All Forum Posts by: Zachary Perrin

Hey Investors and BiggerPockets!

I am struggling with the timeline of getting a loan for a flip, offering/negotiating, estimating costs, appraisal and developing your scope of work. This has a lot to do with I'm new into real estate from the medical field and iv also never bought a house even for personal use. Where I get snagged is, lets say I find a property on market on the MLS. Supply is low at the moment so being quick has advantage. Here comes the confusing issue to me:

1.) Since I will need to finance my first deal how do I know how much to ask for in financing to get pre-approved if I don't know how much the property will cost since I haven't found it yet?

2.) Lets say I find a property that fits my criteria. However...how will I be able to analyze the property and get a contractor to give me a estimated repair cost to know if it is actually a deal or not without making an offer beforehand? This also not letting me negotiate a more fair price if the property is not valued as much as they want and or needs a lot of repairs. 

It all feels backwards to me and I know I need to be quick in todays market. Id like to develop a scope of work and schedule work deadlines before closing on the house. I have searched forums without any luck. 

Probably a lot to unpack in those questions, Sorry. 

Thank you to anyone who has some better insight for me. Hope everyone's business is running smoothly! Cheers! 

Yep, currently deciding which strategy will best suit me. Still a bit on the education side of things but I plan to find a good team and start taking some action here shortly. Feel like Flipping, house hacking or wholesale is probably where I will start. Mostly focusing on flipping but it feels like it will depends on the property and deal. If I get a excellent deal I may just wholesale that bad boy. If I can house hack a multifamily where I can live practically free there is no reason not to grab that, even if I still have to pay my apartment lease. 

I must be missing something however. Ideally I would prefer to BRRRR so I can obtain assets instead of just flipping for profit. Then I ask myself when you flip a house and you profit or at least break even you are able to pay back all the loans you took out in order to purchase and rehab. However when you rent out the house, yes the tenants will be paying your monthly mortgage but you will not get back your down payment. So essentially you have to drop a downpayment for every rental? I feel like the amount of time it would take for the cashflow to become profitable is a long time. I'm sure im missin something big. Onwards to forums and google to figure it out.

Appreciate everyone responding, It goes to show me I chose the right website to journey into real estate. 

@Christopher Campbell @Evan Polaski , I really appreciate your time responding. 

I feel like you have resolved my overall worries before diving in head first. I know prices are high but If I work hard, bring in as many leads as possible, analyze those leads and eventually I will find one that works for me. All Ill need to do is find a partnership that will bring the down payment. I can bring the deal, the sweat and confidence to the field. Overtime I will be able to invest by myself. So Thank you. 

@Nicholas L. House hacking is a serious option. Allowing me to get a loan for much lower down. Allow me to live cheap or free and gain experience as a land lord and rehabbing. I dont feel like San Antonio has many multifamily's as other cities so finding the deal could be more troublesome.  

@David Mares:  I am slowly building a team. Currently I have my father or uncle who is a master electrician and my wifes father who is a jack of all trades but focuses on framing and carpentry. Since I do have lower capital currently I was wanting to do as much as possible on my own.  Definitely contracting out any roof/side panel or plumbing if it needs to be done. I need to find a real estate agent to help me legally with selling and buying the property and possibly a hard money lender. Since i'm new a contractor or someone who could give me a good estimate on repairs would be good. As far as house hacking Ill consider when i'm closer to the end of my current lease.

@Jonathan Greene: Thanks for your opinion, that's how I have felt and its currently holding back on making any serious moves. I do however believe in my ability and dedication and believe I can make it work. Ill be keeping a solid head on and keep what you said into consideration

Hey there investors! 

I have made major changes in my life so I can get to the point where I can move into real estate full time and start developing assets. I am in San Antonio, TX interested in flipping houses initially to build some capital so I can eventually move to renting for cash flow. I hate to ask this question before I really start looking at the numbers, but as a beginner with a smaller amount of capital to get started do you think it is a bad time? With the price of materials 2-3x more expensive. Not to mention the houses are selling for much higher than appraisal. The chances of getting the seller to pay for a few things like closing costs is unlikely. 

I know most of the time I am speaking to people without any experience or education on the matter but everyone keeps telling me not to because the material cost is so much and the housing market will crash soon.