Flirting with REI for the past decade & ready to take the plunge.

[Mitzmichael Sumilang]

Hello,

My name is Mitz Sumilang. I'm a new investor in the Colorado Springs area. I moved here in the summer of 2015 and just recently started to look into real estate investing "again". I currently own a SFR back in Rhode Island that I am currently renting out as an investment unit.

I recently hooked up with a group of college friends to form an REI group. We will all be putting up equal amounts of capital to purchase and rehab properties in the Massachusetts area to flip. We have one member that has been flipping properties for the past few years and he is basically showing us the ropes. He and I are currently under contract on an REO as a pilot program. Unfortunately it has taken us over a month to clear the title because the bank is dragging their feet.

A little backstory on my REI. Almost a decade ago, my wife and I attended a Robert Kiyosaki seminar and we were convinced to purchase their Wholesaling package which cost about $10k. In my opinion, the seminar was not very helpful. Left many questions unanswered and we were left with the option to pay several more thousand for a mentor which we were reluctant to do. Safe to say our Wholesaling career did not last very long. I can't say it was a total waste. The knowledge we did gain focused our first home search to foreclosures. This is now our investment unit back in RI which we purchased at a great price for a great neighborhood cash flowing $250/month. Before the seminar, I was eyeing a much bigger house with all the perks including a pool for about 3 times the purchase price. I guess you can say the $10k seminar saved us even more in a way.

Now that I'm back in the real estate investing mindset, I've been all in. The goal is to attain passive income through rental properties(mainly multi-units) to allow more time to help others. My wife and I (including our young son, Apollo) have been going to downtown Colorado Springs every weekend for the past year to hand out food bags to the homeless. I'd like to get to a point where I can hire these homeless men and women to help with demos on properties. With even higher hopes that I can get some of these people back on their feet working again, possibly even as general contractors. Another goal is go build enough passive income that we can leave on missionaries across the globe to help the less fortunate. 

My strategy is to purchase distressed properties to rehab and either flip or BRRRR. Currently looking at the Colorado Springs/Pueblo areas as they are the closest in proximity for a new investor. I've begun attending local REA meetings and have made a few connections. Obviously, the bigger my network, the better. So I'm still in need of contractors, plumbers, electricians, accountant, real estate lawyer, realtors, etc. Trying to build up my contact list so I can be ready when I come across any potential deals. Even went driving for dollars yesterday with the wife as the kid slept in the car seat.

If you've made it this far, I appreciate you taking the time to read my introduction. Don't be surprised to see me asking you questions in these threads. I'm a motivated learner and soak things in like a sponge. Feel free to say hi.