All Forum Posts by: Cameron W.

Obviously this isn't financial advice and there are quite a few variable that I don't know.. with all of that said.. If it were me and my choice, I would move out into one of the multi-family units in bangor.  Learn about all kinds of different aspects of real estate market and management and you don't even need to leave your house.

I just had a AC repair man come out and not fix the unit he was supposed to but broke the one that was actually working.  I paid him in a personal check, should I put a hold on that with the bank before it's cashed?  Is that a usual practice?  He has agreed to come out tomorrow @9.  We will see if it is resolved.

Sounds good.

Well actually now that you mention it I don't know if I would be looking for a consumer loan or a commercial loan. Let me state my goals and see if that helps you... to help me. I'm trying to flip a property this year and get a long term rental property this year. Both properties I was looking at are in the 100k range. I currently have two morgages right now through VA for my primary residence and my wife's old house. I have the 20% cash funds to cover both loans, I'm just wondering exactly which loans I should be looking for, terms, points.. all that for each transaction.

My main question is every book that I've read says that I should have my financing first before I start searching for properties.  I was wondering how to do that, if I don't know what to tell the bank before I go look.  I have a really good idea of the properties i'm looking for but how do i know what perimeters I should narrow my search to, the actual numbers.  I also have some good leads on where to get a loan from (around the Augusta, GA) area.  Also a financial resume ready to go.  Can I see how much of a loan I can get with my down payment and then go or.. i'm just kinda confused as it seems to me like a chicken or egg problem.

Welcome

Thanks everyone. I think I can narrow down a few things for people that are interested in either working with me or just providing me with some advice.

I think three areas that I'm struggling currently with is understanding all the different ways that you can acquire funds for my first flip and identifying which ones would be best for me to take advantage of besides going to a bank. They have already told me that my debt to income ratio is too high even though I can fund the vast majority of the project myself. I don't have any relatives that I would feel comfortable asking for money from. And I'm unsure of the finer points of hard money lending. And i'm sure there are means that I don't know about that could be available.

I think the second area that I'm finding problems getting good answers is all the different ways to acquire properties. I have talked to real estate in the area that are willing to help out, but i'm concerned with over burdening them with requests about comps and property information while i'm just in the shopping stage.

And lastly, do I NEED to start a business? Or is that just a good idea?

Out of the often stated "4 box" idea for flipping properties, i'm less than 50% of the way there. I'm confident that I will start but I want to make sure that I'm setting myself up for success as much as I can. Thanks again for the encouragement and I look forward to interact with the BP community.

Thanks Bryan. I'm excited to get my hands dirty.

Thanks, I'll look into that.

My name is Cameron and I'm looking forward to getting into real estate investing. I'm currently living in home that I have a mortgage on and have an additional home with a mortgage being lived in by the in-laws, both were purchased with VA home loans. Despite that, I do have some money that I can use to start a business to flip properties and/or gain rental properties for cash flow. I have a contractor as well as a real estate agent that have experience flipping properties and have proved trustworthy in the past. I am however, finding it difficult to decipher what information I need to know to continue on my specific path and what I can disregard. I think the key for me is to find a mentor I can bombard with questions or at the very least, just a "must read" list for my specific situation. I'm looking forward to interacting with the BP community to accomplish my goals and help others where I can.

Thanks