All Forum Posts by: Kevin Shideler

Spoke with the flipper today finally. Sounds like they want to bring me on as a private money lender. I would lend money towards the purchase of a property and be named on the title and secured by the property. Offering 10% COC paid on sale after the rehab, or "on or before" 6 months from purchase.

I recently met a seasoned local flipper through an REI group. We just finished our cash-out refinance on our primary residence and we're discussing a potential partnership. He's offered to open up his entire process to us. We only have about $20k to invest which is about what he tries to spend on rehabs in our area. I'm completely new and don't have much other value to bring, especially to someone with so much experience.

What should I expect from something like this? Strictly a hard money type loan or try and partner and split the profits? We have a phone call later today to discuss the details but I’m not even sure where to begin. 

I’d be very interested in attending something like this. I’m a rookie here in Wichita. Dipped my foot in but had a bad experience renting to family. Moved back into the house and fixing it up now with plans to move on and rent it out again.  

I was more describing how he ran things more than the neighborhood I suppose.  Right now the hardest part is getting started.  Most of the properties I'm finding are out if range, need too much work, or my bank won't lend such a small amount.  Still working out the kinks and finding the courage to jump.

A buddy of mine was a slumlord right out of high school here in town and was making $2k/month doing hardly anything.  He'd pay me to drive him around on Sundays and put up his signs, check on his tennants around 9th and Grove, etc.  That's what got me interested, although I have no intentions of following in his footsteps lol.  Now he's a successful loan officer for a small mortgage company in the Denver area.

My "why" is getting to see my family and being comfortable.  Aircraft is a fickle business.  We have guys practically living out here on mandatory 12hr shifts but staying for 16 because they have to get it done.  It sucks working for a company that only cares about the bottom line while their employees give them everything

Watched dozens of videos over the past few days and finally decided to join the site.  Currently, I'm in aircraft and am the sole provider for my wife and two daughters.  Real estate has always been an interest of mine but a series of choices haven't left me with much in the way of savings.  After hearing about different strategies, I'm feeling a little more confident.

I actually currently own one rental property, but unfortunately it's to my in-laws so cash flow is less than $50/month.  They DO intend to buy it this coming spring or summer.  They're doing all the upkeep, repairs and improvements and have agreed to a price about $20k over my original investment.  When that happens, I'd like to get into one or two small houses close to our local state college and very much look forward to learning as much as possible.