All Forum Posts by: Account Closed

Great advice from everyone, thank you!

Thank you Donald, I appreciate your reply!

Thanks Mike!

Yes, my investor friend is a wholesaler by trade but flips and keeps some that come his way. This one he is going to flip. It's in Tucson so the price point is much lower and so are the profits. 

Thanks John

Sorry for the delayed response. I have been head down working on this property since January. Things have been going great, slower than I expected but we have kept the costs down. I will post pics and details soon. Thank you!

Thanks Jay, that's what I thought. Seems like I am taking all the risk for only 9%, even though the property is in a hot market in Arizona. (no pun intended :-)

Hello fellow BP enthusiasts,

I was approached by an investor I know to loan money for a flip project. I know the investor well and he has been a successful and busy wholesaler.
 

He is looking for: "$110k for acquisition and repairs. Six month term at 9%, no points. Deed of Trust secures your investment. Repayment after repairs and resale"

I don't think they put any of their own money down. So I would be funding the purchase and rehab of the property a 100% and not be paid until the sale. I have the funds and it beats the stock market at the moment. 

However, I am new to hard money lending....is this a good deal?  I just wanted an opinion from fellow Bigger Pocket investors.

Thank you!

-Mike

Hello! I have been on this site reading and following for a couple years now and finally have the courage and opportunity to go forward with my first investment purchase. The property is a single family home, 3 bed, 2 bath in the Denver metro area, it’s a wholesale purchase for about $180k. The Zestimate is $405k. It really needs a lot of work and hoarder has been living there. I’m planning on flipping it because im going in with my brother in-law who is a general contractor and can do all the labor and home improvements. I am the one putting down all the money - purchase price, closings, materials etc. my brother and I will split the profits 50/50 when we sell it. Since this is my first rodeo...I’m not super familiar with estimating everything in my head. I’m running the numbers on some spreadsheets I downloaded for free and guesstimating the costs. How nice do I need to make the property to flip...granite, stainless, hardwood etc? The market is slowing down in Denver for the season and want to make sure we can sell. Is there anything I am missing that I should be aware of? I’m buying as low as possible, rehabilitating as cheap but as nice as possible and selling in a good area. What am I missing? Is there something that might bite me? Is my partnership fair?Is my all cash deal smart? What could go wrong? 😀 Thank you all for your feedback!