All Forum Posts by: Thomas Magill

I started a direct mail marketing campaign about 5 months ago and I'm receiving a good amount of feed back from property owners. The issue I'm having is the majority of people who respond, do not fit into my investment strategy of flipping. I'm looking to capitalize on more of the leads that come in and would like to know if there are some innovative investment strategies out there. My current strategy is the standard flip strategy of a conservative purchase of 70% of the ARV. I usually use cash up to 75K for purchase only, and 20-65K in construction costs.

A lot of the responses I'm receiving are people who want to sell there home and the value is out of my price range.  Or, the property is not worth what the buyer is asking but I feel there is another way to capitalize on this... 

Please send any good ideas.

Thanks!

Thank you @Brandon Reed, I appreciate your feedback.  I do not have access to private money currently, but I will certainly be on the hunt.  This really works out to be a timing issue that I am a little constrained by but in the bigger picture I'll need access to more capital to grow.

@David Seroy Thank you for the detailed response. I agree, the timing just isn't there to go the HELOC route. I'll be able to meet the two (2) types of criteria you mentioned for the hard/private money, and will probably pursue that route. During my initial analysis of the deal I factored in the cost to do hard money as a back up and the deal financials still worked. I feel that I will be purchasing at a 'crazy good price' so the hard money will probably be the direction I go.

I've never used a lending vehicle other than self funding, so I really just needed to talk it out. 

Thank you both again for taking the time. 

I am looking for advice on lending on a home flip that I am about to purchase. I will be closing on the property in the next two weeks, but want to pull my money out and be able to purchase other properties. I'm looking for advice on who or what avenue to pursue. Hard money, crowd funding, credit union lending.  I am NOT looking for a specific lender.  I am ONLY looking for advice.  I've done about 5 investment deals up to this point and have self funded each one, but in an effort to scale up I will need to look for other capital resources. If anyone has any specific knowledge of lending for the Charlotte, NC market, all advice is welcomed. Thank you 

Thanks Jason, I will definitely do that today! 

I just pasted my North Carolina real estate exams and have received my license. I want to hang my license with an investor friendly real estate company that I can optimize my properties exposure through the MLS, as well as have the ability to have access to the MLS for research. I want to save as much as possible on each of my properties sales, but will pay all of the required fees, ie E&O, MLS dues, etc.

If anyone has any suggestions or opinions, please share.  Thank you!

I have received some inquiries about lending cash.  I have the liquidity to invest in Gastonia I just need the properties.  Please send any properties my way.  

I'm looking for SFR in Gastonia, NC. I will purchase with all cash

This is my first BP post.  I just quit my job in NYC and moved to Charlotte to start a real estate investment company.  I am looking for my 'farm' area that has enough inventory to future proof my investments.  I would love to hear some locals opinions who have boots on the ground.  Also, would love to get some GC recommendations.