All Forum Posts by: Lupe Cartagena

Phillip, can you give us an update when you can. 

thanks

First off, I would like to say congrats! 

Question- So you raised enough money to purchase the home with all cash? In Ca, auction.com is all cash. Very rare to find one that will accept anything else? 

Also, Can you give us a little insight on how you convinced hard money lenders and private investors to lend you the money? Is this your first flip? Thank you in advance for your response. 

I recently contacted happy investor and before they would tell me whether they could fund me, they want to put me through their "education" training? I'm going to find out if they charge for this service. I told the guy on the phone, I may not know everything, but I am looking for funding, not an education class. I'm going to see what they actually offer.

Very inspiring. Never considered mobile parks.Thank you.

Wow, you definitely found a diamond in the ruff. Usually, if a realtor is showing you a house, that means the "flippers" passed on it. The great deals, unfortunately, are found off-market and are usually cash-only. You can still find deals through realtors if you are starting off, but If you can find a realtor who will bring you a good deal and not keep it for themselves, than please give me their name, lol. What I am experiencing is you need to network, because if you are relying on some random realtor to find you a "deal" than you will probably be disappointed. Establish a relationship with several realtors and than they will probably send you a deal. The reality is, the realtors look at these houses before they are listed, and a lot of times they share it with their realtor buddies first. So if you are relying on realtors, than make sure you establish a relationship (business) with them, so you are part of their inner circle. 

Hi Jeff. Thank you and yes, can you send me a contact. Thank you

Great article. Another expense I recently ran into was flood insurance. It was an older home, so some companies would not cover it. Had to do some shopping around. Cost me an additional $900.

If you don't have money for a down payment, how are you going to fund your rehab costs? I ran in to the same problem. No investor or HML wanted to help me on my flip because I had no experience (it was my first flip) I ended up going conventional and paying the down payment. Cost about $27k for down pymt and closing costs, but I still had $30k for rehab costs. I am not done with the flip yet, but I should be ok.

If you find a way to use someone else's money, than please let me know because like I said earlier, nobody would help me on my first flip. 

Does anyone know of a low cost flood insurance company in Ca. I live in the central valley and I purchased a home to fix and flip. Cost $99,900. Just found out I need flood insurance to close escrow (I had to go conventional loan because this is my first flip and I did not have enough cash. No hard money or "angel" investor would lend to me unless I had flip experience)  I'm ok with conventional on my first flip. It will cost me an additional $8k, but my net profit should be about $25k. I didn't want to pass on the deal.

Theresa, thank you for the advise. I am going to set up a business acct, so I can track my expenditures from there. It's going to get tricky when I start flipping more than one house at a time and that is when I'm thinking I may need a software program to help track the expenses. For this first flip, I thinking I'm going to go with an excel spreadsheet.