9 years old and still just as informative. I can honestly thank you as your channel and books have pushed me out of my comfort zone. I now have 1 fix and flip, living in our second, 2 section 8 rentals, and about to get into our 3rd flip.
Brandon, thanks to YOU my wife and I took that leap of faith and bought our first property. Thank you for giving so much wonderful content to us for FREE!!!
The worst part about acquiring loans to do real estate is not having an exit strategy to make profit and pay it back. With our company Real story had someone who needed 70k to do repair we gave him 150k and had us reinvest the remaining 80k and in a year he was able to not only pay off the loan but net 150k profit and had his 70k he used to close the deal...that is what I call the perfect deal. Let me know if you guys need more info.
Curious.. you say “cash you need to have” is around 5k but what about the 30k for repairs? Most subcontractors are expecting to be paid for their work as quickly as possible. I doubt they’re okay with waiting on you to close. How is this handled?
Essence Rep just chiming in. 15K can make you ALOT of money in Real Estate if you invest it in Marketing for Seller Leads and Wholesale to Cash buyers. Allocate 2K-5K per month find deals lock up and assign those deals to Cash Buyers. Good Luck
How are you getting the money for repairs? That's the only confusion I have so far, basically credit cards? Or Private money? Etc. ?? Right? Just want to double check
@@VinnyVinDogg I’ve done so many deals that I can walk it and just have a feel for it personally but I also fill out a repair estimator/deal analyzer that runs all my numbers and repairs. I just go down the list and make the quantity of each item needed and it pumps me out repair cost + 20% contingency
Robert thank you for your encouragement also. You're awesome because I had come to that similar conclusion just yesterday after a couple of meetings. & I was wondering if I should use a real estate agent or should I search for leads myself. Otherwise you basically described exactly how I wanted to wholesale. Thx!
I think your whole bp program is excellent. I just started imvesting and I am learning so much with watching your youtube blogs and going on your websites. Thanks alot !!
Great video. I ran the calculations with my own spreadsheet but came up with approximately $6000 in profit instead of the approximately $17,000 that Brandon came up with. I don't think the BiggerPockets calculator took into account the $8514 in selling closing costs and the $2160 in lender points charges. Can someone help me understand who pays the selling closing costs and lender points fee?
Hey Brandon. Thank you guys at bigger pockets for all the info. I didn't really catch what a, correct me if im wrong "rit bid" is in regards to estimating repair cost.
How do you get a $70k loan for a $72k project though? That's like a 2,8% down payment; most banks (like Wells Fargo, Chase, Bank of America, ...) require at least 20% in my experience.
That's awesome, Thomas! If you haven't yet -- use discount code "memphis" for 20% off and some other good stuff! -- this code is only valid for the next 24 hours.
