All Forum Posts by: Katie Smith

It sounds like you're off to a great start! For building a buyers list, I'd recommend joining local real estate investment groups, both in person and online. Networking is key, and places like Facebook groups, BiggerPockets, and REI meetups are perfect for finding active cash buyers. You can also reach out to wholesalers in your area—they often have established buyers lists.

For the contract, a typical timeline for a wholesale deal is 30 to 45 days. This should give you enough time to find a buyer and get everything squared away. Just ensure you're transparent with the seller about the process and keep communication open. 

Good luck, and it’s great that you’ve built such a solid rapport with the seller!

Hey Robin!

Starting an LLC before purchasing properties can be a great idea, especially if you're focusing on multifamily and buy-and-hold strategies. An LLC can help protect your personal assets by limiting liability, and it also allows you to establish business credit early, which can be useful as you scale your portfolio. Plus, having an LLC in place from the start can streamline the process of acquiring and managing properties under a business entity. It's something worth considering before your first purchase!

Hi Pete!

Welcome to the BP community! It’s never too late to join, and it sounds like you’re already on an exciting path with your multifamily opportunity.

If you ever need help with financing for future deals or any guidance along the way, feel free to reach out. I used to live in Bartow so i'm very familiar with Lakeland! Looking forward to hearing more about your journey!

Best of luck!

Hi Julie!

It’s great to hear about your experience with distressed properties and working with investors. If you or any of your clients ever need funding for fixer-upper projects, I’d be happy to help with hard money lending options. I specialize in financing for real estate investors, and I’d love to chat and see how we can collaborate on future projects.

Looking forward to connecting!

Welcome to the real estate world!
If you come across any investors needing funding for their projects, I’d be happy to help. Feel free to reach out if you need any assistance or have questions about securing financing for investment properties. Good luck with your ventures in Alpharetta/Milton!

Hey David! 

Connecting with wholesalers is a good way to get more land deals sent your way. Happy to connect you to a few! 

Hi Sean! 

Congratulations on taking the steps to get started in the fix-and-flip market! It sounds like you’re in a solid financial position and with good credit, you could get up to 90% of the purchase price and 100% of the rehab. Happy to assist with this. 

Regarding your question about combining a private money lender (PML) with a hard money lender (HML) to reach 100% financing, you're right that most HMLs prefer to be in the only lien position on the property. This is because they want to minimize their risk and ensure that if something goes wrong, they have the first right to recover their funds.

Hard money lenders also typically want you to have some skin in the game. It shows that you’re committed to the project and have a vested interest in its success, which reduces their risk. This also gives you, as the investor, more caution when making decisions, knowing that you have your own money on the line. 

Another advantage of working with a hard money lender is that they often act as a second set of eyes on your deal. Since they're also invested in your success, they'll scrutinize the property's value, potential ARV, and the market conditions. This can be incredibly beneficial, especially for a new investor, as it provides an extra layer of due diligence.

As for private money, while it can be more flexible, it’s often more expensive than hard money, especially if you’re trying to piece together 100% financing. Private lenders might require higher interest rates or different terms that could eat into your profits.

In short, while it’s possible to find creative ways to reach 100% financing, it’s essential to weigh the costs and benefits carefully. Sometimes, keeping a bit of your own money in the deal can not only secure better terms but also ensure you’re working with lenders who are fully aligned with your goals.

Best of luck with your investing journey!

Hi Chloe! 

It’s great that you’re diving into wholesale real estate. "Wealth Without Cash" is a solid start. My advice would be to focus on building a strong network—connecting with other investors, wholesalers, and real estate agents is key. Also, start learning about your local market and what types of properties and deals are moving. Driving for dollars and attending local real estate meetups can help you find motivated sellers and build relationships. If you ever have questions or need a quick chat, feel free to reach out. Best of luck on your journey!

Absolutely, unexpected repair issues are quite common during a flip, and having a solid strategy to handle them is crucial. In my experience, getting financing that covers the cost of rehab can be a game changer.

Hi Brittney! I would love to connect! I work with a ton of wholesalers and help them close their deals on time, with ease! Ill send you a dm.