All Forum Posts by: Stephen Lofthus

Can you not structure seller financing? How much equity is in the subject? What are the numbers? She owns the home, you put up the $ to rehab and retail?

@Luke Texidor

@Mark Libario there is a ton of info if you search HML's on BP. As far as I know there is no HML that will fund at 7%. And yes you keep paying until you pay back. There are however HML's that fund 100% of the costs but with certain criteria. The majority do 70% ARV. With that small amount, find the money elsewhere.

@William Lumpkin pm me your email address

@Ilan Szulik what I would personally do is house hack during college..have your college friends rent from you and pay your mortgage while you live for free. Go Multifamily..win win, my personal 2 cents..

@Ilan Szulik not trying to pursuade you from your dreams by any means. There are a couple ways like @Peter Vekselman said. Your dad can get a hard money loan, he can refi his personal property, he can give you a personal loan, he can co-sign on a loan..etc. if your dad was going conventional on a mortgage he can add you on title and then you can build up your credit and refi out of his name when your able to. Talk to more lenders..

Develop a business plan and walk into your dads bank. Even if he wants you to learn on your own, you can still have a plan, find a property and present it like its gold balls.  

I know a lot of flippers have done it and it happens all the time, but I just wanted some feedback on some of you that have done this and your experience reselling these properties. I also understand different markets have different crime, but generally how have you overcame these obstacles?

Thanks!

That should be in your contract. If you fail to obtain financing, how would you purchase the property?