All Forum Posts by: Alexander Felice

I've been following grant for nearly 10 years. Got all his books, read all his material, listen to his podcast (which is no where near as good as BP Podcast btw) and the guy is just a motivation MONSTER. I was so pumped to see him on the podcast. He's always a blast to listen to. 

martins heating and air.

only guy I use!

I live in Fayetteville and have a great HVAC guy but I doubt he does financing. What kind of rates are you expecting on that? Would 0% credit cards or a personal loan be a possibility.

I'm in a similar boat. Although mine is closer to breaking even and even im consider selling.

if you can sell it, it may be worth just doing that and starting over on a new property. Yeah, over time you'll make money, but you can find a different property that will cash flow but also give you net worth gains. In my opinion.

I'm also in Fayetteville. I own a rental and currently looking to do some flips.

Welcome!

Ok that's a very detailed response and i'm grateful!

The amount is actually really small <$100,000. From the way you explained it I think maybe option 1 or 2 would work, the problem I run into however is doing it against a specific property. This seems like a problematic step because ideally I would like access to the money so when I find the right deal I can just go write a check. 

What it really sounds like I need though is a knowledgeable local CPA to handle all of this for me. At least I have some ammo for the investor now though

Hey friends!

My partner and I want to flip a house and we have someone who wants to fund us, but they want to explore the option of using an IRA to do so. From what I understand this is possible if it's set up as a self-directed IRA?

Can someone explain to me in a little more detail how I facilitate this process? Is this a scenario where my business can use the money at will and just pay her back (plus interest) at the end? As I read more it seems that isn't as simple as I would like. 

Thanks in advance!

Thanks for the reply Brian. How are you finding deals? MLS or direct mail?

Thanks! btw, Dunn is only about a 30 minute ride from me!

Ok I've been reading, dreaming, and planning a real estate career for a while now. Making some moves, but on the cusp of doing more. I'm 30 years old living in Fayetteville/Fort Bragg North Carolina

I bought a condo a few years ago (which I didn't get a great deal on) for $65K, I just started renting that one out.

Last month I bought a house for my fiance. This was a foreclosure, I paid 54k and I believe I should have an easy 45k in equity in it, but I can't rent that one out as I need it for my family. I plan to pay it down quick to have access to the equity.

My long term goal is to buy enough rental properties to live (very) comfortably in, but my short term goal is to flip houses as a full time job. I'm having difficulty making this transition though, as many people do I'm sure.

I currently make pretty good money working full time (~70k/year) and I have excellent credit, so buying houses with conventional funding is easy, and building cash is easy. However I work a monster schedule so time to flip on the side is pretty much non-existent.

I come to BP for help! In my head, the perfect option would be to find a mentor who I could work for and teach me but no such opportunity has become apparent yet. How can I make the transition and flip houses full time time and give up my job security? I'm generally not a man who lets fear stop him from making moves but this has been tricky.

Also, I have pretty good knowledge of improvements, housework, and renovations in general. So it's not foreign to me, and I'll be getting my real estate license in the summer to try and find better deals. Sorry for the long and chaotic post!!!