All Forum Posts by: Nick Schulze

Hey all! One of my best friends reached out and we are thinking about going in on a multi family together for our first home ever. He will use his VA, and I'll use FHA. We know there is no blueprint, but any advice and/or personal experiences would be super helpful!! Thanks BP Community and Happy Holidays!!

I do intend on occupying. So if that's the only con, I like it! Lol thank you for the response!

Thanks for the tag Scott. I can make myself free every weekend to meet up, so let's all set up a day and time for breakfast/lunch to collaborate.

Hey all! What are some of the closing options that two first time investors/home buyers would have for their first flip? We both can use FHA203k and he has the VA option as well. We want to weigh the pros and cons of one of us purchasing the home vs. purchasing it together. Any advice would be super helpful!! Thanks BP Community and Happy Holidays!!

How about when it comes to actually financing our first flip...? What are some of the options we have with closing on the first flip?

I realized it's not a book. Lol Do you have a quick link to the post? I'm navigating through but feel like this could take a while.

Thank you! Buying the book right now!

Hey everyone, I have been apart of the Real Estate Community for a little over 6 months, and I started up my RE Investing business as well. I am in the beginning phases of getting my first rehab, as well as my first wholesale. I am here because I have now had an excellent friend of mine reach out with the pursuit of similar goals. We are thinking about getting into business together and would love for any advice on how we should approach our first flip. He has the option of a VA and FHA, and I have the option of an FHA. Any advice would be super helpful!! Thanks BP Community and Happy Holidays!!

Hey everyone, I have been apart of the Real Estate Community for a little over 6 months, and I have just started up a RE Investing business as well. I am in the beginning phases of my first rehab, as well as my first wholesale. I am here because I have now had an excellent and trustworthy friend of mine reach out in pursuit of similar goals as mine. We are thinking about getting into business together and would love for any advice on how we should approach our first flip. He has the option of a VA and FHA, and I have the option of an FHA. Any advice would be super helpful!! Thanks BP Community and Happy Holidays!!

Kevin O'Brien I'm in Pa, and actively searching for a duplex in the NE Suburbs of Philadelphia. I have put an offer in on a property but didn't get the bid. So here is a few added tips... 1. There are two different kinds of 203k loans, Streamline and Standard, (see link below for more info). Streamlined 203k's allow you up to 30-35k in repairs and a bit more realistic for a first time home buyer. Standard 203ks are typically used for a shell-of-a-home purchase. http://www.203krehabloan.com/types-of-203k-loans/ 2. Contractors must submit a Scope of Work to the FHA, some lenders will handle the submission for the contractor. The contractors SoW must be divided into two categories; Labor costs and Materials cost. P. S. The contractor must be licensed in the State in order for them to take on this job. 3. If you are fortunate enough to sit at the closing table, you will receive the first "Draw" in form of a check with your name and the contractors. (A draw is a partial payment to the GC in order for them to not pick up and leave the job with all the cash!) I was informed I would get 2 Draws, but I would assume it would all depend on the size of repairs and lender. 4. Your Down Payment is also based upon the Sales purchase, and the portion of the 203k is added to the loan, POST PURCHASE, allowing you to keep your DP lower. 5. Spend all the time you need to find an Investor-Friendly Agent. This will be your life line when starting because they already have the network built around them. It took me 30+ meet ups with all different agents until I finally found my guy, and I'm still seeking another agent to supplement my search. All this information I have just shared was taught to me by my Agents Lender. There is more information I could share with you from my current endeavors, seeing how I did not win the bid on the recent property I was targeting, I'm still actively going through all of this. Message me if you have any questions, and best of luck!!