All Forum Posts by: Joel Wiegand

Ok, thanks for that! So it sounds like they are looking for steady income, not necessarily steady employment of the same job?!

Hi all,

So been flipping houses for the last 1.5 yrs and have learned a ton from this forum! Finally looking to house hack a duplex(currently renting) and have a property we like and ready to make an offer. My problem is I keep getting the cold shoulder due to the nature of house flipping...large amounts of money in and out and no steady pay throughout the year. Also, not having done flipping for 2 years seems to be an even bigger problem. I have been self employed since 2009 but not in the same field...but have had steady income. I have read on BP that 1 year is now all thats required in same field. Is that true or is 2 years still the standard? In 2017 we had a net income of $74,000 flipping and in 2016 netted $13,000...the duplex I'm interested in is a buy at $150,000. Am I off my rocker thinking we can do this deal? Even a conventional loan with 10-20% down would interest me if it'd be an option.

Also, any good recommendations as to who is an investor friendly lender from someone that covers PA?   Thanks for any and all help!!

Anyone have a good painter to recommend near Philly. I bought a flip from out of my area as Im from Lancaster Pa and will be needing a painter. House specifically is in Marcus Hook which would be south of Philly. Thanks so much for any references!! This is my 3rd flip in less than a year and its all been possible with the help of this forum! Thanks all so much!

Working on a flip property and we have just a few more items to do so I put up a for sale by owner sign out front and a week later we have someone pre-approved for a FHA loan and working with a realtor. They are covering the cost of the realtor on their side. The problem is they are wanting to lay down laminate flooring all through the upstairs including the bedrooms where I was planning carpet. I think they are willing to pay any additional costs to have that done but the problem is, is if they back out or the house does not pass the home inspection, then I have a house with flooring that I believe will be harder to sell and cost me more to boot to have installed. Is there a good way to structure this deal so the risk is off myself if they back out or the home does not pass inspection? I am doing a few other smaller adjustments that I have not as much trouble doing... All they sent with the contract is a $1,000 deposit that is refundable if the home does not pass the inspection. Thanks for any thoughts.

Thanks for the help! Taking into consideration of what everyone here is saying. Would it be wise to do a simple knock on the door and try see if the people occupying the house are tenants to the bank paying rent or if they are the previous owners playing hard ball. I know, that's been my hang up too. If they are still in there, obviously the bank wasn't very successful in getting them out which yes, is a big red flag for me. Its a nice home and seems they take care of the property within reason. ARV is $300,000 and doesn't appear to be in bad shape. Getting it for around $200k sound reasonable if it costs around 25k (est.) in repairs?

Looking at some properties that are occupied on hubzu. What has been your experience getting people out of the home. Its a nice home that looks to be well kept so not sure if that says anything about the people living there or not. This is Pennsylvania. What rights do I have to get people out in a timely manner if they don't want to work with me! Thanks for any and all help. First purchase and am excited to get started but also not wanting to jump in blind!