All Forum Posts by: Billy Farley

 Gotcha, thank you for the clarification. I'm hoping to work with some people within my SOI at first. If I could avoid hard money all together that would be better.

Could you expand more on what you mean by my underwriting better be "very tight?" My idea was for the private lender to not pay 100% of my first deal, but rather come in at a 40% partner to the profits after they fund the necessary down payment or 20% that the HML requires.

Hello BP community!

I am looking to start a business that does flips and acquisitions of buy and holds. I am a real estate agent and I have a contractor that wants to work with me on a flip. I would like to do the first without any money if possible. 

I am thinking I can find the private money lender and offer repayment in full of his loan and then 40% of the profit of the flip. Myself and the contractor would take 30% each. I would also want to keep my sales commission and would write that in the contract. I have an LLC that I would title the property durning the flip. I will then use the private lenders money to secure a hard money loan to finance the whole deal/rehab.

Does this look sound enough to pull off? If you have anything that would be constructive, please input!

 I have about 70k in my investment property that I do not live in, and I have close to 60k of equity in my current primary residence that is also an Airbnb.

I have about 120k of equity between both of my houses. Can I leverage this to get a line of credit or get a fully funded Hard Money loan if I put them in the second position? Looking to flip a home before the end of the year. I have a contractor who is working with me and I don't want any more out of pocket cost getting wrapped up.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $20,000

Second investment and full time primary residence. I airbnb this house every weekend and when I purchase my next one, it will be Airbnb'd full time and provide much more cashflow.

What made you interested in investing in this type of deal?

House hack

How did you find this deal and how did you negotiate it?

Zillow

How did you finance this deal?

VA loan

How did you add value to the deal?

Semi-remodel. Took out a wall as well as completely overhauled the cleanliness of the house. Paint x3. Garage reno.

What was the outcome?

Healthy cashflow from 8 days on airbnb a month. Cant wait to see what full time Airbnb brings!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $95,500
Cash invested: $12,000

First purchase when I was 22, used VA loan. Has been a solid single family home that has appreciated 90k from its sales price in 2017!

What made you interested in investing in this type of deal?

I always wanted to get into real estate investing, I decided to purchase a "future rental."

How did you find this deal and how did you negotiate it?

I first was pre-approved and referred an agent that I used. He provided me with list of homes and I decided this was the best purchase.

How did you finance this deal?

VA loan

How did you add value to the deal?

Updated landscaping, removed old baseboard heating, updated HVAC, new roof, updated kitchen, updated bathroom, added recessed lighting/fans to living room and bedroom.

I am looking to do my first BRRRR that I do not live in as a primary residence. I have successfully rehabbed two homes and provided over 120k in equity from them. My idea is to form an LLC with my partner to qualify for a 100k business LOC with our credit scores (both 700+), our DTI ration, as well as my equity. Does anyone have experience doing this? I am also a real estate agent now who will be able to buy and list my own properties..

I would like to BRRRR if it makes sense on the refi to pay off the LOC, or sell for a quick turn around.

Thoughts/suggestions?

TYIA!

As title states, I am now a licensed real estate agent who would like to flip some homes. I can bring the deal to the table, as well as financing options. I can also but/list the home. Anyone looking to make a deal here soon? 

Hello Bigger Pockets community, my name is Billy Farley and I have been wanting to become active here for a long time. I currently consider myself a 2 door investor, I have one SFH that is a LTR, and I also have my primary residence that I AirBnB every weekend (unusual HH). Both cashflow very nicely. I am now looking to become a full time real estate investor, problem is that I have little liquidity, but a decent amount of equity. With all this time, I am looking to BRRRR some homes here in the area, will most likely need to be with hard money. I have always been too timid to consider hard money.

I am looking for someone to walk me through the steps so I can make this dream come true. I have a decent amount of resources I can share with anyone who is interested. I am mainly looking for a problem solver here to solve my problem and propelling me into real estate success.