All Forum Posts by: Jordan Webster

Hello all,

I am still trying to get my first flip under my belt! I have a great team and mentor, and because of my mentor I've been able to network pretty well! I started out in the lower market in the South MPLS area but the competition was too stiff for my liking. My mentor suggested dabbling into the larger market and with his help I've found a great deal! 

Problem is now: financing.... 

I wasn't initially prepared for a larger market and as such, I've been running around trying to figure something out. I have one hard money lender but I need 20% down. I would need an additional 70-100k from an investor on top of my 50k for downpayment. This is challenge #1. I don't come from a wealthy family and I am young so friends aren't an option as well. To reiterate: I am young without a house that I own, so borrowing against my own assets isn't an option as well. 

I then decided on finding a zero-money down traditional hard money lender. I've found a potential lender but am still waiting on a response from him and terms. This is challenge #2 - finding a zero money down lender.

Anyone have some creative ideas to gain financing or know of any investor ( private, personal or groups) they would care to share with me? I am still of course very green, but I've finally got a great deal on my plate, I don't want to let it slip away. 

BTW, I am on vacation this week from work so if anyone local wants coffee/lunch for a conversation I will gladly treat!

Thanks ! 

As the title implies, which should I do first: Flip a home to sell or move into a MFH to owner occupy.

I've never owned a house before, but have plans to put my first flip deal under the LLC I just created. If I were to close on a flip first, how would that affect my plan to owner-occupy my first MFH and loan options? Would I then not qualify for any first time buyer programs that offer lower down payments? I am unsure because of the whole LLC vs personal residence thing.

Any feedback is much appreciated! Only even considering flipping first because I have a great team in place that I can trust!

Thanks @Dylan Swanson, Dylan's advice on 'Driving for Dollars' has lead me to this article on BP: Driving For Dollars. Really terrific read, hope it enlightens you as much as it has for me.  

As the Title says, I am having a hard time finding my first potential flip. I have been advised by my mentor to stay in the South Minneapolis area but I believe it may be to hot for me just starting out. I have been scouring the MLS program my realtor setup along with other online sites like Zillow for almost 2 months now. I've placed offers on a few properties but they were flooded with all-cash offers that I simply couldn't compete with.

Does anyone have any tips for me? Maybe I should be looking somewhere in the west suburbs? 

Hello all! 

Within minutes of being registered on BiggerPockets, I've already found ( and sent messages ) to a few other new members from Minneapolis starting out just like me! Recently graduated, I am Mobile Platforms Software Engineer already looking to make a career advancement into Real Estate investing.

I have already found a great mentor that is a contractor and has done a lot of flips, and a real estate agent with just as much experience to work with! I am currently in the process of finding my first flip, which is the reason why I am posting now. Honestly, I am having a rough time. Looking at an all-in price point of around 150k-250k in the South Minneapolis area, there just seems to be too much competition. I have been looking for months now and beginning to think I am doing something wrong, or missing something huge when it comes to finding potential flips! I scour the MLS listings my agent has setup for me that lists new properties that come on the market daily, and also sites like Zillow but every time I find a decent flip, I get waayyyy out-offered or it already has 10+ offers on it. Is this normal for new investors like me that don't have tons of cash for lucrative offers? Can anyone offer advice or point me into the right direction to learn on this site?

Thanks