All Forum Posts by: John Hamilton

Looking for funding partner and I do everything else. We can split 50/50.

I can provide the deals and oversee the construction. These deals will be analyzed and scrutinized before my partner even sees them. Since that is my contribution, I need to make sure that is a slam dunk. You have the final decision.

I worked with my sister in her preservation company in Columbus, OH, and have other construction experience through family and odd jobs and personal experience in rentals I lived in. I am building up my network of GCs and subs to find ones that are reliable, perform, and stay close to bids. It all depends on what kind of rehab is needed.

I need to know what kind of deals are you looking for? I deal with SFH, prefer 3/2, under $150K. Less rehab the better, but we can tackle the bigger rehab jobs if you're game. I hope to get some deals over the 2-3 weeks where I will have it under contract. I just need the funding to pull the trigger. I will want to deal directly with the seller and avoid daisy chains.

If there are any takers, let me know. We can negotiate the split if you have GC or subs that you have already worked with.

Last point is I am an IT project manager by trade. Usually work with vendors and workers to get the project done in time and on budget. Of course, we know the best laid plans can go awry, but will a good plan and best estimates, everything should go better than not having one.

Contact me through inbox or call me at 904-557-5063 or 925-784-9733. My email is [email protected]

@Darrell ShepherdI just talked to LendingHome's rep and their loan program is pretty sweet if you need their help.

90% Purchase, 100% rehab (taken out in draws), 4-18% (depends on experience and credit), better to have a business rather than personal, but they work there, too, 6-12 months, interest only payments (must have 3 months reserves), some doc (bank acct, etc), no major hits on your/business credit (judgments, BK, liens, criminal, fraud, etc). They do have points 2.5 on some occasion, but that is for loans above $100K

As soon as I find a property, I will be working on getting a bridge loan through them.

Thanks for the referral! I hope the information gives others a good overall picture of what I was told over the phone. However, you should follow up with your own call.

I went online and halfway filled out the application (due to not having a target property in mind). They called me back. S, do the same if you are in my situation.

@Account Closed Don't give up! Following on other's replies and suggestions.

Learn as much as you can off sites like BP, Youtube, etc. There is so much free online information you don't need a guru or his fees to get the same information. 

Then, start networking like a mad-dog. Once you show that you have a positive, can-do attitude, that will give people a better impression of who you are and what your goals are. You need to have a plan rather than just saying I want to wholesale.

An investor is usually too busy with projects to slice off some time to work with a newbie. However, if that newbie is ready to take on some of the pain and help them out, they get the help and you get what you want. 

Nothing saying you can't do anything. Sometimes, waiting until the right time is also a good strategy. Know your business, know your goals, network yourself, and keep plugging along.

And right, don't whine. We've, well some of us, have been where you are.

Hi @Angela Ingram. I was curious. Without knowing the cost of rehab yourself, how to you determine all-in costs for the buyer? How do you know if something is a good deal or not if you don't have some kind of $$ figure, even if it's a rough estimate?

I agree that buyers should do their own DD and cost estimates and not take the word of the seller or wholesaler, unless there are actual quotes or estimates from reputable CG or subs.

Flooring (assuming sub-flooring?) and roofing can be costly items and could be ~$4-$10K each. Depends on the sqft and material and the vendor, etc.

What States and areas are you interested in? What price range? Just curious as I may come across these properties from time to time. 

Much success to you, Todd. Great response to Bill's "concerns". It's smart to use documentation to protect your company from any litigation.

Hi @Jeanetta Cueto. I have family in both Nanakuli and Waianae. Well, actually all over the islands.

Welcome to BP and the world of REI. If you have any questions, this is a great lace to ask them.

Learn all you can. Understand what the gurus tell you about wholesaling and reality are drastically different. There are plenty of wholesalers in Oahu that you can learn from and they can be found here on BP. Don't waste money on guru programs. You will need that to fund your wholesale business.

Much success and a big Aloha!

Just curious, what are your terms for owner financing?

@Terrence RiversThat's awesome! Congrats! 

I have been looking in the $1K to $50K market for SFH and most require rehab that pushes the property close to retail. I guess if I was looking for BnH, those would work with no mortgage/loan. Still, if you can cash flow them nicely, it should serve your purpose.

My goal was to fix and flip. A friend of mine wanted to use his sister as a private lender, so there would be very little loan costs. Then, he would leverage that to get into the next place, and so on. 

I'm personally looking to get MF (4 or less) to use as owner-occupied, but with poor credit and cash reserves, I will have to wait.

@Michael Mazzellathat's great! You are the epitome of giving back. Aloha!