All Forum Posts by: Sebastian Marroquin

Whats the best way to acquire private money at 8% to 12% short term loans (6 to 12 months) 

I haven't heard of anyone - but its a great idea! 

I would say- you look on craigs list (hmmmmm) or get a couple of people by word of mouth. 

I think you can do a lot of the initial work yourself and then get people to come out. 

Get familiar with the cost of everything: i.e. cosmetic fixes: kitchen, bathrooms, flooring, tile, painting, base boards, roof, electrical, plumbing etc. 

If you want to be successful - you better know how much are materials and what the retail labor will be and what you should be paying for labor on flips. 

You have to let contractors know that you will give them a lot of work through out the year and not just one home. To give you an example: I called a home advisor contractor (just for to check) on a property we were starting on: his bid for the work was for $550k .... I went into cardiac arrest.... 

it is a big project... but my contractor is at $350k (and I know he is making a pretty penny at that price... but I can trust him and he doesn't over price stuff). 

once you know the prices of materials and or what for example: AC for a 1200 sq ft home should run for? then you can really interview contractors and know if they are over priced or not. 

Then - you can easily go to a home and say its listed for $250k (bc its florida :) ) 

and you see it needs a kitchen: mid level: at $6500 to $7000 with counter tops: and needs flooring at 1.80 per sq foot and labor another 1/2$ a sq ft. 

2 bathrooms: each for $5500 to $6500 : and paint etc. then you can see that if you buy the home for $230k and home needs about 30k in renovations: (you are at $260k) and home can sell (ARV) for $400k : you will make _______ profit after cost of sales and closing costs. (if the numbers make sense) then you get the contractor to go out there.

You can even make an offer: it gets accepted and then you have 3 days to take a contractor to bid on the work (check for florida contract law about the 3 days) 

Good luck and let me know if you need a good investor friendly realtor in your area I can recommend you to!

Sebastian 

Always consult with a lender as they have the best and most accurate information. (there are ways to legally get around the 1 year mark) 

are you a realtor or investor? and what specifically do you want to market for? 

a management company won't help you acquire a property (unless they have a license- which some do)

there are some pros and cons to that... 

A reputable and skillful realtor will walk you through the ins- and outs of the assessment process, acquisition process, expectations and even finding a good management company. 

For instance if you were here in CA: I would be able to do all that, plus introduce you to lenders, contractors, attorneys (for leases and do's and don'ts) etc... 

A good realtor - is good because of the many good relationships they cultivate over the years that ultimately you will benefit from! 

Specifically what city and zip-code would you like to find something in? 

Do you still need help finding an ethical, honest and knowledgeable realtor? (I'm in CA but can definitely help you out). 

I am new to this site but i am so glad i read these posts as it seems that a lot of people are getting a lot of value from the site. I think a lot of people are missing the point and think that just by signing up to the site you should be earning 10k, 100k... etc.. Don't forget that you still have to do the work. To quote Brandon Turner: "It seems that the more I work the Luckier I get!" 

You have to put yourself out there, reach out, make solid connections, create value for people and be creative in how they can create value for you, meet for coffee and yes- sometimes pay for the coffee (minus $5), but look at the $5 as an investment that will definitely pay dividends if you keep that connection and learn to utilize it. This site, the blogs you read and the people and connections you make are all forms of opportunities that we all have to know, understand and learn to use. Make 2016 your best year to date! Hoping to meet professional and ethical people on here.