All Forum Posts by: Haven Ousley

@Michael E. Amazing advice

Greetings good people. I was curious about wholesaling and just wanted to see if any one with experience wouldn't mind sharing about it. From the looks of it, it seems to be a very good way to learn more hands on with real estate while making some profits in the meantime. Anyone familiar with it, please share some pros and cons along with things that you didn't find out until you began wholesaling. 

@Ian Stack and so did you and your partner had to have some cash reserved for holding costs ?

@Evan Polaski okay. Thank you.

@Ian Stack thank you

So I’m in the process of doing my first flip this year and I’ve been analyzing deal after the deal & ive been thinking is it really profitable?

If I pay $8,000 down for the loan and $17,000 in holding cost & fees and my desired profit is $25,000. Technically am I only making profit because I’m paying $25,000 out of pocket ? Is this simply fixed by looking for a higher profit ?

I’m confused. If any flipper and just someone who understands can explain to me how they actually profits after such expensive holding costs from hard money that’d be very helpful.

@Jonathan R. Thank you! I think that’s a good idea as well. Sellers love cash buyers.

@Wenda Wang Thank you! Definitely learning more everyday

Hi I wanted to ask and gain some perspective from any experienced investors out there or anyone who has the knowledge on possible options of getting a deal done without any prior income history for lenders to see or w2.

I was in college while studying real estate the past 9months & always had a part-time job while working but didn’t bring in any substantial amount. ($1-$1.5k a month) I’m serious about real estate and want to own a rental/multifamily by this year.

My credit is 700+ but after applying for a FHA I was denied due to insufficient income history. I picked up a great summer job where my income is ($3000-$3500) per month & was told to reapply with proof within a few months before going back to school full time.

I have access to about $11k worth of cash right now. My market is Wichita, KS and there’s cash flowing rentals that range from $50k-$100k easily

Any advice on the next few steps to take to achieve my goal ? Is there any other possible options ? Has anyone been in this situation before ? Is there any loan or partnerships out there I should try ? Or maybe even seller financing?

@David Murphy thank you