All Forum Posts by: Kyle Spearin

@Marcus Auerbach awesome post! I couldn't agree more, there are ways to complicate stuff but the fundamentals are pretty straight forward. That's the beauty of this asset class!

@Michael Nelson I've seen lenders willing to let you borrow 100% once a relationship is established. Usually it's somewhere between 10-20% you need to bring to the table, plus points/fees. 

You'll also want to bring them good deals. Tell them your purchase price, work that needs to be done, and ARV as you're vetting them.

Documents Needed for a Hard Money Loan might include:

LLC Documents

Your Credit Report

Company Bank Information

Your ID

Signed Purchase Contract

Rehab Budget

Track Record of Success

Every hard money lender has different requirements, so some of these may vary. In general, you need to show that you are a reliable borrower with proof that you’ve had success in real estate before.

@William Rollins welcome to the community! What strategy are you most interested and where in the Boston area are you from? 

@Jonathan Rivera, I'm not too familiar with NJ but what I do know is that it has very distinct regions. I know that South Jersey and the parts near Philly are way cheaper than North Jersey. 

Depending on where you flip, you'll need to determine whether you want to do a volume play (cheaper deals but need to do more to make substantial money) or more expensive markets where one deal can be significant. 

@Kevin Michel I'd work backwards from your skillset, amount of capital you have (or can raise), and the market you're interested in. 

Based on the answers to the points above, you'll have a direction to go. If you want more tactical advice, you'll need to get good at:

1. Finding deals (or networking with people who bring them to you)

2. Analyzing deals and understanding your market

3. Knowing how to rehab

4. How to operate a business

@Zachary Bannon in terms of asset classes, would you be open to a smaller square footage single family? A condo? 

In terms of strategies, you can do something other than a full gut if you're more conservative. I do a mix of these along with cosmetic flips and flips that basically just need to be cleaned where we bought low with a ton of built in equity. 

Lots of ways to be conservative without doing a mobile home. Happy to talk through this with you!

@Abdiel Danastor Congrats on taking steps towards financial freedom! Let me know if you ever want to chat.

@Nir Berko it's great to meet you! Let me know if I can ever help you myself or connect you with others.

@Jade Armstrong it's great that you're starting so early! If you want to get into real estate, it might make sense to get your real estate agent license or some other license that gives you credentials when you graduate as a baseline of knowledge and potential income. As a flipper, this will also be helpful to buy and sell your own houses.

@Mathew Morford what type of investing strategy are you planning on employing? Storage space will always appeal to people, especially bigger families with kids. Automated technology seems like a nice to have for a rental, but maybe it would be more coveted in an AirBnb? Just trying to get more of an idea for how the property is going to be used.