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Paying off Debt While Investing
I have over 100K in debt and will be focusing on wholesaling & flipping to pay it off. What would be the best strategy or suggestions to pay this off while investing into my wholesale & flipping business? What are some case scenarios? I need to invest in marketing with wholesaling while I know can also make a profit of about $50-$150K in a single flip. Marketing costs right now are roughly $1500 per month to make one wholesale deal of about $15K.
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I think its a great idea to pay off debt just make sure your expenses dont get out of control and stick to a budget. There is also a fair out of traction you can get by some deals that could be quick flips/wholetails that are on investorlift ...dont be afraid to offer 20-30% less than what people are selling properties for.
Stick to a plan for 3-6 months learn, have a mentor or 2 and try to be around others that are 2-3 levels about where you are in your real estate journey to learn from their experience.
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The chances of you paying off debt by wholesaling and flipping, if you have never done it, is almost zero. I wouldn't buy into that as a smart strategy. 99 percent of wholesalers fail and another .05 percent flail. Where do you think you can make 50-100k flipping right now and at what price point? There is low inventory everywhere and regular home buyers are buying the homes to flip, pushing the prices way up.
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In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.
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@Patty Tower You don’t necessarily have to go for the kill by trying to get there on the first project. Only buy something you are reasonably sure will make sense. Don’t dig yourself deeper in a hole by trying to do too much on the first 2-3 deals. Once you have experience and a team to work with there will be plenty of time to go for bigger deals.
You likely didn’t get $100K in debt overnight and it makes sense that it may take a while to get it paid off. Be patient and you will get there.
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@Patty Tower You make it sound easy , make $50k to $150K on a flip ? If it were that easy everybody would be doing it . Now what will you do when you lose money on a flip ? ( happens more often than you think but no one brags about it ) . How much experience do you have in flipping a house ? Dealing with contractors ? And hard money lenders ?
If you think its like the HGTV flip shows , I will tell you its no where close .
As far as wholesaling , you will be 1 among the many . But with a inventory shortage like now , thats a tough business .
I would work on paying down your debt first .
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I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
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Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
Have you done any full cycles yet on flips? It's definitely challenging, but networking and seeking mentorship are key steps to success, and it sounds like you're on the right track. It's important to stay positive and focused, even in a competitive market like Seattle or naysayers.
If you'd like, I’d be happy to jump on a quick 10-minute call to discuss your current strategy and see if there are any additional insights or connections I can provide to help you succeed. I typically do B/C class rentals and flips so I may be in a different genre than you.
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Quote from @Patty Tower:I don’t remember ever being this naive.
In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.
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Quote from @Patty Tower:
In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.
You are basically a sitting duck for agents right now. They could sell you swampland, but you aren't focused in reality. Yes, Seattle is lenient on ADU, like California, but buy price and ARV are usually complete lies and remember that Seattle investors know what they are doing. If an ADU-possible property is sitting around at that price, there is an issue.
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Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
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Quote from @Patty Tower:
In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.
In southern Ca adding a single ADU in single family zoned areas has a cost greater than the value added.
I have less knowledge about Seattle but my oldest friend did a basement conversion ADU in Seattle (I am at her birthday in Long Beach Washington at this moment). It cost significantly more to add than the value added. I wish she had consulted with me earlier, but she is happy to have it regardless if it was a good investment. I realize a sample of one is real small and that she did minimal research before proceeding but she is so far negative on this ADU conversion that even with better contacts and research it would still be negative.
Be careful thinking adding an ADU in single family zoned as a good value add. Building small units in small counts is near the most expensive development and there is no way around this limitation.
Good luck
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Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
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Quote from @Dan H.:
Quote from @Patty Tower:
In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.In southern Ca adding a single ADU in single family zoned areas has a cost greater than the value added.
I have less knowledge about Seattle but my oldest friend did a basement conversion ADU in Seattle (I am at her birthday in Long Beach Washington at this moment). It cost significantly more to add than the value added. I wish she had consulted with me earlier, but she is happy to have it regardless if it was a good investment. I realize a sample of one is real small and that she did minimal research before proceeding but she is so far negative on this ADU conversion that even with better contacts and research it would still be negative.
Be careful thinking adding an ADU in single family zoned as a good value add. Building small units in small counts is near the most expensive development and there is no way around this limitation.
Good luck
Thank you. I've gotten a couple quotes and and it's around $350K to add an ADU for any investor (separate detached unit on same lot). However, this isn't something I'm ready to take on yet, but I know adding an ADU is a sell point as a wholesaler.
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Quote from @Patty Tower:That ($350k) would be a larger (3/2) or more complex (two story or other complexity) ADU in my market. If in single family zoned areas, it would add significantly less value than the $350k cost. They also are more work than most other RE investing. It is likely more work than Brrrr and more work. In addition in many CA jurisdictions the ADU addition results in the primary being rent controlled.
Quote from @Dan H.:
Quote from @Patty Tower:
In Seattle, many investors are opting to find properties that have room for ADUs. Seattle has become more lenient on ADU regulations because of the housing shortage.
I was just reached out by a real estate agent on a cabin. Asking is $350,000 and the ARV is $700000. Profit can potentially reach up to $200K depending on amount of repairs needed.In southern Ca adding a single ADU in single family zoned areas has a cost greater than the value added.
I have less knowledge about Seattle but my oldest friend did a basement conversion ADU in Seattle (I am at her birthday in Long Beach Washington at this moment). It cost significantly more to add than the value added. I wish she had consulted with me earlier, but she is happy to have it regardless if it was a good investment. I realize a sample of one is real small and that she did minimal research before proceeding but she is so far negative on this ADU conversion that even with better contacts and research it would still be negative.
Be careful thinking adding an ADU in single family zoned as a good value add. Building small units in small counts is near the most expensive development and there is no way around this limitation.
Good luck
Thank you. I've gotten a couple quotes and and it's around $350K to add an ADU for any investor (separate detached unit on same lot). However, this isn't something I'm ready to take on yet, but I know adding an ADU is a sell point as a wholesaler.
in general ADU additions look promising but dig in deeper and they are usually a poor RE investment.
good luck
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Quote from @Brandon Becsi:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
Have you done any full cycles yet on flips? It's definitely challenging, but networking and seeking mentorship are key steps to success, and it sounds like you're on the right track. It's important to stay positive and focused, even in a competitive market like Seattle or naysayers.
If you'd like, I’d be happy to jump on a quick 10-minute call to discuss your current strategy and see if there are any additional insights or connections I can provide to help you succeed. I typically do B/C class rentals and flips so I may be in a different genre than you.
Yes, that would be great!
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Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
Many people are coming to the forum NOT wanting help or advice; what they're really seeking is encouragement. They'd rather hear that spending $1500 +++ per month on marketing and committing valuable time will lead to closing flips earning net profits of $50k - 150k per deal, even if it absolutely ridiculous.
Can SOMEBODY make $50,000, $150,000 or $1 million per deal on a quick flip in real estate; SURE they can, the higher amounts are rare, but do happen. I've done a number of deals where I bought and sold within days and earned up to $350,000 on a single deal. I've also lost $75K on a "flip". But I've been "in the market" 45 years, and have contact with over 20,000 intermediaries some of whom hopefully bring me deals. Why would they bring the deals to me? Because I have cash to close; because I ALWAYS protect their commission/fee, and because I alway do what I say.
To earn the kind of numbers the OP is anticipating takes ALL of the following
1. Cash or credit to be able to close on the property purchase YOURSELF. Once you "flip" the contract you give away the lions share of the profits
2. Knowledge of property values both in the geographical area in question as well as the subject property type
3. Knowledge of real estate principles, the title transfer process, and real estate laws specific to the county and state the subject property is located in
4. A large, deep and qualified network of "intermediaries" to provide deal flow OR the ability to spend $5 -10K PER MONTH on obtaining that deal flow.
5. Experience in real estate "dealing" so that when problems with the transaction occur, as they inevitably will, you can draw on your experience to "save" the deal.
Enthusiasm is great; encouragement is great; but if it's all not based in reality its doomed to fail.
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what is great about this group is that they are candid about what to expect with real estate investing. While the advice may sound pessimistic or harsh it is often because we are looking out for each other. It is rare to find a group that can provide unbiased and useful advice like the one in biggerpockets. The varied opinions means that you can sort through and select the ones that suits you best.
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Quote from @Patience Echem:
what is great about this group is that they are candid about what to expect with real estate investing. While the advice may sound pessimistic or harsh it is often because we are looking out for each other. It is rare to find a group that can provide unbiased and useful advice like the one in biggerpockets. The varied opinions means that you can sort through and select the ones that suits you best.
I agree with this. Generally people do not have agendas and usually keep thier personal belief and views out of things generally. That said sometimes when people don’t get thier ego stroked they say all the popular buzz words. I don’t understand why people ask for advice from people then get defensive about it. Sometimes the truth hurts. However loses your butt hurts more. Most folks here generally have your best interest in mind and don’t care one way or the other. They trying to be helpful. these people are not yet men. The advice can be prudent due to having no dog in the race
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Quote from @Patty Tower:
Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
@Jonathan Green I'll bet you are trying to scare us newbies from making big mistakes, But you are not very kind about it. Ive seen many of your posts across the forums. How about advice without the judgement?
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In my experience success in real estate, whether as an investor or provider, requires a “thick skin”. If someone gets bent out of shape because of the way someone responded on a public forum, they have not yet developed the needed “thickness” of skin.@Jonathan Green I'll bet you are trying to scare us newbies from making big mistakes, But you are not very kind about it. Ive seen many of your posts across the forums. How about advice without the judgement?
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Quote from @Lisa Rechsteiner:
Quote from @Patty Tower:
Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
@Jonathan Green I'll bet you are trying to scare us newbies from making big mistakes, But you are not very kind about it. Ive seen many of your posts across the forums. How about advice without the judgement?
Its not about being kind or scaring someone , when you ask a question , you will get answers you dont like . There are all kinds of scams and bad deals , out there and they can smell a newbie a mile away . Its the wholesalers job to make as much as they can , its the contractors job to make as much as they can . Unrealistic expectations will cost you money , generally money you dont have .
A very wealthy customer of mine was very good in the stock market . The best advice he gave me was , If you can throw 10 grand in the air and let it blow away and it wont affect your life , thats money you invest . if you cant afford to lose it , dont invest it .
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Quote from @Patty Tower:
Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
Patty you are right about the lack of encouragement and solutions. While I agree with what has been said to warn you, let me build on it and see what you COULD do instead. It's neither quick nor easy, but it is life-changing and thus worth it.
Flipping and wholesaling is NOT investing, it's a job and it is transactional and the profits (if any) are highly taxable income. Real estate investing is buy&hold.
I don't know where your debt came from. IF it is consumer debt you have to work on your financial literacy first. You first have to learn how to think and behave like a financially educated person, before you are ready to get into investing. This is a very hard thing to accept. But if you skip these steps, it is almost certain you will amplify your issues.
If you are already there, you can move on to investing. But start small and don't bet the farm. Most flippers loose money on their first flip. Average profit margin is probably around 10-15% before taxes. You have to flip several houses a year to get good at it. And make enough money.
The real question is how do you survive the first 5 flips. Read the books on flipping - (BP book store) before you come here and ask more questions as you should. The community is here to help.
If you don't have the capital to flip houses, start by flipping couches. Or used cars. Google that. Once you get into real estate, keep it small. The first few deals are about NOT losing money and learning how it works. Then you can start to go a little bigger.
I have screwed up a number of deals in my 15 years investing in Milwaukee. Fortunately, they were all small enough and I had a strong enough financial base that none of them wiped me out. And buy & hold is a lot more forgiving than flipping: sooner or later all deals cash flow.
You get better with time, you learn from painful mistakes more than from your successes, but that's when you become like Jonathan and tell other people it wasn't that easy.
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Quote from @Patty Tower:
Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
This quote - "This is not sound advice but poor criticism" - is another example of just begging to fail. Why would I, with 30 years of experience in real estate investing, spend my time in the forum to criticize you. I have better things to do. I am trying to help you avoid the traps that all of us have fallen into.
Your bravado is wildly misplaced and your biggest problem is that you are ripe for the picking by any guru or JV partner right now because you think you know a lot more than you do and you only want to hear the nice, warm stuff. It's actually quite embarrassing how you can take advice (not criticism).
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Quote from @Lisa Rechsteiner:
Quote from @Patty Tower:
Quote from @Jonathan Greene:
Quote from @Patty Tower:
I always go in with offers contingent on inspection. Definitely not easy, and in Seattle, it's been competitive -I've lost out on the last two offers. I've also visited a site and deterred from offering because I won't do tear downs. Experienced investors are going in at 80% ARV minus repairs instead of 70%, but I have hope.
I've been networking and have met experienced contractors and have been receiving mentoring and coaching through experienced investors. I'm surprised at how much pessimism there is in this group. If I'm willing to invest in the right mentors, analyze deals, and be educated with investment, the risk is minimized.
This response is exactly what will make you lose your money on your next deal. This is not pessimism, it's realism. We only answer to help people not make the same mistakes we've made. Do you go to the meetups run by Leka Devatha? Those are the premier Seattle meetups with true experts in the Seattle market.
You popped into a forum, new to the site, asked a question, and then committed the biggest newbie mistake in the book - you backlashed against the sound advice because you know better. But you came here looking for help. That's what we are giving you.
I asked for insights and advice as a newer investor and what I got was "what are you thinking..." "you're a sitting duck," "Your chance of failing is..." and "naive," etc which comes across as very demeaning. None of that is encouraging whatsoever. This is not sound advice but poor criticism.
I followed Leka and have met her at a WAREI event. Here is an IG post where she paid $560K for a property in Greater seattle and said comps are "$840-$1M.
Leka Video Seattle Property
Here is another where she encourages investors to look at ADUs Leka ADU post
@Jonathan Green I'll bet you are trying to scare us newbies from making big mistakes, But you are not very kind about it. Ive seen many of your posts across the forums. How about advice without the judgement?
This is embarrassing for you. Why would I want to scare new people? Stop being so fragile. New people get sold by people who yes them alone, take their money, and screw them over. You are another example of someone coming into the forums and showing all the scammers out there that you are open to it.
Judgment is in the eye of the reader. I am not judging anyone here. How could I judge someone? I am giving rock solid advice based on 30 years of practice, owning 100s of homes and properties, and watching people like you screw up and open yourself up to the worst parts of the business over and over by not accepting anything but a warm pat on the back.
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Hi Patty and welcome. It sounds like you're already active, in that you're making offers. Have you completed any successful assignments, or flips? I couldn't tell from your post whether you've done some and are looking to do more, or are just getting started now. Maybe that information would help the folks here in the thread.
I know some of the feedback in this thread may be coming off as harsh but... the folks here are actually trying to protect you. No agent or mentor is going to help you if a deal goes south or if an ARV is off. That's all on you. Ask me how I know =)
I hope that helps - we actually are rooting for you.