I been coming to this site for a couple of weeks now.
I think this site is great. My question is probably kind of silly. I e-mailed a couple we buy houses bandits just trying to get my feet wet. Well I got a responce from a investor/hard money lender. Now for my question; What is a war zone? More importantly how do I know which areas are “war zones”? Second his criteria is max 60% -65% LTV . Is this realistic? What did peek my interest is he said he could close in 3 to 5 days. Tried to just get my feet wet and end up jumping all the way in the pool. LoL
War zones are full of gang members and drug dealers. You will see a lot of graffiti on buildings and a lot of vacant buildings and trash all over the place including burned out cars and some still on fire from the night before and folks hanging out on the street corners. It may not be all that bad but you can spot run down blighted areas in every city with ease.
Some HML’s will loan up to 70% of the ARV. Most want you to contribute at least 5% into the deal. Come on in the water is fine when you get a deal that works.
Hello all. Looking for advice, came across this forum doing an internet search on real estate clubs. Don’t know if I’m even in the right area but using some background knowledge seem to think that “birddog” is the same as a “scout” in terms of flipping real estate. I’m looking to scout for investors. Just bought William Bronchick’s Flipping Properties and 2 other books - trying to read them while taking care of my 8 month old.
She’s why I’m trying to get started - staying at home with her cut our income in 1/2 (all worth every penny) and I’m looking to capitalize on the crazy real estate market in Maryland. Can’t afford myself to move - at this point - but figured if I can’t beat em, I might as well join them somehow. I don’t have the money to be a dealer at this point but that’s o.k. I’d rather learn from the scouting level so I feel really prepared when making my own first flip.
Any advice on how to get started as a scout/bird-dog would be greatly appreciated. I’ve already got ideas about a website, advertising,etc., but before I go spending my small budget (at this point), I want to hear from the seasoned professionals, if possible.