Investor from South Florida looking for feedback and to network!

[Brian Garrett]

Hey everybody I just wanted to take a couple of minutes to introduce myself to the BP community!

My name is Brian and I currently reside in Palm Beach, Florida.  I've been toying with the idea of investing in real estate for the past 5 years or so and I'm finally ready to take the plunge.  I've been spending a lot of time here on the forums reading, studying, researching and learning.  What an incredible wealth of knowledge and experience from all of the users on here!

A little background information on my current situation:

I own a couple of other businesses which are pretty well automated at this point. Since I'm not hands on with those endeavors anymore I now have all the free time in the world to focus on REI. I'm planning to get involved full-time so I'm looking to network and build solid long term relationships. I've been fortunate enough through smart financial decisions and discipline to not only be 100% debt free but I've also managed to save up a decent amount of cash to get the ball rolling with my REI aspirations. As of now I think rehabbing and flipping is what I'm primarily interested in although I am starting to like the idea of BRRRR as well. Since I have cash on hand the rehabbing and flipping strategy seems like a more lucrative option to me for larger quicker returns without having to deal with conventional loans, FHA, HML, etc. The BRRRR strategy is something I will continue to dig deeper into learning so that when I do need access to additional capital I can explore that route and refinance to pull cash back out to continue investing and scaling up my investment portfolio. I'm not opposed to buying and holding for a few years to let a property appreciate while collecting cash flow during the process but I feel that strategy is more suited for the BRRRR method than for using cash and having money tied up in one project for an extended period of time. My primary goal and focus with REI is to build wealth through flips and eventually cash flow through buy and holds. What are your thoughts on this mindset? Am I leaning in the right direction?

Since I do have cash on hand I've also considered the possibly of partnering with mentors and seasoned investors on some deals to gain more experience and knowledge. I know in order for it to be lucrative to them I need to bring something to the table so I'm assuming cash would do the trick. It would be a win/win since I'm learning and profiting while they are saving on interest, up front points from HML, PMI, etc. What are your thoughts on this? Would anyone that's actually successful and reputable even have interest in something like this?

Here is my plan of action as of now:

1. Keep reading, researching, learning and networking to gain as much knowledge as possible on REI, the different strategies, different peoples success and failure stories, etc.

2.  Formulate a team for my rehabs so that I have them in place already BEFORE working on my first deal.  This way it should help cut down the turnaround time and help the process move more efficiently and timely, especially for my first property.  Besides establishing a relationship with a reputable and trusted general contractor, who else do I need to have in pocket and ready to go?  Do I need to have an electrician and plumber or anyone else for individual jobs lined up or is that something the GC typically handles and already has within their network?  Am I better off paying for the rehab materials on my own and hiring GC's on a "labor only" basis or am I better off letting them source all the materials since I'm new to this and want to be as time efficient as possible?  I'm assuming letting them source the materials just adds to their mark up and cuts into my profits but in all honesty I'm thinking that might be worth it at least until I get my feet wet and learn for the future.

3.  Study my surroundings extensively to get a better understanding of the market in specific cities, pocket areas, neighborhoods, etc.  To me, this is the most critical part to "buying right" and will help me learn the general sale and rental price points of particular areas to ensure my deals are solid.

4.  Network with reputable investor friendly wholesalers and realtors that can help me locate and secure deals.  Remember I'm planning to do this full-time and scale this up as quickly as I can so deal flow will be a challenge.  I will drive for dollars occasionally as well.  Any other suggestions?

5.  Cross my fingers, pull the trigger and start learning further through first hand experience!

Sorry for the long introduction I just wanted you guys to have a clear understanding of my situation and I'm hopeful that you will be able to provide insight and guidance.  All input, feedback, criticism, advice, suggestions and recommendations are welcomed and appreciated.  Thanks in advance!

- Brian

[Tony Wooldridge]

@Brian Garrett, I have to say that you did a way better job of giving a very through description more so than most newbie intros! Welcome to BP nation, I cannot agree with you more that this site hands down is the most comprehensive REI site on the planet! It in it of itself, is what I like to refer to as my personal mentor. I am new to the REI world as well. It is always encouraging to see others taking action to further their RE aspirations to higher heights. Sounds like you have a very solid grasp and foundation of what you need to do now the only thing left to do is put in the work, implement ACTION. Keep up the good work and keep us posted of your progress! Here is to wishing you nothing but the best in your 2017 REI ventures. Thanks for allowing me to share