New from Tampa Bay, Florida

[Pati Morris]

Hello Bigger Pockets,

I am here to learn as much as I can about real estate investing. I've been married to my high school sweetheart 30 years (as of next month) and we've raised 4 children, but never had any luck with real estate. We're living in only the second house we've purchased and we definitely bought at the wrong time -- right before the bubble burst. The first house we purchased was in a small town where no one ever moves to or around in, so it stayed on the market nearly a year. So needless to say my husband is adverse to real estate, but I want to learn how to do it the right way and secure our financial future. Spending the last 30 years on one income, raising 4 children, and losing a fortune on our house has left us with nothing in the bank and still about $300K in debt. 

My interest is in flipping houses because I love managing projects, but I need to find a way to start producing income sooner rather than later. I look forward to networking with you and learning as much as I can.

Pati Morris

[Thomas Franklin]

Pati Morris Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.

I have an 819 FICO and a Verifiable Proof Of Funds Letter, for $700,000. I am open to considering Joint Venture Opportunities, to create a WIN-WIN Situation. If you feel there is potential, for such an opportunity, please feel free to reach out, to me.

I hope you find the above information to be of useful value.