All Forum Posts by: Nick Stango

thanks @Chris L.  @Bram Spiero @Alexander Felice @Bhekizwe M.I just refinanced three months ago, before that I was sinking in debt, now I'm making ends meet, but still can't save, if I go for the equity, I'll only get 80% of my homes value so it will only be about $30k in equity. Plus my debt to income ratio was just good enough to get the refinance.

My house has been eating up every bit of income that I earn for the past 15 years, my wife has been wanting me to sell and downsize, but we still have three children living with us. I really want to start doing fix and flips, and will have about $80k to work with if I sell, but that's before buying or renting something to live in. There are almost no duplexes in are area, and my wife wants to move to CA someday but is also ready to get her PA/NJ RE license. This is a very confusing situation for me. What should I do? Any suggestions? 

Thank you @Bill Gulley for your replies, How about if I am dealing with a hard money lender for the remaining of the loan to finance a deal. For instance, the house has an ARV of $200k, I can get 65% from hard money but I have a private lender with 20k or maybe even two private lenders with 20k each. What would be the best way to work this out when bidding on a foreclosure property? Should I bid on the property first then gather up my funding, or gather up the funding first? Will hard money lender want to be first in line on the deed? Do I have to put the private money lenders on the deed? Thank you in advance.

I have an investor with $20k but I don't know what to do as far as a contract goes. Can anyone guide me into the right direction?

plus I'm not a Wholesaler and I don't have a list of buyers to market to. 

@Brent Coombs the problem is the numbers won't work unless the seller agrees to lower his price. There are too many negatives with this property, and not enough upside. I'd have to get it for 25k to make the deal work for me. Both Wholesalers have it priced to high in my opinion. 

Oh, buy this book! I wasn't sure what you meant before that last post. @Brian Gibbons

I think it's hard to tell how educated these guys are when it comes to Wholesaling from this tread alone, at least for me. It seems like some of the experienced REI here have them pegged. I've studied wholesaling and played around for a few months but never closed a deal, so I'll take most of what I'm getting here to heart.

@Account Closed the first wholesaler felt he was having trouble getting it sold, so he teamed up with the second WS, they both have their websites and e-mail marketing campaigns along with lists of contractors and investors that they market to, I think the first guy just couldn't get the homeowner low enough to flip it quickly and didn't want to walk away or try harder to get him to come down in price.

will do @Account Closed