All Forum Posts by: Michael Furey

What if I can refinance for 75% and then do a HELOC for the rest?

I bought a house to flip and just listed it to sell. I’ve researched the rental market here and it’s pretty good. I’m now contemplating just keeping it and renting it. Only problem is, I’d like to get as much of my money out of it as possible. Are there any options for this where I can get 100% (or even close to it) in a refinance?  Anything creative?

Hey Everyone. Not sure this is the correct forum category, but anyway….I’m currently flipping my 4th house. All is going well but I’m thinking of my next one. Instead of trying to get a deal on one that’s on the market, off market, or through a wholesaler I’m wondering how I can cut all that out and buy like wholesalers do. Only problem is I don’t know how they do it. How do wholesalers get their properties?  Are there other ways of going to the source and buying houses as cheap as possible?  Other than going door to door and leaving my contact info incase they want to sell. 

Has anyone ever found a house they wanted to get that was set to go up for auction but tried to buy it before the date?  I want to buy this house and see if I can get it under contract before the auction date. Would that automatically stop the auction?

I’ve started flipping houses and was wondering if anyone had any good recommendations for a real estate CPA?  Would like to work with someone virtually to open up my options. 

I have a house I’m flipping and recently got my real estate license to list my properties myself. I know the standard commission is 3% for each side, but do people in this situation usually offer the buyers agent a smaller amount, like 2% or some other amount?  Is that acceptable?  What do you guys all do?

@Russell Brazil I own the properties under an LLC, but there is a commercial EO fee for commercial, income properties, or business opportunities for $350.

@Russell Brazil their plan has the E & O insurance for $100. It has a limit of $1M. Anything over is an extra $20 per $100k. It’s a $495 flat fee plus $100 for e o insurance. Another plan is a 90/10 split with a few other differences. 

I’m getting my license to flip houses and was looking at brokerages and found Premier Agent Network. Seems like the best way to keep most of my money. Is anyone with them?  Is it good?

I'm trying to buy a house to flip and it's very competitive. Its in very rough shape, and it's been on the market one day. I submitted my offer this morning and we were informed there were already multiple bids. I submitted a very strong offer I believe and a few hours later was asked to provide the listing agent with my proof of funds and to sign a financing contingency waiver. They've already updated the MLS to say to submit best and final (after I submitted my offer already) and they will pick one on Mon.

What I’m trying to figure out is, would my offer be the top one they’re considering since they’re asking me for those papers? Or do you think they’d be asking all offerors for those papers? I wouldn’t see the point in asking everyone, just the top offeror, right?