All Forum Posts by: Kevin Howell

Jamie DeRossett I would love to have some information on lenders in the lexington area.  I am from Maysville and am trying to get started on some flips to finance some buy and hold properties. 

@Sean Peters , An honest contractor will use time and materials or cost plus to limit his exposure to risk. Some remodel jobs are difficult to bid based on unknown variables. With that in mind a dishonest contractor can use this bidding method to make more money. He may have inexperienced help or use less than specified materials and charge a premium. The best way to avoid these folks is by getting multiple references. As a contractor I prefer to quote the job when possible. More risk can equal greater returns. Hope this helps

@steven stokes, how do you start the conversation?  Are these potential investors or just random people you meet?  Have you ever asked family, or is that a bad idea?  I feel I'm pretty solid at building rapport but struggle in selling myself.  

Thanks

I appreciate the advice Adam.  I will definitely put it into practice. This has been a dresm for several years. I'm sure as a construction guy you understand wanting to rehab your own stuff. Thanks

I have found a Fannie Mae house in my area and believe it is a real deal.  It is a 3 bedroom 1  1/2 bath built in 1935.  The wiring needs updated, exterior painted and bath remodeled, all of which I can do.  The house has been on the market 120+ days and is listed for $29,000.  I will offer much less.  I figure the upgrades at about 10,000 and rent in my area at 650 a month.  

My problem is financing.  The banks won't loan for less than 40,000.  I was thinking of a private investor, but didn't want to beg for money.  So, how does one find an investor without time to do the "elevator talk"?   Also, this would be my first deal and I have no record that would ease the mind of a potential investor.  All I have is 20+ years in the construction industry.  

Thanks in advance for any advice!!

Thanks for the welcome and advice everyone.

I'm Kevin Howell and am really excited to be on this site.  I am 39 and have been a contractor for several years.  My plans are to start off in the single family buy and hold.  I'll probably ask a lot of questions but, also want to contribute.  So, if anyone has any construction related questions I am glad to help.