreadsheet out there that calculates all that in Excel. You input beds/baths/square feet and all repairs..It then tells you the maximum that you should pay for the project and calculates your profit..

is this the best way to find ARV...

70%ARV - repairs - wholesale fee = max offer

????

Gave 346k for the business in Nov last year.  I'm not sure what the normal is for the industry.  My payment is 1800 a month.  The occupancy has climbed since last November because of my new management.  Prior years were at 55 to 60% occupancy.  Cash flow is fa-nominal!

 OOH lets try to guess WHICH 3 day seminar was so confusing! I'm going with Than Merrill's FB???

I've heard on the podcast that you should take what zillow offers ( zestimates, prices and such) with a grain of salt...can anybody clarify or expand on this? Are the prices on this site quality? Are they negotiable? I know there are other sites to check out houses, but so far, Zillow is the first I've checked.