All Forum Posts by: Sparkle Carlock

I believe i am in paralysis... I'm financially nervous to take steps to beginning my re journey as a flipping investor. Is there a way to get a person to help you step by step without being taken advantage of? Let's say I aquire the  right amount of business credit and get loan approval and am ready to take next steps. Is there a way to get someone to "hold my hand" through my first flipping process, start to finish. 

What are some of the pros and cons for finding property on MLS versus finding property off-market? I am a new investor and sometimes see properties off market that have been for some time and could potentially be a good market and possible deal. Just curious about risk/benefits involved with on vs. off market investing.

@Lee Nugent Thank yuo for your input here! I truly appreciate it. Question: what is a "sphere" to check into? Perhaps I do not understand the term. I do not at this time have any personal PML options but in the future, I love to know how to find them and begin a relationship. 

@Jay Lancaster - Not yet, I am working on securing better financing to decrease out of pocket pay.

@Nicholas Ruscio - I plan to fix and flip a property. I am not too familiar with the ins and outs of DCSRs and refinancing just yet. Current strategy is to gain more capital with flipping before buy/holds. But I would still love to discuss how that DCSRs refi works. DM me! 

@Scott E.

Thank you so much for you response. I have been semi-apprehensive about whether or not I was on the right road. SO thank you for the reassurance. I'm mostly focused on finding the proper avenues of funding so I don't have to go over my personal out of pocket budget. Once that's squared away, I can put more focus into property hunting. I really appreciated your response! 

Hi BP Family.!

I am fairly new to REI still (6 months in) and have not found my first fix/flip deal just yet. I'd like to hear from some investors that are thriving and willing to tell me if I am taking the right steps and in the right mind frame to prepare for that deal when it presents.

This is where I am at thus far:

I've done research after research - selected an area of markets I'd like to invest in - acquired a realtor agent who knows the markets - acquired a hard money lender (75% LTV rate) - selected a potentially reliable GC - finally went to first REI meetup - currently finishing my LLC formation. From here, my next thoughts are to open a business bank/credit account - continue searching for property to flip - when found, get approval from HML and close on property - then use business credit to purchase materials/fund GCs to start the rehab - Then use *hopefully* minimal number of draws from HML to pay back credit on business account with HML. 

To me: this all seems a little random but I'd greatly appreciate any type of advice on my steps above as I am new to this world with an abundance of desire to succeed in REI to gain financial freedom within the next 3-5 years.

Thank you in advance for you words of encouragement and mentorship ;-)

congrats on this Jacob!!

@Elliot Elias

By choosing a max of 3 draws, this implies that as a flipper, one must have the personal funds to purchase materials for the contractor to hit those milestones, then the investor makes the draw as reimbursement. is that correct as it regards to HMLs.? (hope that makes sense, it is the understanding that I have. If it is wrong, i'd love some insight to this process) 

Hi BP Family... this question is for experienced flippers.

Do you have an LLC entity just for you flip/rehab properties? I am looking to form my first LLC and the goal strategy is to be a REI-flipper. Any advice? For the tax educated members: should I struction a out-right LLC or deal with S/C corp for flip properties? From what I've read, regular LLC should be find, just not advised to mix rental and flipping entities. Yes.. No.. Thoughts?

Thank you in advance ;-)