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DJ Envy just bought this 3 bedroom for $17k houses in the area are selling for $280k


 
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 7 days ago '17        #76
S550 2 heat pts
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 BlueGold said
Gotta have money to make money!

This is a key example

Get ya money up and invest it wisely & with someone who you really trust. Not just trust. But I trust you with my life savings type of trust.

Donít let ya homies dumbass ideas get you back to square one
 AllWins said
Props to envy. Heís corny to me but his business mind seems sound.

I have a goal to start flipping houses in the next 2 years. Just trying to get my capital lined up and debt gone.

In Real Estate you donít need your own money
In fact most donít use there own money

You have private money lenders
Hard money lenders
Family offices


I never used a dollar of my own money besides soliciting distressed properties and mailers
+5   

 7 days ago '16        #77
BlueGold 13 heat pts13
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 S550 said
In Real Estate you donít need your own money
In fact most donít use there own money

You have private money lenders
Hard money lenders
Family offices


I never used a dollar of my own money besides soliciting distressed properties and mailers
Thank god there are some smart people here on Boxden

These fu*king trolls Clutter BX with no substance in their threads/conversations on here
+2   

 7 days ago '17        #78
AllWins 3 heat pts
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$2,489 | Props total: 6195 6195
 S550 said
In Real Estate you donít need your own money
In fact most donít use there own money

You have private money lenders
Hard money lenders
Family offices


I never used a dollar of my own money besides soliciting distressed properties and mailers
Never used your own money? Thatís impressive. I figure the first one I need to get on my own in order for a lender to consider me later.

I have debt I need to pay off before being in position for one of those lenders. They also have pretty strict requirements for who they lend to, I understand. Correct me if Iím wrong, Iím def not claiming to know sh*t.
+1   

 7 days ago '17        #79
crwnmekng4 1 heat pts
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$151 | Props total: 265 265
I gotta get my money up asap, I live like 30 minutes from AC!
+1   

 7 days ago '15        #80
redcodeinesyrup 16 heat pts16
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$2,051 | Props total: 3526 3526
does he tell people this?


where do these numbers come from

 7 days ago '06        #81
J_Teflon 1 heat pts
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$4,051 | Props total: 4192 4192
 Jdog168 said
Gotta be careful with them condo's though. Almost bought one in Florida a few months ago because the price was right until i looked up the a*sociation and the fee to join the a*sociation where the condo was located was connected to a country club and the fee was $50k. I was outta that deal
Wow. Thatís wild. This wasnít the case with this though.
+1   

 7 days ago '07        #82
etherem 
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A quick nickel is better than a slow dime.

I would have put the property on contract and sold the contract to another investor for a quick spread.

 7 days ago '07        #83
etherem 
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 S550 said
In Real Estate you donít need your own money
In fact most donít use there own money

You have private money lenders
Hard money lenders
Family offices


I never used a dollar of my own money besides soliciting distressed properties and mailers

Straight up. I bought a house a couple months ago using the "subject to" method which is essentially taking over someone's mortgage payments.

ZERO DOWN. I literally bought a beautiful home, in a beautiful neighborhood, with a beautiful interest rate, for nothing. I didn't need to qualify for a loan nor needed a down payment. Deed was transfered to me, financing stays in place.

I turned around and sold that bad boy to a retail buyer via owner financing AKA I AM THE BANK.

Making 3 different types of income in one deal.

-Now money (down payment is at least 10% of house)
-Monthly money (cash flow is the spread between the original morgtage payment and my buyers payment)
-Future money (I get the remainder of my buyers balance MINUS the original sellers balance)

Made 27K right away.
Collecting 450 per month.
Collecting backend money once they choose to refinance with a bank.
+5   

 7 days ago '05        #84
Hydroman 17 heat pts17
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$2,169 | Props total: 1824 1824
 etherem said
A quick nickel is better than a slow dime.

I would have put the property on contract and sold the contract to another investor for a quick spread.
Depends on how slow the dime is. If the spread is truly over $100k I'd have to evaluate how long the job is. If it's a 60-90 day flip it's a no brainer. Anything over 4 months is wholesale territory for me. Too many risks.
+2   

 7 days ago '05        #85
Hydroman 17 heat pts17
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$2,169 | Props total: 1824 1824
 S550 said
In Real Estate you donít need your own money
In fact most donít use there own money

You have private money lenders
Hard money lenders
Family offices


I never used a dollar of my own money besides soliciting distressed properties and mailers
This is super facts
+1   

 6 days ago '04        #86
Cali 
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 mikejuheard said
Real estate
Wholesaling

 6 days ago '08        #87
Gmengfx 82 heat pts82
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 BlueGold said
Yeah real money is Credit. Not the paper. You can have 50 bucks to your name but if you got good credit then you can have 50K

America
Right. Realistically, if you just sit around and wait till you save 50-100k in cash to buy a house...

its never going to happen. Unless you make 150k a year and live with your mom
+1   

 6 days ago '12        #88
Theboybreblue 73 heat pts73
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$5,270 | Props total: 8637 8637
Smart move. Now, heís gonna fix it up, and sell it for damn near 20 times the amount he paid for it. Think about that.

 6 days ago '17        #89
Killaboy 11 heat pts11
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$3,927 | Props total: 8135 8135
Yeah fixing up houses if you got the startup capital CAN be great.
But you can also take a big L too.
Great job on this guy tho
+1   

 6 days ago '17        #90
S550 2 heat pts
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 AllWins said
Never used your own money? That’s impressive. I figure the first one I need to get on my own in order for a lender to consider me later.

I have debt I need to pay off before being in position for one of those lenders. They also have pretty strict requirements for who they lend to, I understand. Correct me if I’m wrong, I’m def not claiming to know sh*t.
Depends who you are dealing with

Some hard money lenders will do
90% of purchase 100% of rehab funding
At 1-3 points (1%) commission basically for the broker and 10-15% interest rate on the project

With no portfolio


If you have 3+ prior successful projects you c a get 100% purchase funding and 100% rehab funding at 1 point and at 8% interest annually

But there are many private money lenders ( friends , family & people in local and state based networking events and meet ups ) who have cash or will self direct IRA’s if you propose the right deal. Have a proper deal analysis. A good deal analysis wins a lender.
Numbers win lenders if the lender does his due diligence on your deal.

I always feel like the biggest focal points in flipping is .. a strong market analysis , a Strongggg repair estimate ( this is where wholesalers and acquisition prices need to be evaluated the most )

I have wholesalers sending me properties

$240k purchase
$65k repairs ( completely off)
ARV ( after repair value ) and Comps=
$400k

Only too walk the propert and realize the rehab and reno cost is upwards towards 100k-115k

After paying holding cost and your lenders your in the negative

Always good too have a great general contractor on standby by too really get a good estimate on repair


Last edited by S550; 03-14-2019 at 03:55 PM..
+1   

 6 days ago '17        #91
AllWins 3 heat pts
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 S550 said
Depends who you are dealing with

Some hard money lenders will do
90% of purchase 100% of rehab funding
At 1-3 points (1%) commission basically for the broker and 10-15% interest rate on the project

With no portfolio


If you have 3+ prior successful projects you c a get 100% purchase funding and 100% rehab funding at 1 point and at 8% interest annually

But there are many private money lenders ( friends , family & people in local and state based networking events and meet ups ) who have cash or will self direct IRAís if you propose the right deal. Have a proper deal analysis. A good deal analysis wins a lender.
Numbers win lenders if the lender does his due diligence on your deal.

I always feel like the biggest focal points in flipping is .. a strong market analysis , a Strongggg repair estimate ( this is where wholesalers and acquisition prices need to be evaluated the most )

I have wholesalers sending me properties

$240k purchase
$65k repairs ( completely off)
ARV ( after repair value ) and Comps=
$400k

Only too walk the propert and realize the rehab and reno cost is upwards towards 100k-115k

After paying holding cost and your lenders your in the negative

Always good too have a great general contractor on standby by too really get a good estimate on repair
Ay man, really appreciate the knowledge share.

+1   

 5 days ago '11        #92
mexcellente86 
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Who's the mini Big Pun looking dude?

 5 days ago '16        #93
Stryder 
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 StanlitoTheFly said
Atlantic City
That's risky considering the state keeps bailing them out and is tired of it

 5 days ago '18        #94
No Religion 10 heat pts10
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 GetYaCoinsKing said
That's dope of him, sh*t me as a property owner i'd have strictly section8 units and add a clause for random drug tests excluding marijuana :) and just watch the money come in.
Guaranteed way to have your property fu*ked up but as long as that money is guaranteed, huh?
-1   

 5 days ago '18        #95
No Religion 10 heat pts10
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 JamcnPrettyboy said
envy said he flips houses in the run down areas of detroit that are slowly becoming gentrified. Also in Atlantic City (the areas that got destroyed by hurricane sandy). He said some of the houses even going for $5k
 Burym3ag said
That is insane.. houses for 5k!

[pic - click to view]



Not uncommon in hoods across the country. I know there are a bunch in Baltimore and I'm sure plenty more in many other run down areas all over. Tall task for those who flipping when you look at some of these places.


Last edited by No Religion; 03-15-2019 at 12:28 AM..

 5 days ago '18        #96
No Religion 10 heat pts10
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 dc3003 said
No the contractor test is actually 4 parts and 1 is a competentcy test and i live in tampa. Now i only work as a vendor for corporations like apartment complex management companies , or right now im working for a giant home rental company. Im doing turnkey on the rentals as in when some one moves out the super intendent of the property sends me a property turn list and everything that needs to be done to get that property turned is ok that list as far as electrical , paint , pressure washing, plumbing , trim , cabinets down to the cleaning.
I use a guy as a subcontractor and every house i give him we split 50 50 after supplies and ill make over a g every house without ever looking at it . I pay him and i wait on the money. He did 4 last week. Right now im owed over 40 k and it sucks. I been doing work for them for a few years off and on building my name up to get where im at now. I am literally refusing work just because i have so much money out. It will come the question is when.
Ive never been a half up front dude either basically if i suspected u wasnt gonna pay i would not even do the job. Have my money when im done and dont make me look for you.
But there are plenty of piece of sh*t contractors like u mentioned and there the reason why i have so much work. I dont pay to advertise my work does it for me .
In tampa and florida they dont give out licenses to just anyone. I think its because of all the old people and snow birds that used to get ripped off. Besides spending over 1500 on books to study , i had to get a contractor sign for me my 4 years , and i had to do a back ground check , and credit check to even get them to look at my application then i had to go before a review board and it was pretty nerve wracking because they freaking destroyed the guy in front of me for wasting everyones time and i went up next about to faint because my life depended on them approving me for testing . But they was like hey mr so and so after reviewing your application i want to thsnk you for going into such detail about your work history all in favor so aye ! And every one said aye ! I fealt like shedding a tear and giving them a thank you speech but i just caught myself like just leave before u ruin it lol.
But im a high school drop out living the american dream i dont have no complaints i do what i want and eat good. God really blessed me.the best thing is giving my friends jobs or kids that never had a chance and teaching them a trade to make there own money. This kid i got now like 24 had a bad criminal record noone would give a chance and something about me wanted to help him. And he put me thru alot but man hes finally coming around he painted the whole inside of a house for me all by himself and did a perfect job no mess and fast ! And i pay him buy the job too. Thats what its all about he aint clocking in for the man i subcontract him the work here u wanna make 600 in 2 days heres what i got for you. And he never complains and hes in to flashing gold and money on facebook so he never refuses any work ! And the best thing last month he moved out his moms and him and his girl got there own apartment ! His p.o. used to call me and check in im like i got this kid dont violate let me teach him.and sure enough i believed in him when noone has ever and he shining
Had you blocked for a good reason which I can't remember. But I'll unblock you because this is good sh*t.
+2   

 5 days ago '17        #97
StanlitoTheFly 434 heat pts434 OP
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 mexcellente86 said
Who's the mini Big Pun looking dude?
Cesar PiŮa his business from New Jersey...

Cesar company is worth $50 million dollars looks broke but is
+1   

 5 days ago '04        #98
dc3003 120 heat pts120
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 No Religion said
Had you blocked for a good reason which I can't remember. But I'll unblock you because this is good sh*t.
His p.o. was scheduled for today at 8 but we have to finish a big job this morning so he went yesterday after work and waited and his p.o. said thats fine goto work , and hes done with half his community service hours so she giving him a pass when it comes to a favor.
Im tellin u the state offered him 15 years im like naah bro hold up , let me call my lawyer see if hell help u out , and my lawyer got 5 of 6 felonies thrown out due to "technicallitys"


Last edited by dc3003; 03-15-2019 at 04:54 AM..

 5 days ago '15        #99
kami 43 heat pts43
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$15,681 | Props total: 19391 19391
Detroit?

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