Watching a little bit too much of Flip this House has got me feeling I can do this. I have a 1 year old successful transportation company that I will use to finance my first few real estate endeavors.
To cut to the chase, I want to flip houses. I live in central Ohio. Anything regarding business or something new, I generally like to associate myself with experts in the industry / subject as well as good “how to …” books regarding the subject.
Can anyone suggest good reading that I can go and purchase today? I would prefer not to buy Carleton Sheets or similar tupe programs due to the cost of the programs but if they truly are the best information regarding the topics then I will do so.
Back to the boring I have been approved for an extremely large amount of money from a company that only lends money for “flipping” houses. The actual per house payout doesnt seem to be to hateful from the way it was pitched to me from these 100% lenders but the numbers still added up to be quite heavy per closing.
My personal bank said they would help me in the first 1 or 2 but that would be it, regardless of the profits / time invested. They just do not want to go into real estate financing unless its HUGE commercial properties that I wouldnt even dare to consider as a true novice in the field…that is a goal for down the road.
So I can get great rates, closing, financing on the first 2 houses but after that unless I really hit some home runs, I am back to the 100% financing lenders that I have spoke with.
Do I need a title company or should I let the 100% financers do all that stuff for me?
Should I go ahead and contact various contractors (roofing / painting / remodeling / landscaping etc.) now or should I do what my friend says and wait until I have a physical property for them to discuss?
On the show Flip this House, it appears the one company those folks like to feature has local contractors they just cant live without and if they go abroad out of their region they just pound the phones until they find someone who will do whatever it takes in the timre required. I just cant help feeling it would really benefit me to already have a rapport built up with contractors prior to the first closing…
Lastly the 100% financers leaned heavy on the HUD housing locally and briefly mentioned Section 8, government paid housing here in Ohio. He also mentioned bank foreclosures and I just would love to know the pro’s and con’s within.
My intial goal is not to have renters until I can get a multi unit complex, several years down the road.
As you can see I really am looking for idea’s here and if it takes reading 30 books then that is what I will do.
I wish everyone the best!
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