All Forum Posts by: John Spina jr

@Christopher Phillips okay that definitely helps me weigh my options. The Fannie Mae Homestyle Renovation Mortgage, is that the same as a conventional FHA loan? and is that specifically for owner occupied properties?

Also can you please explain to me what points mean? Is that considered interest?

@Jeff G. How much does it cost for those leads? I kind of find list source a little confusing maybe because it just seems like a lot of information to log into the criteria search. Im looking to get into my first flip. What would be the best method to apply to list source. Also whats your method when driving for dollars? I know you said that driving hasn't brought you any leads but lets say one same across that fit your criteria, would you just ring the doorbell ask begin to present yourself to the homeowner? or would your just leave a note in the mailbox?

Hey all BP members. I have a general contracting company that my father and I run. Im looking to start our first flip together. Although I do not have much capital of my own just yet is it still possible for me to get started? Also what is the best way to generate leads? Any advice will help.

In regards to flips, what type of criteria are you searching for your mailing list? Also what would you suggest is the best list provider? Ive never done direct mail and I'm looking to start my first flip. Any suggestions on how I could get started? @Owen B. @Jeff G.

@Christopher Phillips Okay thank you for that information. I didn't know it had to be for owner occupants. Is there any type of loans I could use to get my first flip under way? What would you recommend to a contractor like myself who's trying to start his first flip?

General Contractor looking to expand and get off my feet. Assuming I wanted to do a flip. Its obviously an investment property. So does that mean i need 20% - 25% down payment? Also if i were to do a 203K loan does that mean that the loan includes the mortgage plus the repair cost minus the down payment? Does anyone know if there is a requirement for down payment on a 203K loan?

@Account Closed Thank you everyone for the advice. Since this post I've structured a very good budget and I now have a time line on when my debt will be paid off. My next step is to network with those in my field and see if I can generate more opportunities thank you.

Can i ask why your looking for a hard money lender and not going the conventional route?

@Account Closed thank you!!

Hey all BP members!

Im really looking forward to get into investing. The issue I have is that I have some credit card debt thats holding me back making it very hard to save for capital for a down payment. Im a general contractor by day, and an operating engineer at night in Staten Island, NY. Working 2 jobs, I recently got engaged so were saving to buy our own house (duplex) on tops of wedding expenses.  I would like to start flipping so I'm saving to get licensed and insured this way I can bid on bigger jobs. My question is what should I focus on. I feel like I'm going in 5 directions at once. Saving small increments for a number of different things (paying off credit card debt, getting licensed and insured, wedding expenses, down payment for investment, down payment for primary home) I'm a little overwhelmed to say the least. 

Can someone give me some advice on what I should be focusing on first.