All Forum Posts by: Juan Martinez

@James Dargan from those $30k you have to subtract closing fees at purchase, monthly interest payments, and agent fees for selling.

I am currently working on getting a partner, I am looking for alternatives incase it does not work out. 

My offer was accepted on a HUD home but I was not able to secure financing for the flip as I have my money in another property that is going on the market in a couple of weeks. Hard money lenders are asking me for around $10k down to finance the house and repairs. I was thinking of offering the house wholesale to assign the contract but I am not sure I can do that on HUD homes. Any help or ideas? I am fairly new on my 3rd flip.

@Jaysen Medhurst thank you for your response. If I am giving up 50% of the profit I would probably refinance instead and use the equity from the new hard money loan to rehab the property. I did feel like I overpaid but this was somewhat of a trade. I made a good return on the house I sold, but for the lender to have the funds and owner finance that house he would not be able to rehab this one and we came to the agreement that I would buy this one. I am learning quite a bit from the experience and based on comps there will be a potential profit of anywhere from 10k to 25k. Houses in the area are going for over the asking price. Do you think it is still a better option to find a capital partner than to take the hit on $6k of refinance fees?

I recently bought my second flip. ARV is $170k and I bought it for $110k. I put $15k down with owner finance. It needs a max of $30k for rehab. The person I partnered up with for the rehab did not secure the funds and I am left hanging. An option for me is to refinance the house with a hard money lender but it will raise my interest from 9% to 11% and I would be paying close to $6k in origination fees and closing fees. I cant get a traditional loan at the moment because I am in the process of building a home for my family and my finances are tied up there. Are there other options like hard money 2nd lien loans? Any suggestions?

I am selling a house and a friend of mine is offering owner finance up to $133k. I sold the house for $142k. The buyer needs a $9k down payment but they only have half of it at closing and the other half 30 days after. We are closing at a title company and they wont allow the second half of the down payment to be left pending? How can this be structured to protect all parties? Would a simple personal loan from me to the buyer be ok if we sign a contract? I know I am taking some risk but how can I take the least amount of risk? I am in Texas.

I recently became very interested in Real Estate. I bought a house from someone that I now realize is probably a flipper, I fixed it a bit more, lived in it for a couple of years and sold it for a good profit. With the money from this house I am going to buy another one to live in (my wife wants a new construction) and I intended to buy a second home as a rental. The more I looked into it the more I realized that there are better ways of investing so that I am not stuck paying 20% down+ rehab out of pocket every time I want to buy a home (BRRR). Were I am somewhat stuck right now is on how to find these properties. Does anyone have any tips for finding these opportunities in El Paso? What tools do you all use?