FlipperToolbox

Hey there, so I’m kind of new to this whole lending game, but I managed to fund five properties last year, and I’m aiming to double that to 20 this year. I’ve chatted with a bunch of investors who are on the hunt for funding, and I’ve noticed some common themes that might help out the newbies out there.

A lot of these new investors I’ve talked to seem to be stuck in a bit of a holding pattern. Some haven’t taken the plunge on their first property, while others have only dipped their toes into one or two deals. The main roadblock? Yep, you guessed it, funding. And maybe a touch of fear thrown in there too. It’s a pretty common scenario, but what surprises me is the number of folks who are gunning for 100% financing. I mean, that’s like aiming for the stars, right?

If there’s one thing I wish these budding investors knew, it’s that most lenders aren’t too keen on the whole 100% financing deal unless you’re a seasoned pro with a solid track record or you’ve got some serious collateral to back you up. Or if the After Repair Value (ARV) is a total slam dunk. So, here’s a little piece of advice – instead of busting your chops trying to secure that elusive 100% financing, why not work towards saving up around $15k? Trust me, having that kind of cash to throw into your deals opens up a world of possibilities, just like the big shots have.

Not only does squirreling away those funds give you the same flexibility as the pros, but it also shows lenders and vendors that you’re disciplined and financially responsible – traits that are like gold in an industry where your credit score isn’t the be-all and end-all. But here’s the kicker – I don’t think this message will ever become the norm in the real estate investment community. There’s something about that get-rich-quick allure and maybe just a touch of human nature at play here.

So, to all you newbies out there itching to make your mark in the real estate game, remember this – a little bit of patience and hard work to set aside that $15k could be the game-changer you’ve been looking for. Sure, it might not be as flashy as scoring that 100% financing, but trust me, it’ll take you a whole lot further in the long run.

So, I’m at a crossroads, guys. I might be saying goodbye to the old family home soon, and I gotta figure out if it’s worth fixing up before putting it on the market. Since my folks passed, the house has been my responsibility. It’s not falling apart or anything, but there are a bunch of little things that could use some TLC – you know, worn-out paint, a deck that’s seen better days, and some patches here and there. I spent my childhood watching my parents pour their blood, sweat, and tears into this place, believing it would be all worth it in the end. And now, here I am, wondering if all that hard work actually adds value or if it’s just gonna stress me out and drain my wallet before selling.

I’m no handyman, and I definitely don’t have the time or the emotional bandwidth to dive into a bunch of renovation projects. I hope you guys understand where I’m coming from. Part of me thinks potential buyers will see a well-loved home with its share of wear and tear and make their own call on what’s important. But then there’s this nagging voice in my head telling me I might be missing something obvious.

So, to all you folks who’ve been in my shoes – have you sold a family home or inherited one? Did you go all out on fixes or just let it go as it was? I’d love to hear your thoughts and experiences on this. Thanks a bunch in advance for any advice you can throw my way.

So, my wife and I are at a crossroads. She’s a successful law associate, and I’m wrapping up my medical residency in a very high cost of living city where our families are based. She’s the kind of person who likes to plant herself firmly in one spot and stay put, so the idea of starting small and trading up to a bigger house as our family grows doesn’t sit well with her. Our current rental, which is around 850-900 square feet, is costing us a hefty $3500 a month, and frankly, I’m over it.

We’ve been eyeing some larger houses in the 2800-3000 square foot range that can accommodate our future brood of 2-3 kids. The catch? These dream homes are in an area that ticks all the boxes for us – walkable to downtown, with charming architecture, and top-notch schools. But when I crunch the numbers, I break out in a cold sweat. My current income is a modest $88k, but it’s set to skyrocket to $400-500k in a couple of years. Still, I’m not a fan of banking on future earnings to make big financial decisions.

Right now, our combined gross income is $380k. We’ve got some decent savings under our belt – $580k earmarked for a house, $600k in retirement funds, and a $30k emergency stash. On the flip side, we’re carrying a hefty $420k in medical school loans, which we’re planning to tackle through the Public Service Loan Forgiveness program.

The house my wife has her heart set on rings in at a cool $1.8 million. After scraping together a $700k down payment, we’d be left with a $1.1 million mortgage and a monthly payment of around $8k. That’s a whopping 38% of our current post-tax income. Her argument, and it’s a strong one, is that delaying this move could mean even steeper housing prices down the line, not to mention missing out on the perfect neighborhood where homes rarely hit the market.

So here we are, weighing the pros and cons of taking the plunge into our dream home despite the eye-watering costs. It’s a lot to wrap our heads around, but hey, isn’t that what adulting is all about?

So, our house has been up for sale for a couple of weeks now, and we’ve been pretty lucky with lots of showings and interest pouring in. We moved out about a month ago but are still hanging around the neighborhood. This week alone, we’ve had four showings, the latest one just happening earlier today. But let me tell you, when that agent arrived, things were a mess. The lockbox still had the code in it, the thermostat was off, and to top it all off, the back door was wide open. The agent and their clients didn’t even bother to check out the house – they just left. Can you believe it?

Our agent gave us the scoop that the previous agent who showed the house admitted to handing the lockbox key to their clients and letting them wander around the house without supervision for a second time. I’m fuming. If we hadn’t scheduled that showing today, our house could have been left wide open and unattended until who knows when. And to make matters worse, there’s a snowstorm in the forecast (well, it’s the South, so who knows if it’ll actually happen). I’m feeling really anxious about this – we had some issues with squatters in the neighborhood not too long ago, and it was a nightmare to get rid of them. Plus, there are quite a few homeless folks who pass by the house regularly. It’s a real safety concern, you know?

I’m starting to wonder, can just anyone walk in and view a house without a realtor? It’s got me thinking about what we can do to prevent this kind of situation from happening again. It’s unnerving to think that our home, our safe haven, could be left vulnerable like that. I mean, we’ve put so much effort into staging and presenting the house in the best possible light, and then something like this happens. It’s frustrating, to say the least.

I guess the silver lining in all of this is that we now know to keep a closer eye on who’s entering our home for showings. We’ll definitely be having a chat with our agent about tightening up security measures and making sure this kind of thing doesn’t happen again. It’s a learning experience, for sure. But man, what a headache. I just hope we can figure out a way to ensure the safety of our property while it’s on the market.

Hey everyone, so tomorrow is the big day – closing on this property my husband and I bought without actually seeing it in person. Shoutout to technology for letting us check out pics and videos courtesy of our realtor, making this wild sight-unseen purchase possible. Why the rush, you ask? Well, it’s all thanks to my husband’s military assignment that had us jumping into this big investment.

This place we’re snagging is a real gem, but man, let me tell you about the wild ride I just had checking it out in person. Picture this: I roll up with our U-Haul, ready to move in, and the seller gives us the green light to park in the back gated driveway. Sweet, right? Not so fast. As I’m maneuvering the truck, I can’t help but notice a not-so-pleasant surprise – dog poop scattered all over the gravel. And I’m not talking about a recent accident. We’re talking about a poop party that looks like it’s been going on for ages. It’s a real mess, seriously.

Curiosity piqued, I sneak a peek into the workshop area and what do I see? A whole bunch of stuff the seller left behind – paint cans, PVC pipes, just a bunch of random garage clutter. Now, I’m no expert, but this situation got me wondering: is this normal? Can I actually ask for this stuff to be cleaned up before we finalize the deal in just 12 hours? Or am I crossing a line by poking around where I shouldn’t? The state of this part of the property has me worried, to be honest.

Fast forward to an update – huge thanks for all the advice and support, folks! Quick clarification: we bought this place without stepping foot inside (yep, that’s the sight-unseen life for you!). We didn’t sign up for an as-is deal, and inspections were definitely part of the process. Turns out, the seller claims there’s never been a dog on the property – those “gifts” in the gravel? Bobcat territory. Talk about a plot twist, right?

Last night, after a slightly panicked call to my realtor, I got to take a look inside the house. And guess what? It’s all good news in there. Everything’s squeaky clean, carpets freshly shampooed – the works. Major relief on that front. Plus, the listing agent is on it, getting rid of all

Hey there, folks! So, I stumbled upon this awesome thread and decided to throw in my two cents. Here’s the scoop: I’ve got this sweet 3-bed, 2-bath pad in a town of around 150k people, part of a metro area totaling about 300k folks. Currently, this gem is rented out for $2,850 to a fantastic tenant who’s been chilling there for a good while and is keen on buying the place.

I’ve had this property for some years now, lived in it myself, and can vouch that it’s in tip-top shape. It’s a 1950s beauty that got a complete makeover before I snagged it – new everything inside, fresh windows, appliances, updated electricals, plumbing, roof, you name it. The only thing that’s not fresh as a daisy is the HVAC unit, with the indoor part cruising at around 10 years old. It’s a single-story ranch-style setup with brick walls, tile floors, and basically low-maintenance all around.

Let’s crunch some numbers: Rent brings in $2,850, property taxes and insurance gobble up $531 monthly, and I’m managing it solo, so zero bucks on that front. Vacancy has been zilch thanks to my stellar tenant, and I reckon I’m pricing it a smidge under market value. I stash away $200 monthly for maintenance but only dipped into $300 over two years.

I’m currently looking at a high 5s interest rate and chipping away at around $400 monthly on the principal. Cashflow-wise, I’ve been raking in $405 per month, but with the maintenance fund set aside, it’s a cool $200. If I were to hire a property manager, my cashflow would dwindle to nada. With 5% down, I’m sitting on about $22k in equity, but if I bumped that up to 20%, I’d be pocketing an extra $300 monthly.

Now, here’s the kicker: my tenant is eyeing the property for keepsies, looking to settle in long-term, lock in their payments, build equity, and shave off their monthly expenses. If they decide to keep renting, I wouldn’t even be tossing this question out there. But they want to buy, and I’d be walking away with a sweet $51k post-sale. No agents involved, just a good ol’ title

I’m selling my house, and there’s this really interested buyer who’s on the younger side. I offered him a great price because I wanted to avoid dealing with fixing some issues in the house. I told him he could skip the inspection, but we’d still do a roof and foundation inspection. When he signed the contract without asking for those inspections, I figured he changed his mind. But now, after putting down the earnest money, he wants to inspect the roof, foundation, and plumbing with a camera. I’m torn between reminding him he didn’t ask for these inspections when he signed the contract and worrying that he might try to scam us by fabricating issues to negotiate a lower price.

After seeking advice on Reddit, I’ve decided to let him proceed with all the inspections, but I’m not budging on the price. If he backs out due to finding issues that need fixing, I’ll keep the earnest money and use it for repairs before relisting the house. I’ll even offer a tiebreaker to potential buyers who match his original offer. It’s a tough situation, but I want to do the right thing and ensure a fair deal for both parties.

I rented a house in Michigan for $4300 a month and paid 8 months upfront along with a $6750 deposit. However, my landlord is now claiming that we agreed on $4500 monthly rent, even though our signed lease clearly states $4300. This is not the first issue we have had with him, as he has previously lied to us about water damage in the property. I have been told that my lease might be illegal because the deposit exceeds 1.5 times the monthly rent. I am unsure about real estate laws and would appreciate any information on illegal leases and the implications of the deposit amount. Let me know if I missed any details, and I will provide more information.

So, here’s the deal – I live in a row home that my parents own, and I pay them rent. My bedroom wall is shared with my neighbor, and I had this brilliant idea to expose the brick behind the drywall and plaster. Let me tell you, that brick wall is a hot mess with mortar that’s practically falling out.

So, armed with my trusty cordless drill and a wire brush attachment, I dove into the task of removing the plaster. It was going pretty well, but then my neighbor came knocking on my door. He casually mentioned that my little project was sending dust his way. I mean, he wasn’t wrong – it’s a dusty job, no doubt about it. But should I let this stop me from sprucing up my side of the wall?

I get along pretty well with my neighbor, and I definitely don’t want to mess that up. On the other hand, I can’t just leave the brick wall looking like a disaster zone. It’s a tough spot to be in, for sure.

At the end of the day, I guess I have to find a balance. Maybe I can work on minimizing the dust that’s getting through to his side. I could try using a vacuum attachment on the drill to catch some of the debris, or setting up a barrier to contain the mess. And hey, I could always give him a heads-up before I start working, so he can prepare on his end.

Communication is key in situations like this. I’ll have a chat with my neighbor, see if we can come to an understanding. After all, good fences make good neighbors, right? Or in this case, a good brick wall!

So, my husband and I have this house that we snagged at a good price before the interest rates went up, and it’s shot up in value based on what other houses in the area are selling for. It’s in a nice school district, but things start to go downhill education-wise after 6th grade. We’ve got a kiddo, and with another on the way, we’re feeling the squeeze in our current place. The hubs wants more space, and honestly, I can’t blame him. We’re not in a rush to move, but we do like to check out open houses now and then just to see what’s out there.

This past weekend, we stumbled upon a house that’s pretty much the dream: river views, ample space for the kids and visitors, and it’s in a top-notch school district. The catch? It’s listed a bit high, and it’s been on the market for a while. The location is further from work, in a quieter neighborhood, and a bit of a trek from some friends, though not a huge deal. Our current place is super convenient – we can walk our son to school and everything else in town. I’ll definitely miss that if we move.

Growing up, I never would’ve imagined living in a place like this. While I’m head over heels for this new house, I can’t shake off the stress about the costs of maintaining it and the flood risk from the nearby river. The house is a bit elevated, which helps with flooding, but there’s still that nagging worry at the back of my mind. Our current home’s equity could cover the down payment, but what if something goes wrong, or the flood risk increases, affecting our savings or future resale value?

We’ve toyed with the idea of staying put, saving up more, and moving later. But that means uprooting the kids from their school and friends, which isn’t ideal. In our casual house-hunting, nothing has quite matched up to this gem we found. I’m drawn to the fresh start this new town could offer, despite the risks that keep me up at night. I’m torn, and I’d love to hear some outside perspectives on whether it’s worth taking the leap. The back-and-forth is driving us both a little crazy, so any insights would be greatly appreciated.