All Forum Posts by: James Williams

@Jingwen Dunford I'm about to order that book right now!

@Andrew Postell thank you very much. I will definitely keep researching the HML's that lend in my area. I'm currently looking to get pre-qualified and just have my ducks in a row. I will figure out the money part. Maybe I can convince my fiance to let me take it out of the house. I have about 90K in equity.

@Andrew Postell I am under the impression that lenders want me to have cash reserves to cover up front Reno costs, down payment, closing costs and interest payments for total term length. (ie. $100K property, 6 month term @10.9%, 1000 per month approx, 2-3K in closing costs and 10% down the 100K property for a total of $19K plus 1/2 of $20K reno budget so another 10K. Money for draw fees. I estimate a total of 30K-35K cash on reserve.) I'm sure my interest rate would be higher as well seeing as though I'm brand new to flipping. I'm guessing 12-15%. Am I seeing something wrong?

The acquisition cost for cash flow properties in my area is about the same if I'm sticking to sfh. $100-$150K for acquisition and rehab. I would stick to the same criteria for a while. Target cash flow $250+. Some as high as $500‐$600.

@Joe Villeneuve for the flips I'm looking to do, I was generally need $120K-150K all in. On average about $135K.

@Luis Rodriguez soundproofing is definitely possible with them in the unit. It's like any other maintenance that needs to be performed. You can schedule it with them or access from underneath. You just need insulation between the floor joists. Very doable.

@Michael Germinario I would like to hear a podcast with Clint Coons as well.

@Jon Klaus thanks for the tip. I will definitely read his material.

Hello BP community! This is my first post and I am looking forward to interacting with everyone. I am new to real estate. My fiance and I have decided to pursue this adventure together but we have some road blocks. We are definitely finding deals here in Charlotte and surrounding areas but have yet to be able to acquire our first property.

Credit is not an issue, we just don't have any savings. We have about $90K in equity in our house and a credit card with a $35K limit and no current balance. I have teo contractors that I have vetted and trust. I have a realtor to help get a property sold when we are ready. Any advice would be greatly appreciated. I am currently gathering friends and family so that we can pool resources acquire some properties in the future, but I would like to do a few fix and flips on my own to get started.

We both work in the restaurant industry and our income has been fluctuating lately. Issues with our jobs have made income unpredictable. That's part of why we are looking to get in on real estate. We would like to start with a couple fix and flips to get some experience and understanding under our belts. Our ultimate goal is to invest in multi unit rental properties to create long term cash flow. I want to build this for long term security for our family.