All Forum Posts by: Shenice B.

Congratulations! I am hoping to do my first flip in a similar price range that you did. And amazing use of a 10k budget! How many flips have you done so far? How many sq ft is the home you flipped?

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Originally posted by @Dawn Anastasi:

I used Lending Club and Prosper to finance houses that were low cost. You can get 3 or 5 year terms. This is okay if you're doing just one and need cash in short term, but keep in mind you won't be getting mortgage prices. The interest rates are higher and with the small period of time, your payments will be higher. The upside is that there is no lien on the property.

If you have the ability to do a refinance after a seasoning period, and the house is worth more than you paid for it, consider doing that and pulling out all your capital.

If you use a smaller credit union, some will bundle multiple small properties into one blanket loan. Sometimes you have to call around to find a credit union near you that will do that.

I agree. I was able to get a personal loan through lending club. If you have good credit, you may be able to get a personal loan/line of credit through a credit union and they'd probably have better interest rates and possibly longer loan term.

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If investing in other states/cities, how do you handle purchasing, finding tenants, maintenance, etc? Do you fly out to find the properties? Or depend on an honest realtor? Do you use property management companies? Would love to hear what works best for you all when investing is outside your living area.

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Love the flip! Congrats! Great that you learned a lot from this.

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Jarred,

I am in the southeast area as well. Would love to connect.

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@Cody MacRae @Jason Westerkamp I didn't see it at first but the details are at the top of the page:

Time of Event: 09/13/2016 at 07:00PM
Location: Holiday Inn Intercontinental 15222 JFK Blvd, Houston , TX
Fee to Attend: Free

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Deleted!

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@Ian Ray Yes! Really looking to make this a movement! I'm nowhere close to your level of building such a large container home, but I'm taking my baby steps! Yes, ideally build where there are little to no permitting requirements. In an effort to make this a vacation rental, I am building where I knew there were restrictions. I also found a lot of land where the owner was willing to seller finance, so it worked well for someone like me that has little funds to purchase anything. I'll look out for that message!

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@Ian Ray I am currently struggling to get permitting approved for the tiny shipping container home I would like to build. Be sure to check with permitting for your city/county. I did that before beginning the process, and I am still facing roadblocks.

I love the concept of using multiple containers to make larger homes. Do you have a breakdown of your costs? It seems like (if I get permits approved) I will be spending about 25k for construction for my one 40ft high cube container. Are you accounting for the cost of the containers as well? Are you purchasing in new condition?

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All Forum Posts by: Shenice B.

Shenice B. has started 17 posts and replied 69 times.

Post: Another brrr complete!

Post: Financing for a $30,000 invesment property

Post: Best cities for cash flow

Post: Pictures and Numbers from my first flip of a historic home.

Post: New member from southeast Houston area

Post: Flipping Houston Houses Meetup Group - Newbie or Experienced Inv

Post: Flipping Houston Houses Meetup Group - Newbie or Experienced Inv

Post: "Shipping Container" construction as a Model

Post: "Shipping Container" construction as a Model