All Forum Posts by: William Kelly

BP, 

I am looking to purchase my first fix and flip properties and am having trouble finding a lender. I am located in fayetteville, NC so if anyone has any recommendations i would greatly appreciate it. I went to wells fargo with an 830 credit score and requested a 100k personal line of credit and got denied. I'm going to go back on monday and try to get a 50k unsecured personal line of credit and try to some how tell them about collateral with the assets that i have? Not sure if that will work or not. Another key note i have 35k liquid cash to pay for rehab costs so i would only need funding for about 30k-70k to actually purchase deal.

Anyways ive looked into dohardmoney.com but they seem kind of sketchy and ive heard bad reviews. I think one of my biggest hurdles right now is getting the funding for the fix and flip. I've been actively trying for about a week and a half now and have nothing to show for it. If anyone could point me in the right direction or give me a referral i would greatly appreciate it. 

Any advice will help thanks!

William. 

Jerry Wamsley today I am going to sit down with an attorney and go over the process so that he or she can answer all my unanswered questions. I was looking at dohardmoney.com to fund the deal but what happens if the property doesn't sell in 90 days? Can I somehow refinance it to a different loan to turn it into a rental so I'm not paying high interests with the hard money?

@dave Ramirez can you pm me with his information?

Jerry Wamsley In regards to creating an LLC I now understand that I need to get one before I get the house under contract. Also ok regards to the contractors like plumbers, flooring, Hvac etc. What am I supposed to say to these companies? I'm a brand new investor and will be buying a fixer upper fairly soon can you fit me in your schedule? I understand I would shop around for a few plumbers and not pick the first one I called but I just feel like all they are going to say is call us when you actually have a property that needs work. Correct me if I'm wrong?

I sat down with a REA and explained to him that I want to do a fix and flip. I explained this will be my first deal and how I've been studying Real Estate for some months now. I called USAA to get a loan but he explained that USAA doesn't normally give out fix and flip types of loans especially if the property needs extensive work. What loan company can I go through to find the right kind of finances for what I need? I have 35k liquid cash and am looking to purchase a fixer upper in about the 30-70k range with the ARV looking to be maybe around 120-140k. The REA said I should look into setting up an LLC. Where do I go to setup an LLC? And what exactly is it? He also said to look into opening a line of credit with the bank to show proof of funds every month? I don't quite understand this. Now that USAA ran my credit score to try to get a loan am I suppose to go somewhere else and have them run it again? Won't that lower my credit score? I didn't have my contractors in line but I figured I would call them once I got to that stage. It seemed like I wasn't quite prepared to talk with him but since it's my first property he was asking a lot of questions that I was I didn't know because I'm new to everything. It was pretty intimidating.

I found an eviction notice on a property I'm interested in buying. I have the name of the owner and what looks like his old address. Is there any way I can get in contact with him with the information that I have?

Kurt McDowell I know I'm a little late to respond to this but can you explain what you mean about the rule? I don't get it. Can you give me an example?

I was wondering if anyone has ever done a manual underwriting loan simply because they had no credit? A little background about me: For the longest time I never believed in credit. I have never had a credit card. I have never been in debt. I have never owed anybody a single penny. When I bought my car it was full cash. Any big purchases was full cash. If I didn't have the money to buy it then I wouldn't purchase it. Now moving forward: I am 23 years old and have never been in debt a day in my life. So I simply have absolutely no credit. I have about 25k cash saved up to begin investing in real estate. My car and all my belongings are fully paid off. I would say my net worth is about 55k and about 35k of that is liquid the rest tied up in ROTH IRA's/retirement accounts. Now I do need to mention that I am in the military so I am looking into the VA loan. My plan is to purchase my first investment property within the next 3-6 months once I redeploy back to the states. (I'm currently deployed) But I want to hit the ground running when I get back in a few weeks. I think my biggest obstacle is financing so what do you guys think? Can I go to a company who will do it manually? Can I get a VA loan to start to help build my credit since I have none? I reside in Fayetteville NC.

Matt Greer I'm in the Fayetteville area as well I saw you posted about a partnership. Would love to share ideas about maybe partnering on a deal. Pm me if your interested.

I was wondering if anyone has ever done a manual underwriting loan simply because they had no credit?

A little background about me: For the longest time I never believed in credit. I have never had a credit card. I have never been in debt. I have never owed anybody a single penny. When I bought my car it was full cash. Any big purchases was full cash. If I didn't have the money to buy it then I wouldn't purchase it.

Now moving forward: I am 23 years old and have never been in debt a day in my life. So I simply have absolutely no credit. I have about 25k cash saved up to begin investing in real estate. My car and all my belongings are fully paid off. I would say my net worth is about 55k and about 35k of that is liquid the rest tied up in ROTH IRA's/retirement accounts. Now I do need to mention that I am in the military so I am looking into the VA loan.

My plan is to purchase my first investment property within the next 3-6 months once I redeploy back to the states. (I'm currently deployed) But I want to hit the ground running when I get back in a few weeks. I think my biggest obstacle is financing so what do you guys think? Can I get a manual underwriting loan?or VA loan? I reside in the Fayetteville, NC.