All Forum Posts by: Jesse O.

What's the zip code?

@Mike H. You're right.  I'm totally looking for the 'fun' of flipping a house...Seeing my work turn something into some cash.  I'm just getting frustrated by not being able to find something  Do you have experience lending money, if so I'd like to chat offline to pick your brain to see if that's something I'd like to do.  

I know what you mean about the buy and hold.  I've got a couple rentals already. 

I understand that @Dawn Anastasi   Thanks. 

@Mike H. hahaha.  That's what I was thinking!  But I did it twice because I couldn't find anything to buy with it the first time.  They wouldn't extend my approval and had to open a new line.  I threw out $100k during the application, hoping for about $50k.  I've got excellent credit, a good active duty military salary (19 years) and have been banking with them for 12 years (USAA).   The funny thing is that the people taking my application couldn't believe it either and were VERY curious as to what I was using it for.  But the underwriters approved it twice, so it's definitely not a glitch.

I've thought about loaning it out, but just a bit scared because I haven't done that before.  I placed an add on the marketplace looking for a partner to buy a more expensive flip, but no takers so far (this was about a month ago).  I wouldn't know where to begin trying to do that, either.  

I don't want to rush into something, but man, I never thought it'd be this hard to spend the money!

Thanks @Jay Whitfield and @Jon Klaus 

HI BPers,

I currently have a $100k unsecured loan (10%) available to me and was hoping to use it for my first rehab and sell property. I have not been able to get any offers accepted for the last few months. The approval will run out within the next month and I recently had to reapply for the loan because the last one ran out. The bank won't give an extension on the approval and I really don't want to keep getting credit inquiries on my report if I'm not going to use the money.

I've been leaning towards and toying with the idea of possibly purchasing a buy and hold property (or 2) to add to my two current rental properties. My worry is that at this interest rate, cash flow could be a problem. I know I would have to refi and hopefully get cash out, but I'd have to deal with this interest rate for quite some time, right?

What would you seasoned pros do?

Thanks!

@Chelcie Rivers 

From my research into this topic, the easiest way would be for you to get your RE license and hang your license at a brokerage. If you don't own the home, you have to have a brokerage license to manage the property. I have a contact that I could provide you that I was going to use as a brokerage under my LLC that would have just been a monthly fee (other than a percentage of each deal). Also, if you happen to sell a house, you would keep all of the commission rather than splitting the commission with the brokerage. PM me and I'll pass on the info if you would like.

In the end, I felt that there wasn't enough meat in the game for me to justify starting up a management company on the side and dealing with that type of stuff.

Good luck.

Jesse

Currently seeking partnership for first rehab in Jacksonville or Orange Park. Looking for someone with experience and possible lead on property. I currently have significant funds available, but have not been successful getting my offers accepted on REOs off the MLS at my price point ( < $100k). I know this isn't best way to get the best deal...

 Perhaps we could pool our money and split the profits?

Message me if interested.  

Thanks!

Jesse

@James Palin I think #3 would be a non-starter.  I think it would be tough to find someone to bite off on that one without partnering and splitting the profits.   

HMLs are expensive. I'd try the unsecured loan route if you have great credit and income and not use an HML especially for your first deal, unless you're buying at a great price.

Good luck 

Jesse