All Forum Posts by: Jonathan McNeely

I am on the right track then. I am not looking to get rich quick, just need to learn the ropes with hard money/private loans.  Thank, Y'all... I will research more here and come back with any Q's that pop up... 

Thanks again!

I want to fix/flip homes. I have been procrastinating for YEARS... Help me with some issues I have.

If I use leverage to buy a property and fix in order to resale, then I sale the property with a real estate agent, how do I plan for lending fees, closing cost and capitol gains tax? I live in TX if that helps any.

Lets say I buy a property for 50K, need 25K to renovate (75K loan) and sell for 100K. Out of 25K in "profit", I assume a large chunk is paid between the lender, taxes and closing. 

This isn't even considering holding cost for the several months I am fixing and listing for sale...

I want to eventually make this my full time job, it just seems far fetched unless I have several houses at once throughout the year to replace my current salary. 

Any guidance appreciated. 

Thanks Y'all!!

@Jerry W. - I would need some money down regardless of conventional or HML from what I researched. I guess the smarted plan is to aim for conventional financing so there is no rush to pay off a HML with the first flip or two... I listen to Dave almost daily, maybe this is why I struggle with the financing end of real estate... His voice in the back of my head... LOL

Thanks again!

Hey Everyone. I am Jonathan. I am in my mid 30's, father to 3 boys here in the hill country of Texas. My wife and I have wanted to get into REI for years but we both continue with our careers year after year. I am hoping 2016 is the year. I am interested in fix/flip properties and looking for private lenders/investors. I have experience flipping our two previous primary homes. One was a 60's SFH I grew up in and sold after remodeling in 2008. The other was our custom home we lived in for 5 years. Both turned large profits. I have the confidence to fix and sale for a profit, just need the financing end of the deal. That's the scary part for me. My goal is to fund my own flips eventually! Anyway, that's where I am. This looks like a really helpful site!