All Forum Posts by: Tony Ruiz

@Wesley Whitehead We have an investor team and PM team. We have an REO dept that usually carrys around 30-40 properties in marketing and 15-30 in premarketing. We offer turnkey properties and a large wholesaler base.

Yes, keep looking around. Not everyone ignores the new flippers. It is the deal that matters. Even if you can't find a hard money lender, you can turn to private money, which is nothing more than offering a part of your deal to another local investor in exchange for the funds.  there is always a way to get the deal done. 

@Tony Ruiz I would encourage you to team up with an experienced flipper in your area. You could cold call direct to seller, find a deal, and then go to a local meet up event, and network to find a potential partner. Doing both of these simultaneously would be the best approach to getting your first flip done ASAP (in my opinion). 

Hope that helps.

Banks aren't going to make hard money loans.  Banks either make conventional loans (backed by large institutions like Fannie Mae) or portfolio loans (loans back by the bank itself).  You want banks that make portfolio loans

 May I ask how did you find these hard money lenders?

I’ve done flips for years always paid cash and always great profits.

I am Thinking about a hard money loan to do more of them faster 

Talk to more hard money lenders.  Plenty will work with first-time flippers.

Go to your local REIA meeting and find some smaller lenders (other investors who lend out of their IRA or on a small scale).

Try crowdfunding (Fund That Flip is a company I recommend).

Find a small local bank (portfolio lender) that lends against flips.

People discuss this often on BP. It takes a little work but search the blogs and forums for "best markets 2021" and I'm sure you'll find information. Find a few markets that sound promising and start analyzing some properties to see what it would cost to get started and what kind of return you can anticipate. Narrow it down to one market, then start looking for your realtor, property manager, and other members of the team. 

Your focus should be on cash flow. Investing in your own backyard may prevent you from finding a cash flowing property and may cause you to create more problems for yourself as you are likely to be more involved and make mistakes.

do you understand how to calculate cash flow, after accounting for all expenses and setting aside a reserve?

I recommend you read Long Distance Real Estate Investing by David Greene. Then study some markets known for cash flowing and start setting up a team.