All Forum Posts by: Michael Wyatt

I think it depends how much time you want to spend on it.  Lots of property management companies sell turnkey flips and also have realtors that can find you value add properties, and they probably have contractors to recommend and even may handle the project management for you if you're going to use them to manage the property.

Connect with a realtor, say you want to purchase an investment property.  Have them send you some.  Run comps on them yourself.  Call lenders and ask if this would be something they'd lend on.  Post here and ask questions.  The more reps you get the more you'll learn.  

Facebook groups (I bet there is an "Indiana Contractor Group").  Find flips that recently sold in the area and call the listing agent, tell them the house came out beautiful and you'd like to hire the contractor if they know who it is.  Make sure you strongly vet anyone you plan on hiring.  Check references.

Backflip has a decent analysis tool on their app. Not to the extent of uploading photos and explaining repairs (that's pretty cool) but running comps, estimating ARV, reasonable rehab budget, profitability, etc.

I can't personally speak on house hacking NY/LA but I think your concerns about landlord laws there are very valid.  There's still lots of markets that cash flow and there's a ton of turnkey inventory available outside of those states.  Remote investing is all about having a good team on the ground.  

High for a HELOC, but construction loans will be somewhat close to that rate anyways. Do you have a developer/builder with experience that would partner with you? Would make getting that type of loan more do-able if you don't have experience yourself.

Hey West, I sent you a DM.  

I just noticed this thread from 5 months ago.  This happened to me as well and I lost a ton of money with the deal because of it.  

@Jeff S. I definitely didn’t assume this would be a gimme.  Interested in learning what the actual process is like, how much underwriting and what not is the broker responsible for, what docs are required so that you get paid the broker fee, etc.  

Is the broker doing 99% of the work up front and pairing with a lender? Or do you collect info and work with a loan officer for a terms sheet and just add your points on top. Or a little of both depending on lender.  

I think I’m pretty good at deal analysis and I enjoy it.  I guess my other main question outside the above are how much the broker is involved in the process after pairing a borrower/lender.