General Contractor In South East Missouri

[Chris Marshall]

Hello all, I wanted to jump on here and share my thoughts on my updated business plan and to try and find some more networking opportunities. I am a general contractor in Farmington Mo. I started my real estate journey a few months ago trying learn and figure it all out. I felt I was very confident in my ability to quickly go out and get my first property shortly after starting and was very optimistic about how i would do it. 

My business strategy was to use the 50% equity in my wife and I's house to go out and purchase a fix and flip in either cape girardue MO or Farmington MO. I have been a contractor since I was 15 at my fathers business, so I thought that would give a competitive advantage in flipping. Unfortunately because both my wife and I each started up our own companies at the beginning of the year we do not qualify for conventional financing at the three banks that we currently use. 

We do currently have a rental property but that happened by accident. We built a salon for my wife's business and it pays us rent. After talking to our tax accountant he told us we should be charging more than just $200/ month in rent, so we bumped it $650/month and now it pays for all of our electricity and mortgage on itself and our house.

After being shut down on the HELOC I was a little discouraged but after a couple months I couldn't sit around feeling defeated any longer. So I came up with a new strategy to help me achieve my goals.

First off since Banks wont look at us currently I have focused on my general contracting company for a few reasons.

1. Build provable income

2. Network and meet all contractors in my area.

3. I chose to target high end projects to meet and build relationships with wealthy and influential people in the community.

4. Build a team of contractors that will run smoothly and operate efficiently when I do purchase my first flip.

Second I have chose to begin investing in Tax Liens and deeds. I like the idea of achieving, on average double digit interests on those investments, and then on occasion when I do get the property because the homeowner doesn't pay their taxes I will then Fix and flip that property. I have yet to purchase my first tax lien but my goal is to purchase my first one by October 8th. 

That's a little bit of where I am at currently in my journey, I hope to achieve my first fix and flip within the next few months with the aid of either a tax lien deed, private lenders or hard money lenders. 

I don't really have a question or anything I just wanted to share where I was at with everyone, organize some of my thoughts and maybe this will help encourage someone. But if you are in my area I'd love to meet you and if your a lender of any kind I'd also like to meet you.