All Forum Posts by: Linda Young

Thanks all for your replies! I found a good sale at Home Depot so went with new. It was only $1100 for range, microwave and dishwasher. 

I have been checking the Rehome Store, Craigslist, etc for deals esp flooring. Trying to save where I can!

Yes but it is hard money. I was hoping to find a private lender. Any suggestions?

Hi all,

I just found my potential flip and now need to decide on appliances. Can I get by on "like new" or should I pay up and get new appliances for the kitchen. I was thinking everything except the frig since most homes here are not sold with a frig. Thoughts?

Congrats, Christopher! What an exciting adventure you are embarking on! We just bought our first flip Monday and are excited but nervous. I would like to hear all about it as you progress. 

Do not become discouraged by well-meaning, but sometimes negative comments. You have the right attitude....whether you make a lot, or a little, you will learn and do even better on the next one.

Best of luck!

Linda

When wholesalers find a buyer is it common that they ask for money down to seal the deal made out to them, not the title company?

Well, I am already in for $3000. I did get a HM quote with 2.5 origination fee. Contractor is quoting only about $9000 but I know I will want to put a couple of thousand more. If I can finish this with even $10k in my pocket I will consider myself successful for a first flip. 

Sekelle, that was earnest money and yes we are closing at a traditional title company. 

Thanks for the clarification Ian. 

Chris I am going to apply for the LLC today. I don't have an issue with it, was just surprised that it is so often necessary for a loan.

Oh, and I just applied for a home equity line of credit just in case I need more funds. 

Sure haven't heard much that is encouraging so far. Am I making a big mistake?

Viola, the regular lenders take too long to close. Wholesalers want cash and to close quickly. They won't wait 30-45 days to close. I have been looking for about 2 months and keep losing deals to cash buyers. Hence the HM lender...they are faster.

Brent, I just used the $3000 really as earnest money to secure the house. We are taking $25k out of our 401k ( my husband can do that at his age with no penalty) and a friend is going in with $10k. I'm hoping to be able to put 10% down ($13600) and use the rest for rehab. Thoughts?

Yes, I do, about $150k. I wonder how fast it can close?