All Forum Posts by: Matthew Nixon

If I understand your scenario correctly you are wanting to purchase a property using a private money loan (which is also covering the rehab) and your exit strategy is to fix it up and put a tenant in place (stabilizing the asset) and then refinancing the property using a conventional bank loan. Am I correct?

@John Matthews 

@Jonathan Fischer 

20k could possibly be enough to get you started doing a flip. I'm not familiar with your market but if you could find a cheap property ~80-90k that needs 10-20k in rehab you could get use a hard money loan to cover 80% of the purchase so you would only need to come out of pocket for the down payment, closing costs, and rehab.

Good luck getting started.

Very sound advice. In the eyes of most responsible lenders, rushing through their due diligence in order to get a deal done isn't worth the potential headache down the road if something gets over looked. 

Not only would I suggest having a lender in mind when making an offer, I would talk to them before hand and have them issue a pre-approval letter so you have the peace of mind that funding is in place. With most HML's it's a straight forward process that take less than a day and costs nothing.

@Account Closed

Welcome @Tamara Kalama 

Sound like you need to spend some time educating yourself before doing anything else. There are thousands of forum posts on this subject as well a number of podcasts you can listen to to help you get started.

Congrats @Maurice J. 

@Mark D'Angelo 

Welcome to the site. Feel free to use me as a resource to help you get started. Questions are always welcome.

@Jason Mak  Looks like you've got yourself a busy 2015.

 Thanks for encouraging us to write down our goals, as I feel writing them down and reviewing them often is the best way to hold yourself accountable. Here are a few of mine.

Personal:

• Build an emergency fund
• Contribute to IRA
• Save for a personal residence
• Start saving for my 8 month old babies education
• Read 2 books a month
• Continue writing articles for my blog

Professional:

• Find quality wholesale deals for clients
• Continue to build my network of investors, developers, agents, wholesalers, contractors in Southern California an Central Florida. 
• Attend 1-2 networking events per week
• Get to know my local market even better through talking with other professionals and through the BP forum.
• Add seller financing and sub2 to my tool belt of solutions when working with sellers
• Originate 4-5 loans/month

Looking forward to hear what others have planned.

@Andy Albi 

Welcome to the site. Good luck getting started!

@Gauri Telang 

Welcome to site!