All Forum Posts by: Pennie Heath

I'm looking for a wholesaler that has a property that I can buy for my handyman to live in and work on for a potential flip later or maybe to hold on to for rental, then we will move him to another property. Any I want there to be some work necessary and would like to pay less than 50K in a nice enough area. I do have my RE license but I'm having no luck on the MLS. My husband and I are working on our 2nd flip and we love this guy and his work but he is commuting 2 hours and is interested in moving to Memphis. Any ideas?

Gina, I learned with family you are lucky if you get a SILENT investor. Ha.  He loaned us 30k and helped a ton on site. It would have taken us much more time if we hadn’t had him. And when we started we thought we could do it on our own. But the day after close, my company told us they were closing our area. We have 2 kids in college and I was freaking out to lose my day job. I decided to start my own practice when that happened, which also took money, and my dad offered to help on the flip. Thank you Jesus  .  On this current flip he is back at it. We had a good time doing it with my parents. We plan to give him 10% again. 

We gave our investor (family) 10% on their investment when we sold. They funded most of the rehab. 

wow congrats! 

congrats!!! 

Agreed location, location location. 

Are you trying to get a deal? I guess I don’t understand what your point would be in doing that. A flipper is going to want top dollar for their end product unless you want to go in and buy before they are finished and have them scale back their plans.  I had someone make an offer on our flip house when we were about 75% done. She made a very low offer and her realtor said that it was a good offer for the neighborhood and it wouldn’t appraise for what we wanted to sell it for.  But I had done a good market analysis and felt sure of our final number so we didn’t take it. I told her “it deserved a few days on the market” (haha).  We sold it in 24 hours full price.  

You might could ask them what they were going to list for and then go for that minus realtor fees (usually 6% total around here).  Then get a GOOD inspection after they are done to make sure they didn’t cut corners.  Good luck. 

I cleaned the inside and surround of the one in our flip house with krud kutter and rinsed  with water. I wiped it with a sponge and had to change my water about 10 times. The inside of that fireplace was a pale brick.   When I was done I painted the inside with a black paint for fireplaces. You can also clean the glass and metal part and then tape off the glass and spray paint it. 

Also it was structured just like our regular conventional mortgage.  We put 20% down but they did require some points (I don’t remember all of that) because it was a small mortgage. We paid 84K for the house, put @ 18k down so owed 66k I think to bank. 

Gina, we didn't tell them we planned to flip it. It was already a rental and had tenants but their lease was ending. We were pretty sure we were going to flip it but kept mum. We closed on 7/15 to buy and closed again 1/18 to sell so it was 6 months. They didn't care at all. We didn't try to get a loan to cover rehab though we used a HELOC on our own home for that. They didn't seem to have any problem using a conventional mortgage for rental.