All Forum Posts by: Sergio Vega

Thank you, Let me go into a little more detail about the rehab. We painted the interior exterior. Re did the bathrooms, including the vanity, lights, tub, tile, and toilets. We also re did the kitchen all new Cabinates and countertops. We got used appliances that looked almost new. New flooring, we used the laminate plank. New interior doors to the bedrooms and bathrooms. New front door. We kept all the same windows. We also put in some rocks for landscaping in the front yard. You can see the finished rehab on Zillow 1700 Ingraham. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $23,000
Sale price: $239,000

Fix and Flip Property in Las Vegas.

How did you find this deal and how did you negotiate it?

I found this deal through a real estate agent, he brought me the deal on social media.

How did you finance this deal?

I financed this deal through a HELOC, personal savings and a personal loan from a friend

How did you add value to the deal?

Renovated interior and exterior

What was the outcome?

57k profit

Lessons learned? Challenges?

We did the rehab so our rehab cost were down about 40%.
Lessons learned is organize your rehab as much as possible.
Purchase the rehab with the most about of spread as possible.

Hey Bigger Pockets, I'm a realtor looking to get into wholesaling. I have gotten some wholesale training videos, cold calling training videos. I have a couple guys helping me out they are great. I would like to get on the field myself speak to sellers but I'm worried because I hold a license. I'm currently licensed in Las Vegas Nevada which is where I want to wholesale, I was just wondering are there any Wholesaler's that are license that have a realtor disclosure document. And if you'd be so kind to share maybe a link or a PDF that would be great. Other than that just want to know if you guys actually use these disclosures or just avoid them entirely.

Hit up lending home at lending home.com. They should be able to give you more detailed information basically expect to pay around three points and 12% APR. The points are due up front as well as the closing costs which are usually around 3%. With lending home the tryst is due monthly. So you will have monthly payments with that loan. As far as I know most Hardmoney lenders work this way. Do usually land up to 80% of the repair and purchase price. So expect to pay 20% down payment. I think I covered most of the terms they have a PDF sheet with full details and if you call them a sales rep will definitely answer any questions that you may have. If you have any more specific questions feel free to let me know I'm here to help. Also if you need me to help run numbers on the property I would be happy to assist.

Hey Justin, I'm a local flipper in Las Vegas area,. I think you are right on about finding the deal first and finding the buyer later. There are tons of buyers in Las Vegas so that shouldn't be a problem. I do see a lot of people positioning themselves differently when it comes to buying flips because of COVID-19. I do think the markets going to shitfirst and finding the buyer later. There are tons of buyers in Las Vegas so that shouldn't be a problem. I do see a lot of people positioning themselves differently when it comes to buying flips because of COVID-19. I do think the markets going to shift but they were all will always be buyers for sure. Especially if you have a deal with great numbers. Would love to get in contact with you I'll send you a request

Hey BP,

I am looking for course recommendations for wholesaling. A little back ground on my self, I’ve flipped one property last year in November. I’ve bought and read material for flipping. I’m looking to fill my pipeline. I would like to start wholesaling to acquire more properties. Acquiring my own properties also allows me to find deals that meet my specific criteria. I’m looking for recommendations for an online course, preferably under $1000. Thanks for the help BP

Congrats on your accomplishment

Most Properties in Las Vegas Will Cash flow but the question is what is your goal? What cash on cash return are you looking for? You can get into a Multifamily using an FHA loan, but you would be required to live in the property a year, the downpayment would be 3.5%. Or you could do conventional and do 20%. I would do the FHA because it has a lower barrier of entry.

Hello BP,

Im wondering if I will be able to purchase rentals if I quit my job. I’m worried that mortgage companies will want to see the two year work experience. I know creative financing is an alternative. But will I ever be able to get a conventional loan for rentals after I leave my job?

Hey BP,

I am looking to get a hard money loan to flip my first property. I am looking to flip with my dad. I want to know if we can get the hard money loan together or do we have to apply individually?

If you have prior experience or have a HML let me know