All Forum Posts by: Justin Puetz

Hey everybody!

I just wanted to extend an invite into our weekly mastermind! We started this at the beginning of the year with the 90-Days of Intention Journal and unfortunately had a member that needed to step back for a while. Currently it’s three of us that meet up on Zoom (can easily be done on your phone), every Sunday at 5:00 PM CST. We are flexible on the meeting time to help accommodate someone, so don’t be afraid to reach out!

We realistically want to keep this group small (4-5 people total) to keep each of us engaged. Usually each meeting is about 40 minutes long and we rotate a different “hot seat” each week to dive into what you need some help with. We only ask that you are able to commit to the group by meeting weekly and simply have a genuine desire to invest in real estate (from beginner to expert). Any area of interest in real estate is welcomed!

This upcoming week we are creating and walking through our Q2 goals (no Hot Seat), and it would be a great way to jump in! If you have any questions, don’t hesitate to ask!

Have a great day!

- Justin Puetz - @Nicole G Bauer - @Tarino Russell

Hey Isaac!

I know I'm late to the party but I was just scrolling through the feed that was based around St. Cloud and I figured I would at the very least send a quality plumber your way in case you need one down the road. Chad with Midsota Plumbing and Heating does an awesome job! DM me if you want his phone number (not sure if you can find it online). I'm a General Contractor in St. Cloud and I have worked with Chad on several different projects and have always been impressed with him! Hope this helps (well, at some point, hopefully, haha)!

Have a great day!

Justin

It's that simple, where in the world can I buy an apartment entry door? I need to have a peephole on it and I can't seem to find actual apartment doors. I've seen the steel ones from the usual suppliers (Menards, Home Depot, etc.), which may be an alternative. However, I'm looking for the wood grain style like the other units and I wasn't sure if there was a better source to look into for more options.

Thank you for any help!

Justin

Marc:

That's interesting, I thought each time a different bank pulled a credit report on you (I believe it's referred to as a 'Hard' Credit Report - or something like that) it had a negative impact on your credit (only if it was pulled often within a certain time). But I'm thinking a hard money lender may be our best route just for sheer speed, the banks I've been talking to are talking about 6-8 weeks before I could potentially see the money, which would really set us back.

As far as pulling the credit once you determine that we would be a good borrower, I see that a potential conflict of interest. Banks make a large portion of their money through fees and interest (but more so fee - especially with the secondary markets for mortgages), meaning that I would think they would try to get everyone who had a pulse a loan, making me doubt their process to vet borrowers prior to pulling the full credit report.

Tim:

The numbers layout like this:

• Purchase Price: $43,000
• Rehab: $30,000 - $40,000
• ARV: $125,000
• Potential Profit: $30,000 - $45,000
  • All depended upon closing fees, unexpected expenses, etc.

The rehab will probably take around 6-8 weeks realistically and (if we get the money fast enough), we are hoping to hit the market during the peak of the season, mid-July area.

Hey, everyone!

So this is my first post here on Bigger Pockets and after listening to several of the shows, I'm very confident that the community here can help me out! This situation is this: I own an LLC with my two brothers in Minnesota. We have flipped one house so far and this will be our second. On the first house, we couldn't get it financed because we are very young (23, 21, 16), we don't have exceptional credit due to our ages (and the fact that I have a bunch of business debt on my credit cards - lowering my personal score), and we really have nothing for personal assets yet, making us far from the ideal borrower. We have purchased the second house in St. Cloud, MN using all cash. This transaction tapped us for almost all of our cash, we did this in hopes of breaking through the "traditional financing" route by having an asset to put a lien against. My biggest issue with this is that I'm worried about applying to traditional banks, having my credit pulled multiple times and dropping my credit even further, just to find out that we are not qualified borrowers.

My question is this: For this situation (and flipping in general), is it better to go through the process of a traditional lender or go the opposite route with hard/private money? Ideally, I would love some advice for how to quickly finance the rehab of this property (of which we own 100%) based on our particular situation.

Any help would be greatly appreciated, thank you all so much for your time in advance!

Justin Puetz