All Forum Posts by: Account Closed

Hi Sha'niece, I'm here in Rockford too but I'm still in the learning stage myself. I'm currently purchasing an REO to rehab for my personal residence, after that's done and I'm able to save up some more working capital I'll be looking for fix n hold's and fix n flips. Nice to see someone else here from my area, we'll have to keep in touch.

@Tim Hoffman, if you don't mind I'll jot your info down myself and give you a call sometime. I'd love to have an experienced investor in my area willing to give me some guidance!

Well, after you locate the best deals and use whatever discounts you can get your hands on, don't forget to pay for it with a cash back rewards credit card if you can :)

Lowest possible price isn't always the best value and shoddy work IS noticeable. If you don't have any connections in the trades and can't save money by doing some of the work yourself then you may have to pay retail for a good contractor until you build a relationship, or roll the dice with someone off Craigslist. 

@Luay Rahil, I think you can refinance into a 203k also.

I'm pretty sure all mortgage pulls on your credit report in a 30 day period only count as one inquiry against your score, so you can shop around as much as you like during that time and not worry about your score taking a hit.

After hearing of someone else using them to fund flips I did the application process just to see what my rate would be. With my FICO score hovering around 680 (not great, but not bad either) they offered me about a 25% interest rate (G classification). I'd be much better off using my credit cards, so no thank you!! I think if your credit score is around 800 or better you may get a decent rate, but then I think you'd also be able to get a better rate by getting mortgages, HELOCs, and signature loans from a traditional lender. Just my 2 cents.

Good news is they didn't do a hard pull on my credit report.

If you have a strong contract you can sue for specific performance (which means a judge can make them follow through with the sale), but you'd have to decide if it would be worth doing so.

Cuz I'm still dreaming about it and trying to get inside other peoples heads :)

Yes, seller financing, private investors, and hard money loans.

Things do occasionally get lost in the mail. If it's a concern you could always send the payments by certified mail, but then you'd have to make a trip to the post office every month.