All Forum Posts by: Luke Weber

@Account Closed

Deals are everywhere and you can find them.  I made a killing on this property.  I turned it from a destroyed group home, into an off-campus duplex with bedroom rentals.  There are so many creative ways to make money in real estate, always think outside the box!

I know so many investors get hung up on looking for the ugliest houses on the block, but many times there are houses on that same street that are in good condition and still need to sell.  About 1 out of 5 of my flips is in decent shape.  I could probably just do a clean up and put it right back on the market after I buy it.  I like to maximize profit so I typically still do paint, carpet, fixtures, etc.  A light lipstick remodel to get that top dollar.

I just want all of you to broaden your vision as I know many people think they are looking for the ugliest house, but can't get a deal on it so they never even do a deal.  It's all about the numbers when you get down to it and any property can be a good flip if you get it at the right price.

Happy hunting!

@Liz Faircloth you do need to be careful about pooling monies together and I highly support what @Nathan Click said, "as few investors as possible".  I do a large amount of flips and I use mostly private investors on them.  My standard set up is 1 investor per flip, they come in with all of the funds (purchase and rehab, I'll cover carrying costs) and I pay them 10% AROI.  They are secured with a NDOT with a 12 month term.  Some of my investors like to get monthly payments, others are fine collecting principal and interest at sale.  I prefer this way over hard money loans with a gap lender as now you have two bills to track and pay.  The more investors you have, the more deals you can do and it keeps your carrying costs lower.

You should always be investing, no matter your current financial situation.  If you don't change the path you are on, you will stay on that path.

The Flipping Blueprint contains tops, tricks, systems and formulas that I use in my currently active flipping business (no outdated 2010 REO principals). I am sick and tired of seeing investors get into bad deals and even if I only help one person, this book will be a success in my eyes. Safe investing friends!

If you are looking for cash flow properties, don't limit yourself to your backyard. You won't use them personally, and if you need to see them, visit once a year for the tax write off (consult a professional on that). We are in Las Vegas, and it is amazing how people will take a 3% cap in CA when there are 8-15% caps in NV, AZ and FL. SFR, Multi's, apartments and some commercial even. Just my advice, look in the markets where your money will do more.