All Forum Posts by: Reggie Burnett

Shoot!  i missed this.  How did it go?  If it was a success I hope you do it again as I'd like to attend.

Thanks @Austin Ojimgba. I don't need any help with the HELOC. Just trying to decide which bank to go with. :)

I'm sure this has been discussed but I wanted to share a few details about my situation and get some advice on how would I best go about financing a deal.   

a) I have a full time job that I cannot leave at the moment.  My wife is a stay at home mom and very hands on and very capable of managing the project. 

b)  I'm looking for deals around 75-100k, put 50k in them, and t hen sell for 175k-200k.

b) I have multiple small IRA but none of them by themselves large enough to do the entire deal. I considered forming a C corp and having me and my wife take our IRA and "invest" them in my C-corp but I think that is not allowed.

c) I have a 401k that could do it but the payment would be hefty I think

d)  I have a brokerage account large enough to do most of the deal but liquidating the funds it's in would be a significant tax hit (not a tax professional  :) )

e)  There is hard money lenders but I don't really know what impact they would have on my bottom line.

f)  I have enough in home equity to do it.  my house is worth about 450 and I owe about 160.

g)  There is creative solutions -- owner carried financing, lease-to-buy, etc.

Any advice welcome on how you would look to finance a deal given this situation.

Thanks!

I'm trying to come up with some simple per square foot room calculations for rehab.  For example it seems like sq footage divided by 10 gives a good estimate for number of 12 foot drywall boards needed for walls and ceiling.   For example, this equation for a 12x12 room would yield an estimate of 14 boards.  Then you multiple by your per board finishing cost.

I hope to do the same for hardwood, laminate, roofing, paint, etc.   Then I can put together a sq foot estimate for a room.  

For example, I want to be able to measure a bedroom that needs drywall, paint, trim, and flooring and come up with a quick estimate for the rehab.

Anyone got any numbers, equations, or estimating ideas they'd like to share?

Thanks!

Thanks for the reply Lucius!  I really appreciate it.

Just wondering what are the sought after areas of Nashville right now

Anyone using auction.com to find deals?

Have lots of experience doing hands on work.  Will  hire most of it out. Looking for best strategies to find first flip deal in north greater Nashville area.

Do bandit signs work? Driving neighborhoods? Searching MLS?

Thanks for any tips!

All great comments and good advice. I'm pretty comfortable I can complete it but it is our first and definitely a learning experience. I have a good job and making the HELOC payment myself would not be any trouble so even if it takes me some time to sell the property I"m not concerned. However I am still trying to do my homework and carefully plan each and every step!

I'm looking to acquire my first deal this month.  We are looking to finance it with an interest only heloc (against our pesonal home).  Hope to have a total balance of 90k (for purchase and  rehab).    You guys think this is an ok approach?  Obviously looking to flip and pay off the heloc with the proceeds quickly.