All Forum Posts by: Jennifer Hamric

Hi guys!

So, my husband and I are jumping head first into this. We are going to be flipping homes and I'm pretty sure that we just found our first house.

They are asking $105k but it's been on the market for a while and it's a short sale. We're planning on offering $87k, doing improvements for $18k (90% cosmetic). Quiet costs should be about $15k. The Selling Price after rehab should be $151k.

My question is, how do we go about funding our venture? My husbands credit is terrible and mine is ... ok... but I'm 'unemployed' so conventional lending is out. We're leaning towards HML but not sure how to get started. We have $10k we can put into this out of our own money. The LTV should be 73%.

Any advice or directions (or anything I'm forgetting because I'm excited!) would be great!

Thanks in advance!

Thanks Rich. That helps :)

Yes... The bank...

Thanks guys! It will be our first! ;)

This is probably dumb, but.... If a foreclosed house is listed for $89900, would it be rude to come in at an offer of $60000 (the house needs $10k-$15k worth of work & comps put it selling at $100k after rehab)? Thoughts? Thanks!

Filing for LLC & opening accounts this week!! I'm kind of freaking out! We're VERY excited & nervous ;) Just thought I'd share our 'Starting Moment' ;)

Hi Deadrick! Good to meet you! Maybe we could do lunch one afternoon! We're all about creating our network with other people who do what we do in our area!

Thanks

Thanks for all the responses!! :)

@Brandon Turner South Carolina is a pretty awesome place :) We love it here. Our story is pretty simple - we relocated to SC from FL a year ago next month. We know that we want to do REI, its just figuring out the wheres, why's and how's at this point.

@Jason Dillard I see that you're in Greer! We are in Taylors :) We will take any help we can get!

Hi there! Anyone else in our area? We would love to meet some awesome people in person! Talk soon!

Thank you :) Thank you :) Angela Tanudjaja : We are looking at exactly those pros & cons. We like the idea of flipping and earning more money faster and then working into squiring rentals so that we can eventually retire with a decent passive income. We REALLY like DIY home projects. We are all the time finding things we can do ourselves to improve our own home. We're very hands on people. My husband is a mechanic by trade & is very structurally inclined (not sure if that is actually a thing but if there is a way to do something - his brain can figure it out!). I enjoy decorating & designing (I've not met a woman who doesn't ;) & I'm a photographer which I think gives me an eye for composition). Our financial situation is ok. We have some money to use (not enough;) ) & we have someone interested in becoming an equity investor. We also have time to invest. My husband works 8-5 and has most weekends off & I'm a stay at home mom :). I guess we really need to stop 'researching it' & start 'doing it'! I guess we really need to know just how to start. My plan was to file an LLC - mainly to protect our us & the kids. My MIL thinks that it would be better to just buy the house ourselves, in our names (vs the company's) & sell it that way. I'm just afraid of the financial risk in that... So, now what? :)