All Forum Posts by: Amber Peterson

 Thank you so much @Adam Zach for the responses. I would absolutely love to jump on a brief call with you. What's your availability the week of the 14th? Specifically on Wednesday or Thursday. 

Hey everyone! Apologies for the lengthy post ahead of time. I've been immersing myself in everything REI these past few weeks and I feel like I 'may' have a potential property, however I need LOTS of advice and I have a TON of questions lol.

**Here's the skinny...

Info on home:

-Listed for $185

-I used the Backflip app (not sure if that's an accurate app? Any opinions on that?) 

-According to Backflip: ARV $242 ROI 25% (based on $46K investment including reno of $18k) Profit $11k

-1986 build - 3/2 - 984 sq ft

Frame/vinyl siding (Single family)

Fenced corner (oversized) lot with 2 10×16 functional sheds - Huge patio wood deck

Listed for 60+ days already with 23k reduction recently 

**Here's some things I noticed in the photos/PA website:

17 year old shingled roof will likely need replaced...hard to insure unless wind mit can show 5+ years life expectancy with most carriers. Florida insurance industry is extremely difficult right now. No other permits listed so unsure on 4 point items and if they need replaced or updated Popcorn ceiling (yuck lol) opinions on replacing that? I say yes but unsure? Otherwise it just looks like it needs a face-lift with paint, new appliances, ceiling fans and a good cleaning. So that 18K reno that Backflip auto calculated may be higher after inspections due to roof and 4 point items, however I feel like that's only more power to negotiate the list price as well?

**And now for the questions...

1. Is there anyone willing to DM me to simply take a look deeper at this specific property and tell me if I'm at least heading in the right direction when I'm searching for that "great deal"? Even if this may not be my first flip. I'd still like to discuss the overall picture and get advice. For instance, am I on the right track? Or totally off base? Looking for a mentor. Someone with experience but also patience and kindness. Hopefully someone local here in SWFL that can physically meet up as well. Potentially JV with?

2. For PML/HML - Are there truly lenders that will work with someone who has very little skin in the game initially i.e. 0 money down? If not, is this something I can wholesale? What would that look like? Is there such a thing as a "finders fee" still?

3. This particular property is listed as cash only. That's being said, would I only be able to use a PML for the full asking price? Not HML? Since the owner only wants cash offers? When properties are listed as cash only, do you find that it's negotiable at all or mostly firm 'cash only' offers?

4. Anyone ever used East Street Capital or Backflip Capital? Opinions?

5. My end game for this particular home ideally would be to purchase, do more so of a cosmetic flip and then rent it out. However with my current finances, I'm thinking maybe my first few should be fix & flips so that I can have more $ initially and not feel so dependent on PMLs. Maybe flip a few first to sell. Then once I have more cash on hand, start flipping to rent? Again, end game is to have rental properties. That's the lane I'd like to be in for a while to build my portfolio and have passive income.

6. My current financial picture is currently building credit back up, lowering DTI ratio and saving little by little to start this new journey in REI. Being completely transparent, I took in an immediate family member these past 2 and a half years and it threw me a financial curveball! Wouldn't change a thing because that family member needed me (major health crisis), however rebuilding to get back to where I was will take some time.

7. If there's anyone out there willing to take a risk on me, I'm ready! I have a ton of connections with contractors and inspectors. I can bind the coverage needed throughout the process on the insurance side. I can physically be on the job site daily if need be to monitor the progress (not to mention learn!) I work from home (insurance agency) and schedule my day around appointments so my time is flexible. I am an extremely diligent and hard working woman! Always have been, always will be. 

And that's a wrap folks lol. Any and all advice welcome. Currently in 'sponge mode' and soaking up all I can get.

Thanks Chris! I agree and that seems to be the general consensus. 

Question - what's your opinion on a foreclosure or an auction for someone's *very first flip*? Good idea or too many hoops to jump through? I was doing some research on this last night. Also, which avenues do you use when reaching the market for said homes? I downloaded Hubzu last night and poked around a bit. Have a happy Saturday!

Thank you all so much! I've been immersing myself in all things REI these past few weeks. There is so much great information out there! I did attend a local REIA meeting this week as well and made some connections. I've also spoke to a few people who've reach out through BP. For those who are more local, have you had any experience with New Western by chance? If so, how was that experience?

Hey everyone!

Just wanted to post a quick intro…

I've been in the insurance industry since 2016. Started off with supplemental products only, added private health products after about two years. Then, in 2020 (when everything went sideways) I decided to take a leap of faith and add P&C. I've been mentored in the P&C realm since then and recently added Medicare to my tool belt. My business is steady and comfortable so it's time to shake things up! I've always had an itch for REI but as they say...timing is everything. Now it's time! With my current business at a steady and manageable pace, I am thrilled to start this new REI venture. Looking to tap into the market and jump on the REI bandwagon. Eager to learn! I'm sharp, focused and capable of overcoming any hurdle you throw my way. With having the P&C connections, I feel like that puts me in a great position. I can bind my own coverage on properties and eliminate that middleman. I also have many "blue collar" clients in my current BOB that I can leverage for getting work done on flips/inspections etc in a timely fashion (not to mention I trust them). I am ready. Bring it on!