All Forum Posts by: Melissa W.

Hello Girard,

I agree with Jassmem, a home equity loan is one option.  I received a full loan for a $50,000 property I attained in Texas.  I did not use any of my own money.  

If you are buying and selling, then a transactual loan is another option.  For this type of investment you would already have a buyer on place.  This is a great option because you don't use any of your own money, but you do need a buyer that is interested in the property that you found.

Good luck!

Melissa

Hello and welcome,

Mel Wyatt is a Biggerpockets member and she lives in the LA area.  I flip in Orange County and could answer your questions if you let me know what they are.

Try reaching out to Mel. I'm sure she we be happy to help you.

Good luck.

Melissa

Hello,

If you want an accurate answer then I would ask a mortage broker.  If you are flipping did you look into a portfolio loan or a transaction loan.  If you have a list of buyers who want turn key properties, then a transaction loan would be best.  You would not need to use any of your money.  

Hope that helps.

Melissa

Hi Jon,

That sounds like a great deal! Congratulations!

Melissa

Hi Shannon,

I agree with Sharron and Blair.  It seems odd to me that the agent keeps stressing that the properties need a lot of work especially since you expressed that you were ok with fixing them up if the numbers worked.  

The first thing I would do is work out the numbers in the property for yourself and if they work out then call the agent and make an offer.  If the agent still is reluctant, then tell him or her that if they don't make and offer then you will find someone that will! I had to do that a few times myself with agents.  They will do it because they want their commission.  Sometimes I had to be firm to be taking seriously. 

Good luck.

Melissa

Hello,

I agree with Bob.  

Melissa

Hello,

Did you advertise on Craigslist? If so, continue putting it on sites like Craigslist until you get a response.  There is no time limit. Make sure you are putting your ad in multiple sites, newspapers etc.  

Hope that helps.

Melissa

Hello Chue,

First I want to welcome you to Biggerpockets! 

That is a good start. If you find the right deal   and work in the repair costs in your deal, then you would not need to do the work yourself.  Just make sure you find contractors that have a good reputation.  

If you need lenders to finance your deals, then you need to present them with a spreadsheet analysis of the property you wish to purchase, along with exit strategies.

BP has all the tools you need to present your deals in a professional manner.  They also offer video tutorials to show you how to use them correctly.

Hope that helps you.

Good luck,

Melissa

Hello Takeya,

Eric Kang is an established wholesaler in my area.  He may be able to help you out with some of your questions.  He is part of the BP community.  I would look him up and send him a message.  

Welcome to BP, and good luck with your wholesaling business.  

Thank you for your vote.  I am in the fix and flip business, and I also buy and hold.

I hope I was helpful.

Good luck.

Melissa

Hello Joe,

Listen to your gut feeling and do what makes you happy.  When you lose focus is when you are doomed to fail. Take what the guru's say in stride.  If you have certain goals that work for you and your family, that's what is important.  The guru's are not living in your shoes, only you can know what's best for you.  

It seems like you are growing in your investment business, and making smart decisions.

Good luck.

Melissa