New to BP forums from Troy, IL - St. Louis Metro

[David Warner]

Hi, my name is David Warner. I have been a real estate agent for a little over two years and a wanna be real estate investor for way too long. I plan to be free of the 9-5 within 10 years with over a million in equity from cash flow producing single and small multi-family properties. I have come to BP to learn from those actually successful at what I plan to do. I have been on the sidelines of the game for almost ten years and have just started taking action in the past year. I have multiple auto MLS searches configured that I review daily as well as an ongoing direct mail campaign targeting pre-foreclosures from a list I continue to build through trips to the court house. Next step is a direct mail campaign for probate and absentee owners. I have submitted at least a half dozen offers none of which have been accepted. I do not get frustrated with this process as even a rejected offer is a great learning experience. I believe our biggest error to this point is in our construction cost estimates which we are fine tuning but always conservative. I am not sure what I plan to do once the offer to purchase is accepted, guess it depends on the deal. I have always heard to find the deal and the rest will fall in place. I do have a couple of financing options (bank and hard money) when it's time to close. My initial plan was to flip a few homes to pay off all residual debt from my college years and worldly travels. Lately, I have been rethinking this plan and considering replacing with the famous BRRRR strategy and using a percentage of the equity pulled out from the first few deals to pay down debt but keeping enough to cover the last R (repeat). Looking forward to leveraging BP to pursue my dreams.

David Warner