I want to start my own business, need some advice

[the dirty one]

So I am a 32 year old oil field hand, I grew up working for my father building homes from the ground up. While I was growing up I hated building homes but since I am now grown that's all I want to do. Funny how it seems dad knew what he was doing the whole time teaching me all these skills and I want to put them to use. I want to buy a house in The Spring area auction and flip it for a reasonable profit. The problem is, I have to have cash in hand to purchase a home at auction which is somewhere between 40-60k. Are there any bankers here that can point me in the right direction? I have excellent credit and an excellent work ethic, I plan to keep my current job and work on this house at night and on the weekends until it is ready to go on the market. Basically what I am asking what options do I have as far as loans go and do y'all know a banker in the spring area that y'all would recommend? I usually do business with Wells Fargo, but I am willing to brach out to an honest banker!

[BO-N-ARO]

I would recommend that you generate a Business Plan that would be handed to the banker when you go and apply for a loan. There are bankers that specialize in the very thing you are looking to do. Usually you will need 20% down.
The Plan would be somewhat of a resume, documenting what you want to do, how you will do it and what your experience is.
Some example would be:
1: Find a home under value by finding a distressed piece of property in a area that has a history of quick sales.
2: That you would do all of the work yourself, or by contractors, or a combination.
3: Document your history of when you started working with your father and what all you did and for how long.
The above is only a start and you can add other details as required. Make it simple and in a bullet type presentation.
Bind it with a nice clear covered type slide on or fingered binders. Have a cover sheet with your name phone number and so on.
You should have a company name and t should be registered in the city you would be working.
You want to demonstrate to them that you are well organized and a professional.
Couple things to remember when you buy your first property, make it nice and do not over do the surrounding properties. Turn it quick so make a plan and stick to the schedule and the budget. Be prepared for the unexpected.
Good luck and have some fun.

[Atfulldraw]

Where is the money for the improvements going to come from?

Time is money in real estate....I know a few people who would do a private investment, but they would want to see a return quickly. And you have to be adding something if you go this route as a partner. Otherwise they would just buy it themselves and hire out the work.

[the dirty one]

Where is the money for the improvements going to come from?

Time is money in real estate....I know a few people who would do a private investment, but they would want to see a return quickly. And you have to be adding something if you go this route as a partner. Otherwise they would just buy it themselves and hire out the work.

I have a savings account that I would pull out of, I don't want to really partner with anyone. Reason is I guess I am paranoid that other people involved could screw me over in the long run, by no means am I saying everyone would but dad always told me "if you can't do it yourself then don't do it".

[the dirty one]

I would recommend that you generate a Business Plan that would be handed to the banker when you go and apply for a loan. There are bankers that specialize in the very thing you are looking to do. Usually you will need 20% down.
The Plan would be somewhat of a resume, documenting what you want to do, how you will do it and what your experience is.
Some example would be:
1: Find a home under value by finding a distressed piece of property in a area that has a history of quick sales.
2: That you would do all of the work yourself, or by contractors, or a combination.
3: Document your history of when you started working with your father and what all you did and for how long.
The above is only a start and you can add other details as required. Make it simple and in a bullet type presentation.
Bind it with a nice clear covered type slide on or fingered binders. Have a cover sheet with your name phone number and so on.
You should have a company name and t should be registered in the city you would be working.
You want to demonstrate to them that you are well organized and a professional.
Couple things to remember when you buy your first property, make it nice and do not over do the surrounding properties. Turn it quick so make a plan and stick to the schedule and the budget. Be prepared for the unexpected.
Good luck and have some fun.

Sound like you have done this a time or two, thanks

[Atfulldraw]

I have a savings account that I would pull out of, I don't want to really partner with anyone. Reason is I guess I am paranoid that other people involved could screw me over in the long run, by no means am I saying everyone would but dad always told me "if you can't do it yourself then don't do it".

yeah ..... that's exactly how the people with the money feel too.

good luck!

[tex4k]

There are many talented people out there in many different businesses that have gone or are going broke. They know their trade and skill sets very well, but they don't understand how to run a business, learn that and it'll help you go a long way toward where your wanting to go.

[Texas Stalker]

Time is money when you are having to pay high interest short term loans off. I flipped one a few years back. While very profitable it was a full time job. I'm talking 80 hours a week. Although I did make it super nice. It sold at the top of the comps right before the housing market crashed. I almost got stuck with it. If I were working a full time job and was going to flip a house I would go after one with minimal work for my 1st one. Or possibly get one cheap enough you can hire a contractor and still make bank. The faster turn around the better. It's easier for me I guess because I am a contractor and when I flip a house this is my only job for that time frame.

[AntlerCollector]

My advice is if your really looking for business advice from a Bowhunting forum you're not ready to start your own business.

[fox1]

My advice is if your really looking for business advice from a Bowhunting forum you're not ready to start your own business.

I disagree, there is always the advice on here you can throw out but every now and then someone is speaking some truth. The depth of talents on this sight is mind boggling. With 68,000 members you can bet someone has traveled his path before.

[MySRT8U]

My advice is if your really looking for business advice from a Bowhunting forum you're not ready to start your own business.

That's a dumb thing to say. There are some very successful people on this site that I'm sure would be happy to give some advice.

[cas077]

My advice is if your really looking for business advice from a Bowhunting forum you're not ready to start your own business.

I would disagree strongly!! Dont let "negative nancy" slow you down.

I have found some of the best advise on this site, because we have members from all different walks of life. I dont really have any useful information, but coming from an insurance agent, be sure and get a builders risk policy during the remodel process. Goodluck to you sir, because it sounds like your gonna have your hands full.

Go out there and chase that dream.

[AntlerCollector]

I have seen the light and I retract my statement. I would also post the same question on a more business oriented site. Seek advice from chamber of commerce etc.
Nothing beat a mentor!!

Most start up businesses fail because of lack of preparation. Please do all the research you can. Good luck and God bless

[Charles]

I have seen the light and I retract my statement. I would also post the same question on a more business oriented site. Seek advice from chamber of commerce etc.
Nothing beat a mentor!!

Most start up businesses fail because of lack of preparation. Please do all the research you can. Good luck and God bless

Curious, have you ever started, managed and operated your own business?

[txjustin]

In reality you most likely will not be able to get a loan via traditional methods (banks). You need either private money or hard money lender. It'd probably be best to partner with somebody, but to each his own.