All Forum Posts by: John Walker

@Ashley Okoro if the home is in need of lots of repairs, she could possibly look into a short sale. I'm not sure the details because I have not done one but I know that it could be an option. I would contact a local real estate agent and her current lender to see if this would even be an option. Good luck!

@Jack Puso I did the same thing to fund my first flip. I live in a cheaper market and my equity is $135k but it worked out well. The interest rates are pretty low for HELOC and interest only payments. Overall, I would definitely recommend if you are able which based on your information, it seems like it would be a great process for you. It does take some time or at least it did for me, although I did go through a local bank. Hope it all goes smooth for you! Good luck!

Hi @Armen Zakarian, I am just starting to deal with them myself but I would check out Do Hard Money. They may be state specific but I'm sure you can find out. Go to Marketplace at the top of the BP page, then you will see Hard Money Lenders. I know that DHM lends on ARV. I haven't done my first deal yet but so far the customer service has been good. Good luck!

@Adrienne Bryson I think it depends on what kind of experience you have managing people in general. I decided to start with SFR since I was not doing house hacking either. It was able to teach me things without jumping into a multi unit situation where you could potentially get overwhelmed since you are self managing. Obviously, the cash flow could be better on the multi's. It just comes down to which way you lean on Potential Cash Flow vs. Less Stress/Learning Slowly. Good luck!

Welcome to BP! It sounds like you're ahead of the game being that you're essentially debt free. I use a Home Equity Line of Credit for my investing as well and think it's a great idea if you're able to but sounds you are. I would check around for a competitive rate. The great part of the HELOC is that you're usually only making payments on the interest. I would recommend Brandon Turner books as far as Buy and Hold. I've heard from this site that J Scott has some great books on flipping but I haven't read them yet. I do like Flipping Houses Exposed by Danny Johnson (he's been on the podcast) and How to Flip a House by Brant Phillips. Flipping Houses Exposed is long but thorough in explaining how he ran his business and ran numbers. Good luck on your business!

I would go with a lighter color. That would give it a visually bigger look. It should also look good with dark cabinets and flooring. I would say a light gray or cream color. I usually buy at Lowe's and go with Valspar Paint+Primer. This kind usually takes two coats in order to look great. Recently, I used Holmes Cream and Oatlands Subtle Taupe if you want exact colors. Good luck and hope it turns out good for you!

I've read the book and I thought it was really good. I think it's hard to ask others what their "one thing" is because it will be different for each person. I know that's a vague answer. I would suggest to do what he says about starting big and working backwards. Also keep in mind that your "one thing" could change from week to week or even day to day. The main thing is directed focus. I definitely haven't mastered it myself yet. I might listen to it again since I'm an Audible user. Good luck on your business!

Is the property listed on the MLS? I would have your agent pull comps of other similar properties and see what the market value of similar properties would be and base my offer from that. That's the first thing that comes to mind when it comes to negotiating, especially if you feel it's priced higher. Good luck with it!

Hi Kadijah,

I am just completing my first Fix and Flip. The most important learning factor for me is to just jump in and do it. Don't just stand on the sidelines analyzing. The education that you get from doing it and learning through the process is invaluable. I have learned so many things through the journey of this first one. There have definitely been some mistakes but that just means that I won't do them again. I recommend two books, How to Flip a House by Brant Phillips and Flipping Houses Exposed by Danny Johnson. Danny was on the podcast very early on. 

The steps I would take are:

1. Work on financing.

2. At the same time, I would be looking for a realtor that can help or get your license.

3. Start searching for contractors, write down their info and start talking to them.

As far as people saying that newbies shouldn't flip. I don't necessarily agree. I think that if you can find a deal that is really good, then you can most definitely start with a flip. The better the deal, the more cushion you have for those "learning experiences". Even if you were to break even or lose 5k, you will learn so much. Just make sure that you ask questions while the process is going on. 

Good luck!