All Forum Posts by: Timothy Lewman

@Nicholas Tanner but to your question, private money is at REIAs. Go to as many as you can, offer equity for money, "I'm looking for equity partners" us the phrase you should use.

@David Gamble no wholesale deals, interested in it but flipping houses makes more money and is more passive. I invest money and keep the books; I don't do the physical work. I work a day job so I'm only able to take on so much.

@Nicholas Tanner buy an owner occupied multifamily property, get paid to learn the ropes. Go to REIAs in your area, find investors who need help and work for them to build up your down payment savings. You will learn, meet and network with their contacts too.

@David Gamble nice houses are generally suitable for lease option. In this case, there is such a large amount in arrears that the option fee likely won't cover the back amount due. Depending on how long until its foreclosed the best route might be to list it on the MLS. If the seller will agree, offer to make the mortgage payments and pay for the repairs. In exchange he will give you half the equity left over once the debt is paid off and your investment is repaid. Notify the bank the property us up for sale and they will be paid in a couple of months.

Maybe an investor with bigger pockets than you can pay the back amount and do the lease option sell strategy. I wouldn't charge more than $5,000 on the wholesale deal.

@Arlindo Neto we bought it off the MLS, it was striped to the studs and now it's just a shell, stripped the rest out. Permits took a few months for the extensive work we are doing. It's going to be a 4 bed 3 bath house, open floor plan and a detached garage in the back. Everything is approved and we are rocking. Here's a video, I'll have another one this week at some point. I put in $33,000 and am doing the accounting books. Partner handles all the contracting work. He hopes to be done in 4 months...seems optimistic to me, see what happens. Stay in touch, we will ne looking for a house in a few months as this one wins down!

https://m.youtube.com/watch?v=jMSfWEZajwc&t=3s

@Travis Biziorek these are public companies that report their progress every quarter. So far Zillow.com is losing tons of money. You can't replace a person with an algorithm, theres too many variables. How long until investors decide not to burn money with these ibuyers? Ivy Zellman is doing research on this too, so far it's nothing to fear.

https://wolfstreet.com/2019/05/10/house-flipper-zillow-lost-109k-35-per-flip-net-loss-triples-shares-soar/

@Arlindo Neto what is your business - flips, lease options, notes? What sort of transactions are you doing? Are you buying off the MLS, wholesalers or getting your own deals from marketing? My recommendation depends on what you doing. Ps, I invested in a house in Leominster that is being flipped, total gut.

@Matthew Gangi I got started with $38k borrowed from my 401k. I put it all in on a down payment with a flipper and split equity 50/50 on the backend when we sold. Maybe try something like that, at $20k you'll likely have to take a smaller percentage. Maybe you can get more equity if you can add value by doing tasks related to the project like getting materials, keeping accounting books, construction work, etc...

Thank you everyone! Looks like I have some leg work ahead of me.

Someone left a boat and trailer on a flip house. What do you do with it, it must have some value? Do I own it b/c I bought the property? Can I sell it? 🚤