All Forum Posts by: Taylor Reichert

Ok, I’ll admit I know nothing about funding flips. But my concern is actually getting approved for funding a flip because I don’t have wads of income or a huge savings.

What I do have is equity in my home, a 401k(not active), and a small savings. If totaled equal roughly 150k. I realize this isn’t a mountain of wealth and there are penalties for using 401k.

My question is can I pool this these together and fund my first flip solo? I would rather use someone else’s money. But I’m curious... has anyone done something similar?

Ok, I’ll admit I know nothing about funding flips. But my concern is actually getting approved for funding a flip because I don’t have wads of income or a huge savings.

What I do have is equity in my home, a 401k(not active), and a small savings. If totaled equal roughly 150k. I realize this isn’t a mountain of wealth and there are penalties for using 401k.

My question is can I pool this these together and fund my first flip solo? I would rather use someone else’s money. But I’m curious... has anyone done something similar?

Thanks Wayne. I thought "conventional" was a more general term. 

Are all cash only offers strictly cash only? Has anyone seen a seller bend?

I'm just a little gun shy of HML for some reason. Maybe a little educational on the subject can cure that.

Hi, all. I've been seriously searching for about 3 months for my first buy and hold and put in a few bids. No luck yet. There are lot's of great deals that are cash only (Bank owned). I don't have cash. I do have pre-approved financing. I would like to bid on these without wearing out the agent for no reason.

Has anyone had success in a similar situation? How did you do it? Are hard money lenders the only option in this case?  

PS the loan is a 30yr conventional at 7.125% with 10% down and no mortgage insurance. No inspection required. Just want to know what those of you that use conventional mortgages are getting.

Thanks a Mil

Taylor

Well guys, this house has been taken off the market. It's tied up in probate and no one knows when it will be cleared. I'm moving on but for the sake of education do I have any options at this point or would I be kicking a dead horse. 

The search continues for another deal. I want my first before 2016. 

Thanks to everyone for being supportive. There's no other place like BP!

Thanks guys. This is exactly the type of support I was hoping for. 

@Nathan Waters

I think I'm guilty of pursuing for both reasons. The deal is good and I love the house. 

@Rick H.

That sounds like a great idea. 

Hello, everyone! I've been clearing debts, saving, scanning the market, and lurking the BP forums for a while now. And I've found a deal I'm comfortable pursuing. But I need a bit of insight. 

The home is a 2b1b, in a classy neighborhood of 3/4b2b, in good shape, and the price is right. 

What's the issue? It's not on the market. It sold the first day! 

There is good news. It was being sold by the estate and doesn't have clear title so the original buyer backed out and has refunded the earnest money. The agent is currently working with attorneys to clear the title but doesn't know when it will be back on the market. I've been calling to check up each week or two.

I have a few concerns:

What if this thing gets snatch up behind my back?

Is there a chance it comes back on the market with a raised asking price?

Can I make an offer at this point?

Is there a way to call "dibs" on a property? LOL.

Honestly, I'm just looking for a little moral support from the pros. I'm finally at this point and my I'm shaking with excitement. It's hard to wait.

Thank You,

Taylor

@Franklin Romine 

Health insurance is another major reason it will be difficult to leave the full time job. It will only be when it doesn't make sense to work that I quit.

Taylor

@Franklin Romine  

Absolutely! I'm glad you shared. I like to hear from those that are doing it.

Do you guys think one could continue to push growth in their business if they quit their job at 75% of W-2? That would mean giving up almost 60% current income leaving you with 25% less income than when you started out. What do you think? It seems hard with my game plan which is: save, purchase, compound savings, purchase, compound savings, purchase rinse and repeat.  

Thanks all. Love this community!

@Account Closed 

This is exactly what I was hoping to confirm. That rental could help me provide for my family yet still be around them. I understand that at times it can be an overload of tasks. My concern is that I would be creating another full time job, working double time all the time, and essentially defeating my purpose.

Thanks everyone who took the time to share their experience,

Taylor Reichert