All Forum Posts by: Zachary Olley

@John Walter I will look into that thank you!

@Jonathan Greene to give you context, my goal is to have my own flipping business through I can scale and quit traditional employment and pay off student loans. Then use the money from flipping to start to acquire rentals to supplement a stable income. I hate working for a traditional employer with a passion but will do it as long as I need to so I can get this business off the ground.

@Jonathan Greene thank you for your input! Is there a certain amount of cash you suggest starting with? I currently have my first 10k saved up. Would a hard money loan be a good idea to start with or something a little safer like a live in flip using a 203k loan? I have seen lots of people saying a recession is coming and stacking up cash for the next year or 2 would be good instead of trying to start flipping in this market.

@Kyle Spearin I met with a local flipper who only buys foreclosures at auction.com but doesn’t partner with anyone. He did say if I have enough saved up for the rehab costs he will wholesale a house to me and let me use his workers and we can split the profit 50-50 if I manage the whole thing but I have to find something else to give him in return too. In the pas he got 24/7 access to a private b-ball court in exchange for helping a guy with his first flip.

New Jersey house flippers. How did you get started? Where did you buy your first flip? (Foreclosure, MLS, off market, ect.) did you wait to buy all cash or did you finance (or seller finance)?

@Mike Bonadies wow that was very in-depth and helpful! Would you mind if I pm’d you and talked through 2 properties I am going to go see on Wednesday in Buena and Vineland? Everything you said lined up with what I was researching but I didn’t know how to put it. So just because it is tricky doesn’t mean it’s not worth it if you can get a good deal? Would saving up and buying in cash for 20k or 50k that need a full rehab be better than one that is half occupied that needs light rehab?

@Christian Estrella I have only looked at 1 lender and that’s Bank of England

@Andrew Postell not yet

@Tyron Betton if you don't make mistakes then how do you learn? Jk no keep educating yourself until you feel confident enough to do the deal. Listen to BP Money podcast #35 on how Craig bought his first rental via FHA.

@Erik Whiting great advice!