All Forum Posts by: Matthew Nixon

Thank you for your response sir. So several things have transpired over the last few days. 1, the comps are saying the house is worth at least 350 ARV. I always go with the most conservative numbers. 2. The realtor had a few different contractor bids that she allowed me to have. They were bigger and more extensive than I thought and closer to the tune of 95k. If I add the 20% buffer on the repairs for the things that could go wrong, that jumps up to 114k in repairs and renovations.

The house is a Fannie Mae owned house, which from my limited understanding means it is a REO home and I take it that's why the low price, along with the extensive repair I imagine.

So I have a few thoughts now. I wonder if this is a project too big for me as a beginner. I don't have an LLC, nor do I have a firm understanding of how to protect my personal assets and finances. Nor do I have any of my own money to throw in with a lender.

So there are multiple levels of concern I have now. First lawyer I called won't even have a discussion with me for less than $200 an hour. I feel like I have a general understanding of different types of investing, but what I don't have is capital or experience. Lack of exit strategies and so I worry that if I did get the funding and all went well, but the house didn't sell, what would be the implications on my personal assets and finances.

All feedback is very appreciated.

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@Jay Hinrichs

I see. If i understand you are saying markets dictate what you can do for the most part. My local market, the median house price is 300k. Doesn't feel like a wholesale market.

I plan to get a realtor license this summer. Are you saying I ahould get more experience that way before i start trying to invest?

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Hi @Jay Hinrichs

You seem very seasoned. I was wondering if I could run a question by you. I've seen a few of your other posts on this matter in other threads and I agree that it doesn't make sense to believe you can pretty much make money out of nothing, no skin in the game (so to say). For newbies like myself, do you suggest then that we wholesale until we have money that we can then put towards rehabs, etc.?

So many people are saying that you can do all these amazing things "and with no money down" but I am finding and also reading that that is highly unlikely. I can also understand why, as a lender, you'd want clients to have some money in the pot. I guess I'm asking is wholesaling a true "no money down" method to sort of help launch into other areas of investing in real estate?

And when I say no money down in this sense, I don't mean free as I understand that you have to put some money in your own marketing at some point.

Thanks for your time, look forward to hearing from you.

Matthew

Originally posted by @Jay Hinrichs:

I have had clients try to get loans through Cogo and they never materialized.. just sayin.

no mystery here there are 25 plus guru's out there selling the same stuff and same coaching its all interchangeable.

only you can make this work @Carmen Severson its you not the system.. real estate never changes..

buy low add value sell.. 100% financing for someone new is simply not attainable in most instances.

you can try Do Hardmoney they talk about 100% financing and its another Utah based company.. you either have to pay 3k up front for their materials or you don't have to pay anything.. some say you do some say you don't. the owner of the company says you don't.. but others have sent me PM's that say that's not true.. so who knows.

the issue is with any 100% financing to a new investor finding the deal that works is the hard part.. many just will never get a deal that has enough equity spread as competition for the deals is keen by those who actually have money or funding in place.. that's the major issue.. finding the deals that work and have the necessary spread..

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@David Acosta

I originally set out to wholesale out north of Seattle. It seems, howvere, that this market is more set up for fix and flips which is a problem for me because I don't have money to put down.

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Ok, so I found a house I really like in a pretty hot market. House going for about 190k, comps consistently tell me the ARV is 300k to be conservative, but closer to 350k. I haven't done a walk through with a contractor, but my guesstimate is about 45k in renovations/repairs. So I'm feeling pretty good about the numbers.

Question is, what do I do next? Do I contract the house if I'm going to flip it myself, then go to the lenders? Or do I go to the lenders, then to title company? There is a listing agent involved. We are meeting Monday, and I want to look competent lol.

Or do I go to the meeting with contracts, contract the house while I look for funding?

I'm really excited and don't want to let this slip past me.

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All Forum Posts by: Matthew Nixon

Matthew Nixon has started 3 posts and replied 25 times.

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Post: What is the best way to start flipping houses with no money?

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