All Forum Posts by: Paul Fagot

So my question is about how to get 100% funding for a flip (purchase and rehab) when just starting out. I know it's a rare thing but I know it does happen. I have a few ideas but don't know if they'd work or not. Or if there are other ways to go about it. 

1. Close on my wholesale deal I got now take my fee that's close to $6k, re invest and do more marketing and close on a couple more deals till I have the money to where I now have a down for a hardmoney or private money investor.

2. Friend of mine wants to flip a property but she can't find any offmarket property deals and also has to work a full time job, but she can provide the funds. The  Scenario would be I find a good deal where the numbers are good she provides the funds and buys the property. And I would be working on the property as a project manager making sure things are getting done right and we're on track with our time frame. (Since I've been to quite a few rehabs of a friend of mine who's a very well known flipper) seeing and understanding how things go and work during the process from what he shows and teaches me. And we'd be making all the decisions 50/50 along with splitting the profit 50/50

3. Then this is the one I'm still trying to figure out. Finding a private money investor who would fund everything in exchange for the deed.

I'd also have my friend as my partner/ mentor in this since he's done over 90 flips so there's a little more of reinsurance on the deal. Split everything 50/50 with the PMI and I'd split 50/50 with my partner in it. Making money is great and all but I also really want to build my experience and knowledge up with all this, So in the future with the next deals I come across it'll be easier for me in the long run.

Please I'd love to hear any suggestions or just feedback on this! Please no negative comments they're just ideas I've come up with while at my 9-5.. as of right now I'm gonna probably be doing the first one and build more capital. Thanks BP!

it's because  they just dont want to deal with the repairs of the property and also don't live in the area

Found an abandoned property been mailing them for months then went to code enforcer office and they told me that the owner was deceased for a year or so. They also told me that the relatives don't want anything to do with the house. 

Everything is still in the owners name. 

Still has $40k on loan

ARV $170-180

Repairs $40-50k

How do I go about acquiring the property if he's deceased and had no will? Should I try and contact relatives see if they know anything about it or contact the people with the loan and figure out something with them? 

Have 24 days before auction sale date! Need help!

Bump

@Alex Deacon yeah that's what I'm gonna have to do. Have you had any success in these sales?

Saw a post a while back about getting leads from attending some estate sales and wanted to see I found anyone has ever had any success or has closed on a wholesale deal from going to an estate sale! What was it like? How did you bring the conversation up? How did the whole thing go down?

I found a couple of moving sales "everything needs to go quick" sounds like motivation! and one sale that's raising money and selling stuff from their aunt who passed away any suggestions on how I should go about it? Email? Show up on the sale date?  

@Brent Coombs it's an off market property and I'm gonna post updates and more accurate numbers

That's a little of good info! I appreciate that! @Andrew Johnson 

By getting their money back it'd be monthly if we plan on holding the property. And yes they'd collect 25% monthly annually profits as well. And have 25% in equity if we ever sold it. @Paul Choi

ADVICE! So for financing please anyone tell me or give advice on this thought. We have a private money lender and our thought is to get a loan for this property 100% (purchase and rehab loan) but instead of paying interest and a downpayment since we don't have the capital right now to be comfortable with that. The idea is to get the loan for the property but instead of paying interest and the down they would receive (example) 25% equity in the property and the money back from the loan they provided us. has anyone ever done something like this or have heard anything like this for a income property?