All Forum Posts by: John D.

I recently found that I need to repair the roof, gutters and chimney flashing on a flip project I am working on and came across GreenSky Credit.  Has anyone here used them and if so, what has been your experience?  Thank you!

+1 with what @Tracy Streich mentioned about PMs.  Naturally you want to be cautious when hiring PMs though as well.  In my opinion, if you've never done it before..you really need to have a high risk tolerance.  I would be more willing to do something like that if I had friends or family as "boots on the ground" to keep tabs on contractors, PMs, etc.

Best of luck!!

@Giovani Mobarak Welcome to BP.

Since it seems you're ready for your RE exam, I imagine you've already completed all the necessary studies.  If that's the case, I would suggest finding a great broker that is investor friendly.  Interview as many as you can and let them know what your long term goals are and discuss what you potentially bring to the table and what you'd be looking for in a broker/mentor.

If you're looking to get into investing in RE, you're certainly in the right place and you will get a ton of input from the folks here in the forums.

If you haven't already...get the BP app on your phone and start listening to podcasts related to your goals and soak all you can.  A lot of the time, the guest on the podcasts can be reached on BP and many have been receptive to questions from new folks.

Best of luck to you and welcome again!!

Welcome to BP @John Widlacki and congrats on your decision.

In my opinion, a good first step for you is to find some local REI meet up groups in your area and start networking there.

Ask a TON of questions.

Your experience in construction is an asset and will be of value to folks you're networking with and they will most likely be able to steer you in the right direction..

I'm sure Chi-town has many meetups.

Best of luck to you!!

@Joseph Billow Is this a property you will be buying at auction or is it an REO that is on the market listed with an agent? If its the latter, typically you wont have to worry about potential liens as they will all have been wiped out. Double check with your agent or the listing agent. If it is a property that is being sold at a sheriff sale auction, I have had success getting a RE attorney to use their connections to do a title search to find out about liens. You should consider having a good RE attorney even if you don't use them for searches as they are invaluable.

Usually you will have to pay for the search prior to bidding.  I'm not sure about NY but I believe that is probably universal.  Hopefully someone with more experience will chime in.  

Welcome to BP and good luck!!

@Colin Kamesh Raja I am learning from some PLs that I partner with that private lending is real passive income.

Good luck to you and welcome back!

@Adam Widdicombe Congrats on the potential deals!  I'm looking forward to hearing more about your experience in KC!  

@Rachel Fazio I like to have the utilities separated for all the units.  If they aren't split already, I have to figure those costs into my equation.  I'd rather not have to pay any of the utilities except for garbage.

As I finished typing this, I saw that @Samantha Magina mentioned sort of the same thing!

Good Luck

@Nicholas Q. oftentimes many conventional banks wont lend on a property that isnt "move-in" ready.  That's not to say you wont find a lender willing to finance your deal.  But it will be more of a challenge.  

Call the smaller local banks in your area and explain what you are trying to do.  

Another method that I have used is to call up local insurance companies and ask if they offer vacant dwelling insurance for flips.  If they do, ask them about lenders they know who could finance the deals.  

That might save you a bunch of phone calls.

Hope that helps and best of luck to you!!!

@Joe Xie I have used Cozy.co successfully which is free.