All Forum Posts by: Walter Key

In short, many wholesalers (not all by any means) are inexperienced and don't put together good deals. 

BTW, @Gregory Walter, you've got a great name! :D

Shalla Steuer with Exit Real Estate Gallery. Hands down, no question, that's your gal in the JAX market! I'll send her your number!

I suppose I should caveat my prior post...if you're absolutely set on using a credit card for your rehab, look for the ones with the best interest rate for the longest period. In the grand scheme of it, that's really all that matters. Keep the interest low (ZERO ideally) for long enough that you can fund the rehab, flip the property, and pay off the card with the smallest amount of average monthly interest accrued. 

NONE. Find better avenues for working capital.

Trash the 75% rule, the 1% rule, the 50/50 rule, etc and run the numbers out yourself. I've probably never (or at least, very rarely) hit any of these rules with my investments but, I've also never lost money on any of my investments. Sit down and actually run the numbers for yourself. What's YOUR Cash on Cash ROI. What's YOUR Monthly Cashflow. Do YOU think the ROI, Cashflow, Future Appreciation, etc is worth moving forward on the deal? If so, move forward on the deal.

@Matt Crusinberry Just dropped a ton of great advice on you! I'll echo his recommendations to beef up your online profile, find some local meetups or clubs, and start getting out there and meeting people. 

Shop around for some other lenders. You should be able to do either a HELOC or a cash-out REFI with 75% LTV which, if the home is worth $275K, should put about $45K to work for you.

Collin, reach out to Tower Federal Credit Union brother. As MIL or DOD Contractor, you automatically qualify to become a member. They have some great HELOC products. I'm currently working on a HELOC through them for my primary. Thank you for your service by the way. I'm a 21-year Navy guy myself.

A HELOC is a great option and there are some lending institution that will give you better than 75% LTV, especially on your primary residence. Be forewarned though, the loan process is taking considerably longer than it used to at the moment. Expect 3-4 months from the time you apply to the time your HELOC is up and running.