All Forum Posts by: Weiler Nunn

I looking to set up a LLC as a real estate investor. Some say to set it up myself and others say to get an attorney to do it. Any feedback?

Are you asking for investors only or flippers, contractors, etc.

Wow I guess I had it all wrong. A year ago  I tiptoed into the flip by doing a live in  rehab  and now that I'm ready to put on the market looks like I hope you  bringing in  about 35 to 38%  return. I am currently looking for investors or private lenders because of what one of the other mentioned on This Thread about the paperwork and the wait time losing deals because of it. I thought that when and investor Lends or invest money they finance the project I do the work (or have the work done... boots on the ground)  and we split the profits 50-50 after it is sold am I wrong about that or what is a great percentage... Jay you're tough LOL

Good luck with huntsville.... I'm about to flip my first home.... let me know if I can help you

you should come to one of the real estate investing meetings at bridge street.   There's a lot good info. 

@alec davis yes I moved in last October but the right of redemption wasn't up until the end of April of this year. Just in case you don't know,  right of redemption means that the owner that was foreclosed on has a certain period of time usually a year to come back and claim the property, which almost never happens but there is a possibility for them to do so. The repairs that I needed with this foreclosure was only cosmetic so I did all the repairs such as broken ceiling fans, paint, laminate floors and things of this nature was finished with them a couple of weeks. I waited until  after right of Redemption to do my upgrades like granite countertops and redoing the bathrooms floors and countertops because if the owner came back I would not recoupe any upgrades only the repairs. I did not do the work myself I hired someone but if you want to talk about how I got great deals to get that work done cheaply inbox me and I'll give you my number I'll let you know how I got it done

@kadijah Hammond I was kind of hesitant myself but what I decided to do  was to Tip Toe in to flipping and decided to buy a foreclosure at a really good deal. I moved in did cosmetic repairs to fix it up. Now I just received the Comps for my area and it looks like I'm around 20 to 25 thousand to the good. That was the safest low risk way for me to feel my way through a flip.  Now I'm ready to do it again and venture in to buy and holds for cash flow.  

Hope this helped some

@ Chris frydenlund there are loans that require zero down like rural development loans but I went with fha and put 3% down and 1000 closing... not sure why I did maybe just listening to my Lender and realtor but I'll be smarter next time lol.  I was just excited to be getting such a great deal and now that I look at the comps today I'm glad I did. looks like it's going to be a good sale for me. (Luck) I'm not really good at this  but I'm learning. I'm just glad I moved into my first flip  and renovated as I lived here  it would have been crazy the other way around for me. so just take my word as just my experience and not a way to do anything looks like Suzanne has more knowledgeable answers. If you would to reach out sometime let me know I'll give you my number

@chris frydenlund I got the Foreclosure through a FHA loan. Right of Redemption is a period Of time that the previous owner have to come back to claim their house. If I'm not mistaken they have a year here in Alabama. I had a lease on an apartment that the sub leaser back out on me at the last time so I had rent and I have my mortgage and that's what I'm trying to avoid this time when I sell this house.

I would like to know some of the responses to this because this is exactly what I did last year in November. I purchased a foreclosure  lived in it until the right of redemption  expired.  now I'm looking to get out of it because the comps are looking really good right now. I did some renovating  to the kitchen  and now with the bathrooms and ready to put it on Market. The issue I have now, which you might want to think about is when I sell the house I'll need somewhere to live. I don't want to go back to sign a lease on an apartment. or do I find a house and then try to sell this which would put me with two mortgages until this one sales.