All Forum Posts by: Lamont Hudson

Greetings everyone I'm a newbie and ive been looking first at the cost of repairs before i estimate my offer. I use Lowes as my cost guide. So i determine what needs to be doneto the home with estimated labor to get my total rehab budget. I use home HomeAdvisor.com as well . So if it will cost me 32k to renovate my offer on a ARV property @175k would be 81k using the 65% rule. All in at 114k with 61k for estimated profit. Sometimes its even how much do you want to make of that project. So say you wanted to make only 30k then you can either up your offer or spend more on rehabbing. But that all depends on the market. I have not yet flipped a home as of yet but I will post as soon as i do. For me I rather have the funds before I make an offer.

@Jalim Lee 

Welcome to the community its really helpful here. Have you thought of being sponsored by a Broker? I went to seminar at Keller Williams and they have deals for those willing to get their RE license.  I just recieved an email from Austin Institute of Real Estate running a christmas special for $229. It is of course an online course but those are the least expensive if you can do home study. I thought about Kaplan but its 899 for a sit in class so I will probably go with online if you cant spend that at the moment. Hey its just a thought good luck on getting your license!  

My entry strategy into REI is leaning towards wholesaling deals to raise some capital so that I can show lenders that I have some skin in the game and have done a few assignment deals. My question is will it be too late to find wholesale deals in the MLS or would I have to find a motivated seller before they find an agent to list? Im thinking I would have to find a FSBO posted in front of a home and call the owner.

As Im searching for deals I get anxious to place a an offer on a home to resale. But my dilemma is that I would rather have the funding first if posssible so if I go in on an REO I will have the proof of funds and know exactly what type of home market I need to start investing in or should I find some investors who are in search of investments and be sort of a wholesaler or property finder to raise funds. I really want to start now I know I can do this without screwing myself and ruining a business relationship before it starts.

I might of made my first mistake by placing an offer without having backing. Has anyone have to pay for an appraiser before getting funding from a lender without a garuantee of funds? 

I want in so bad lol  

Greetings Joe thanks for your comment I am currently looking for a lender that solely lends funds on the deal. My perception on no money down it is what it is it should be no money down but I'm definitely looking for an opportunity to get started with this method. At first I didn't look at the lenders requirement for lending but I definitely will do more research on that. Tomorrow I'll be looking at a possible deal it's an REO listing way under market value so hopefully I'll find a lender very soon that can work with me.

No Money down doesnt mean No Money out of pocket right? Ok just got that from a lenders calculator in which it calculates all potential cost and profit @15% or more. So i go to submit my deal and I get forward to seeing that i had to pay 540 for an appraiser. That was a oh yeah moment lol. I understand why the cost is there but when you're looking to get out of this rat race it sure looks good until you actually get involved. Im getting into REI because i really want to become debt Free! I dont have much debt but my score is ugly and it was looking good last year.I should've been paying more attention ugh. My score is too low to get a promising loan but I'm persistent to find that deal that will get the ball rolling. I dont want to wholesale but maybe a quick rehab to start. What shall I do? Im i thinking the right way? Are there lenders out there who just want to fund the deal even though they want to trust the person who's name is actually on the line here? Yes I think so. But I know i got to get my money right. My spirit says dont wait my guts says it might hurt but the outcome is a great reward. Sorry this might be me expressing my life at the moment but hey who doesnt want Bigger Pockets to carry with them.

Chris nice to meet you 

Micheal and Marlon thanks a lot

Dev Horn yes I have watched some of your very informative videos would love to learn more. Currently researching deals but the inly thing is knowing when to pull the trigger.

Ive thought about that Brad I'll most definitely check it out.

Thanks Tim I look forward to meeting a lot of people who are in the DFW area. 

Ive already met an investor/agent who extended his willingness to help me learn with advise so I feel im on the right track! And also two agents willing to give me leads. 

Big THANKS Brian Ive watched a few of his videos after reading your post I'll look more into what he is doing.

Thanks Mark Ive been listening to BP's podcast for a few weeks before joining in on the fun here. They have been very insightful. 

Nancy,  thank you