All Forum Posts by: Scott A.

Sorry you had a bad experience, I don't want the same experience so I will be cautious.  My hope is to maximize my margins and weed out those desperate Sellers from my We Buy Houses Fast Cash signs. I'm looking for that one no Brainer type of a deal.  m I'm sure it is going to require every ounce of my persuasion skills to get them to give me their property at 70% below market value. But if they're calling my silly little sign on road then chances are they're out of options and might be desperate enough to take me up on my offer.

 what is your average time to rehab before you flip?

 *So we are clear I am only talking to flippers that Outsource their work to be done, not do-it-yourselfers.

Since I am financing my deal Common Sense tells me that I don't take on any property that I feel I cannot rehab in less than 2 months or less.  

Jiminy crispis... u r taking the wind from my sail for sure. 6 months to rehab?  F$%k that.  Profit attracts me first.... Next is rehabbing and Flipping by outsourcing only.  I will hustle to make deals... not fix things myself. Hmmm, thanx for your reply but as u said u r not an experienced investor.  I understand the risk.  There is no big reward without calculated risk.  If contractors play games I am not timid...I got no issues yelling at people to get things done, making a fuss... playing the game. But Cant imagine 6 months is the norm to rehab... once I find a good potential property I will put in my flowchart Expected time to rehab based upon my actual repairs seen before I buy AND if the repairs look to exceed my 2 month rehab schedule I kill that deal before it starts.  I can't imagine 6 months on a rehab.  I would burn the place to the ground.. no f%&$k#ng way. This vent was not personally directed at u.  Putting my sail backup now... Easterly wind is coming back. 

Thanks Yinan. I appreciate that!

Any veteran house flippers that see this can you pls double check my House Flip Flow chart and let me know any red flags? Thank you so much.

My Flow chart:

1) I got 50 nice "we buy houses signs" & Phone script ready hoping for Distressed Seller Calls. 

2) Got my Hard money lender options... Like 12%, 2 points, 60% LTV... Also a Bridgewell option... 13%, 4 pts, 20% down ARV 75%... I'm still trying to understand this part... little hazy.

3) Once I find a property from distressed seller with a potential to buy it at 60-70% below market value... i find out all rehab expenses upfront, plug in my numbers with my house flipping spread sheet software to get my Maximum purchase price... (following Rule of 70)

4) I make an offer on the property that works with my calculations to yield a 15% profit that I'm okay with , seller gives me property.  :)

5) Now I use my list of contractors to rehab property within in 2 months 

6) List property for sale no later then start of 2 months from my original purchase date.

7) Hit my Goal of house flip between 2-5 months

Exit strategies if home doesn't sell:  

A) Reduce price by start of month 3.

B) Reduce price again by start month 4. 

C) if I cannot flip within 5 months, try and refinance my hard money loan and rent 12 months to at least break even or make $100/month. 

--That's all i got.----

Any red flags in my flow chart?

What else am i missing here? 

With whom should i re-fi my hard money house flip loan?

What does a good re-fi loan look like on this?

Thank you so much for replies from any veteran house flippers that read this and respond. 

Maybe my plan is ****. I need to further evaluate. damn

Flipping a contract will not make much money...Iet someone to buy my position for $5000 or something... it seems the big money is withFlippinghhomes you can make $25k plus... hmmm.

I read a guy on here gets a few flips per year from obits as a lead source 

Obits, I would say spouse no longer wants home or maybe he /she is out of work ... maybe hubby was still paying on mortgage.  Other flippers have posted successful leads with flips?  You got any other advice or just nay say stuff?  All I got from your post is that won't work... don't get loans.  What else is there my friend?  How many homes u flipped?  How fast you move them?  How u find properties to flip?  How u pay for them?  Some of us got to hustle. Maybe u don't.