All Forum Posts by: Jarvis Smith

in my opinion most flippers or cash buyers will have an agent or will have there own license and be looking at those same mls deals everyday. I don't think it would be worth the time. Finding off market deals is best

you're definitely going to need some money of your own to put in. Lenders generally require 10-20% down

@Michael Carlino

To answer your last question. If you are a flipper I would recommend cash or hard money for a quick close. Most wholesalers want to sell quickly. I've used wholesalers to buy a couple properties and used hard money it's very easy. Wholesalers can be a huge benefit to you as a flipper just make sure you do your own due diligence on a property like said above. I've seen many deals wholesalers are trying to sell which are horrible deals for flippers or inflated prices but some deals I have seen are great deals. Just due your own research :)

use sites like Zillow and Redfin to check comps in the neighborhood that will give u a good idea of what the home is worth. Also walk the property and estimate rehab costs explain to the home owner you are an investor and this is about how much it will cost to rehab the property. Also state that you can close quickly if using cash or hard money and there are no realtor commission this is usually appealing to sellers. Don't over pay if they won't budge move on to another property. 

Good luck!

You are going to need vacant property insurance it's expensive and not all companies do it. I used Farmers, and it's around $140 a month

@Sjalin Lathan-Sims hey, I will email you

@Mitch Dowler yes the seller has to pay excise tax in WA. its 1.78%. If you use a real estate agent you are looking at about 6% total. 3% for sellers agent and 3% for buyers agent. Then there is some title/escrow. I usually estimate about 8% for total closing costs when selling.

congrats on the first one! I'm also in escrow for my first one. Post pics and pricing details when you get a chance

very nice! @Steve S. do you offer financing for Washington state?

I would say it all depends on the market and location. I've flipped a small 2 bed 1 bath home in Seattle and made close to 70k profit. In my area it's very high demand market so any house that's renevated will sell for good money. 

As far as money goes in my opinion cash is king if you have cash use it unless you are doing multiple at a time and need hard money which is very expensive but worth it. I use hard money because houses in my area are expensive. 

Good luck