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All Forum Posts by: Justin Flowers

Justin Flowers has started 1 posts and replied 11 times.

@Allyson Edwards I think your best bet at this point is to do a lease option or just outright owner finance it. Assuming you get the price you want and the process goes smoothly, you will have better cashflow from owner financing/wrappable mortgage (no insurance, management, maintenance, etc to pay for). Have an RMLO (Residential Mortgage Loan Originator) screen your buyers so you have better protection and a hands-off approach. 

I did this with a property I got into some trouble with earlier this year, and I was able to take a losing deal and turn it into a win. Although you miss out on the tax benefits, appreciation and principal pay down as you would on a rental, it's a good backup strategy in case things go awry. Good luck!

Looking at your deal and running my numbers (I also use hard money that lends at 70% ARV, 13.99% interest and 4 points), you would need to get the purchase price down to at least 230k, preferably even lower in order to get the HML to fund the full repair (assuming you can even find one that will do 100% purchase and rehab there).

I have spoken to a lot of people doing deals in Atlanta and I know there are some pretty cheap properties there that make great deals. If this is your first time doing a deal, I would STRONGLY recommend taking on a smaller project first to get some experience before tackling something this large. The bigger the project, the more room for things to get ugly, and you dont want to be stuck with a mess on your hands from biting off more than you can chew!

I say all this coming from experience of course...been in some rough situations myself. As far as getting the deal vs contacting a HML first, always get the deal first, as you'll need that to even apply for a HML loan. Definitely do some research though and find one that fits what you're looking for and what you might think you can qualify for. You can find whole lists of Hard Money Lenders in your area right here on BiggerPockets. Always look for a local lender rather than national, as they usually have better rates and are more flexible. Any questions, feel free to inbox! Good luck!

Howdy Ebony. Do you still have this property under contract? If you’d like someone to look at this property in person, I’d be willing to take a look at it for you and help you out with resources. I am a flip and buy and hold investor here in Corpus.

Post: Where to find Investing partner

Justin FlowersPosted
  • Alice, TX
  • Posts 11
  • Votes 1
Howdy Justin. I am an investor down here in Corpus and would love to chat with you to see how we can help each other. My sister and brother in law also live in the Houston area and I would also be willing to meet up with you in person if you’d like. I currently work on both flips and buy and holds in the area. Hope to hear from you soon!

Post: How should i invest 70k?..

Justin FlowersPosted
  • Alice, TX
  • Posts 11
  • Votes 1
Howdy Logan. I am a fellow investor here in Corpus as well. Let’s definitely get in touch and see how we can help each other out. I have a wide net of connections in the area as I help facilitate one of the local investor meetups. Hope to hear from you soon!
Depending on what you’re looking for exactly, I may be able to help you out. Inbox me the details when you have a chance and we can chat further. I do both flips and buy and hold in the area, as well as help facilitate one of the local investor meetups. Hope I can help!

Post: Real estate agent in Washington State

Justin FlowersPosted
  • Alice, TX
  • Posts 11
  • Votes 1
Howdy Benito, I lived in Seattle for about 10 years, and have a lot of connections in the real estate industry there. There are a few excellent references that come to mind with what you are looking for, that I’d love to introduce you too, all centered in Seattle and the Eastside. Let’s definitely connect!
Thanks Tom, that's solid advice, and much friendlier terms for sure. I live in a small town, so not many banks around, but I will definitely check with what is here. Much appreciated!
Going through the MLS so those aren't viable options.
Thanks John. There are a few Hard Money lenders in my area that have as low as 10% down with similar terms, but I am looking to put down as little upfront money as possible. Something similar to the loans I can get on my fix and flip deals, but possibly with only one closing and fewer than 10 points upfront :/ I'm not opposed to putting money into the deal, but 15k in points or even 20-30% down on the house is definitely more than I can handle.