Mortgage Companies and Flips

Coreena

New Forum Member
Registered
Hello, some of you are probably aware of the Renovation (Flip) CD`s, that take you through how to flip properties for profit. In these CD`s Arlen mentions a mortgage company Calvert Mortgage company. Does anyone know of any companies that do similar work in BC?

Also are there any other opinions on flipping right now.
With the market being as it is today with lots of product on the market I still think that money can be made with flipping properties. Even if the market were to go flat you should still be able to make money flipping, since you work the numbers backwards. Anyone have any good advice on flipping right now?


Thanks Coreena
 

DonCampbell

Investor, Analyst, Author, Philanthropist
Staff member
REIN Member
I know that Rob MacDonald has found a finance company that is interested in flips - as long as they are clearly disclosed up front. You can find him at Peter Kinch`s Office in the Lower Mainland. 604-939-8326
 

Coreena

New Forum Member
Registered
QUOTE (DonCampbell @ Jun 3 2008, 09:00 PM) I know that Rob MacDonald has found a finance company that is interested in flips - as long as they are clearly disclosed up front. You can find him at Peter Kinch`s Office in the Lower Mainland. 604-939-8326


Thanks Don
 

Thomas Beyer

Senior Forum Member
REIN Member
QUOTE (Coreena @ Jun 3 2008, 08:36 PM) Anyone have any good advice on flipping right now?
Thanks Coreena

OK IF
1 ) you buy LOW enough .. and
2 ) allow enough room for transaction costs: lawyers 2x (in and out) .. and likely realtors + vacancies + utility costs + travel expenses ..

i.e. an OK wage .. IF done well ..

HIGH risk for getting burned and not
making an ROI .. proceed with extreme caution
in the current somewhat flattish market and be prepared to hold if you can`t get the price you envision fast enough ..
 

Coreena

New Forum Member
Registered
Thanks for all the responses. I do follow the REIN (Arlens) system. I guess what I`m looking for is someone who is also following this system so I can bounce ideas off or hear some of their success stories. I have just finished my second flip and I want to continue to do this as my occupation. I guess I`m looking for some reassurance
.

Thanks Coreena
 

Sameer

New Forum Member
Registered
I tried calling the number listed and no one by the name of Rob MacDonald works there.



Please advise. I am just looking for a lender that is interested in flips.



Thankyou.
 

bizaro86

Frequent Forum Member
Registered
[quote user=Coreena]I guess what I'm looking for is someone who is also following this system so I can bounce ideas off or hear some of their success stories



I haven't done any flips, but if I were you I'd ask to hear 2 stories of failures (or, "what's been your worst experience flipping) for every one success story. Then ask what the person learned. Success is easier to find out about, since people prefer to talk about their triumphs. But failures are where the learning comes from, and it's a lot cheaper to learn from other people's mistakes than from your own.



Best regards,



Michael
 

RobMacdonald

New Forum Member
Registered
Hi Sameer,



Here's my new contact information. You can reach me by phone at 778-686-8326 or by email at rob@mortgagerob.ca.



There are a couple of companies that specialize in construction financing for situations like this. Rates vary depend on the size of the loan and renovations. Usually not an inexpensive venture, but usually there are some options.



Feel free to give me a call.
 
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