Just starting out

[Daniel Johnson]

Good day to all BP members.  I am new to BP and, like everyone, was invited to introduce myself.  So here goes...

I live in the Memphis area and worked for 3 years as an affiliate broker helping primarily investors locate and acquire various investment properties for both flip and hold investment strategies.  I, like many agents in the Memphis market, worked part time as an agent while holding down a full time job.  As I began to notice last year some issues within the brokerage I was with, I decided to take a break and I placed my license in inactive status this past December (2014).  That turned out to be a great decision as 1) the issues I was noticing with the firm caused it's complete collapse early this year and 2) I was hit by a truck (as a pedestrian) this April breaking both of my legs.  I am still recovering from both of those problems.

Now, as I am back to work, I realize that, life is short and if I don't chase my dreams now, I never will.  It is time to get serious and put all my efforts toward achieving my goals rather than just someone else's. 

My strategy will be to purchase distressed homes that can be rehabbed and sold at profit.  Flipping. (Although we agents generally hate the use of that term as it isn't really flipping but that's a topic for another day)  The profits from "flipping" would be used to purchase and rehab properties to hold as rentals.  Essentially, once enough has been acquired that I can hold a property but still have capital to purchase the next flip property, that first will be rented and held.

I am looking for a couple different things...

1. I am looking for advice or any help that can be offered.  While I have seen the business quite extensively, I know there is much to learn and I believe it would be foolish of me to try to reinvent the wheel when there are so many that know so much more than I.

2. I am looking for funding to begin this process so obviously conot acts here may turn out to be beneficial.  I would prefer funding in the form of a partner that was willing to take his/her profits from the profits of the project.  However, I am open to really any form as long as I can achive my goals.  Any advice or warnings with that would be helpful.

Personally, I am married to a wonderful woman (14 years) and have two children.  My daughter will be 13 next month (yikes) and my son is 7.  They are my motivation.  I want to build a life that provides time with them as well as build a business I can teach to my children and pass down to them.  Without getting too in depth, I am a Christian and believe strongly in integrity and ethics.  Not only do I feel I am called to act in an ethical manner at all times but I also believe the world would be much better off if everyone did.  Unfortunately, I do know that is not the case.  But I am committed to doing my part.

So there you have it.  Me and my plan in a nutshell.  Thank-you for reading and for any advice or help you can give.