6-17-2015 First Post

Hello:

My name is Reed Starkey, and I have always been interested in Real Estate.  Recently I quit my job to do this full time.  I am going to write my daily experiences here to keep myself on track with my goals.  You are more than welcome to follow along and ask questions.  Some details will be left out for obvious reasons.

So I will bring you up to speed on my current projects,  my thoughts on future projects, and how I got to where I am today.

I have worked my whole career in Retail management.  I feel I was pretty darn good at what I did, and I enjoyed it.  Unfortunately (or fortunately, depending how you look at it), I worked a ton of hours.  Work interfered with life many times.  In April 2015, my wife gave birth to our first son.  Suddenly my priorities changed.  We evaluated our financial situation, and decided that we could take the leap into a field where I can be more available to see our son grow up. 

I began my search for my first property ( I have done some deals many years ago, but lost everything.  Another blog someday) It was a SFH REO with fountadion issues, but nice otherwise.  I bought it for $55,000 put around $18,000 (the foundation issue turned out to be minor) in repairs.  I listed the house for $135,000, and accepted an offer of $139,000 the next day.  I netted around $56,000 on this deal.  Took about 60 days from closing to closing.

So now the current projects.  I am in the process of buying 2 properties that should close this month. 

Sumpter Flip.  I am buying an 1830 sq ft Ranch on almost 5 acres here in Michigan.  Built in 1949, it needs everything!  I am looking at $55,000 for the rehab and an additional $15,000 for the septic repair.  Owner was asking $55,000, and I bought it for $50,000 cash.  I hope to sell it for $150,000.  These margins are thinner than I like, but it will work for now.

Redford TKM.  So I entered a Partnership with three other partners.  Two of them are the managing partner team for 35% ownership, one is the credit partner for %50 ownership, and I am the cash partner for 15%.  Basically we use the BRRRR strategy, and I should get my money out within 90 days.  This is a great opportunity for me to be involved in a buy and hold, and my money can simply parlay to the next deal.

Finally the future opportunities.  I have been working diligently on acquiring ownership in a MHP.  I have made contact with possible partners with money, and have some lists of parks to call on.  I am hoping to have ownership in a park in the works by close of this year.  More to come on that one.

So there you have it.  My RE career is on its way.  I hope you can learn from my experiences.  Feel free to drop me a message with questions.