All Forum Posts by: Luke McMullen

I would also say, get a list of about 5-10 serious buyers and find out what they're looking for before you get anything under contract. I have 50-100 buyers on my list and still have issues with getting properties moved. 

I'd say need more than $17k for adding a kitchen, bathroom, paint, possibly flooring and exterior cleanup. I didn't see any pictures but I'm just basing it off of what you put there. I'd say if it's a 200k ARV (I don't know Grand Junctions market too well), and it needs let's say 30k of rehab since it's a full gut on a smaller property, a flipper will for sure by it at (200k x .7) - 30k which is 110k. I'd try and get the property under contract at 90-100k. That'll leave room for negotiating with fix and flippers, as well as getting a good wholesale fee.

Hope this was helpful! I fix and flip/wholesale out here in Nashville. Feel free to reach out if you need any other help.

Hey Linda,

I know somebody who is doing this currently, actually my family members! They are transferring funds from their 401k to their LLC, which apparently has no penalties.

Feel free to message me I'd love to connect, I'm also in Nashville!

 That's a good point. I guess only would make sense if you could do 40 year conventional. That went over my head lol.

I definitely feel like it would be a good way to get your foot in the door on rental properties. I think that price point there is not too much harm, but still have that plan of refinancing into a shorter mortgage down the road.

But to me, it does feel like a not so bad strategy to get into your first property! At the end of the day, if you get a good enough deal on the purchase price, then you'll have success. Focus more on the property itself, and if a 40 year mortgage is the only way to acquire that property, then go for it!

I live in Sant Clarita, CA, right outside of Los Angeles. In the next year me and some friends (all with full time jobs) are planning on renting most likely a condo. I would like to be able to house hack a condo or even a home but with 2b/2b condos here selling for $500k, it’s pretty much impossible for me as a 19 year old. 

However I can get a 4b/2b Manufactured home with a 2 car garage (would make much more sense in our case) for about $200k, and with what I have saved up I could easily make a 3.5% FHA loan work and then house hack it. The monthly cost would be much cheaper than renting even a studio apartment here.

My question is what are the down-sides to house hacking and buying a manufactured home? Besides higher interest rates and the fact it’s not real property, would I be in a safe spot doing this? I do understand there is little to no appreciation. Their rent would be paying for the mortgage. 

The numbers make sense to me, but what do you guys think?

Hey! I live in the Santa Clarita Valley as well, I'd be happy to join, however currently I am in no place to start investing as I am still finishing out my senior year of high school and also finishing my real estate courses on the side. 

Good to know thank you

Right now I am 8% done with my first real estate course to get my salesperson license. Right now I am on pace to finish in under the 45 hours. My question is what will happen if I complete my course in let's say, 35 hours? Will I have to sit in the class for another 10 hours? Or does it really matter? 

Also is it normal to be ahead of schedule when it comes to taking these courses? How long did it take you guys to do your courses? I am doing my courses through Real Estate Express and it seems to be a good program.

Thanks for any helpful info!

- Luke M

I live about 30 minutes away from two different New Western Acquisition's, and I have heard good things about working for them, especially for being 18 years old and being ambitions about starting a full time career in real estate investing. It sounds like New Western is a wholesaling company founded in 2008 in Dallas, TX, and since then have expanded around the country.

My questions about them are what kind of fees they have and how is payment made? Do I get a percentage of the wholesaling fee? Do I get the commission fees for being the agent? And if so what is the commission I would be making? 

Just these kind of questions is what I am wondering, as I couldn't find too specific of answers online, and if anybody has experience of being an agent with them, I'd love to hear your feedback on their company. 

I want to get into full time wholesaling and flipping, also eventually some rental properties, but this sounds like a great way to get started, especially at my age. 

- Luke M