All Forum Posts by: Andrew Davis

@Nikolay Izmerli thanks for sharing man! I broke even on my first flip and lost money on the second one, so you're not alone. The rehab looks incredible and you can chalk that loss up to a hands on education in REI.

Care to share - what did go wrong? Was the end value less, rehab more, or some combination of the two? What was the biggest surprise? How did you finance? How many days from entrance to exit? What’s next for you?

Hey @Jake Williams - welcome, you’re in the right place!

@Abel Curiel and @Tyron Searight both share roads you can take on your investing journey, albeit very different ones.

While you’re figuring it out, absolutely do what @Tim Swierczek suggests and take advantage of your w2 income to house-hack. Try to find a multi-unit property where you can live in one unit and rent the others. See if you can’t repeat that at least once or twice before you make the leap!

I’ve run into the same problem @Jordan Moorhead has: newbie investors offering to help for free but they don’t have a plan. In addition to house hacking, find a successful investor who you‘d like to learn from, figure out a problem they have and then help them solve it. That’s a sure fire way to get some face time from someone who can truly help you on the journey.

Hey @Tammy Butler - @Rob Massopust gives great advice, be specific with what you’re looking for then tell as many people as possible. You may get a deal from your agent, PM, a wholesaler, someone here on BP or your neighbor.

Also, as a new investor, it helps to have things lined up. If you plan to finance, how are you going to do that? Rehab - who are you going to use? The more you demonstrate a capacity to close deals, the more deals will come your way.

@Terri Hollinsworth - sure thing!

Use the BP calculators - they're very helpful.

https://www.biggerpockets.com/real-estate-investment-calculator

And yes, the BP webinars, but really any webinar with info that interests you.

Hey @Terri Hollinsworth - lot's of great answers here. Definitely jump in to our local REAI's, connect with other investors and tell everyone what you're doing.

The big REIA's in town are: CFRI and GOREIA. Both are free for first time guests and have very reasonable membership fees. @Shawn

It depends on what you mean by a "deal". If you want to house hack, which I highly recommend, that's going to be a bit easier in this market than flipping. @Matt Leber gives great advice, make reasonably sure you can get in and out quickly if you're looking to flip.

I'd also recommend checking out some of the free webinars - they are very informative and actionable.

Best of luck!

Hey @Mario Fallon - I'm in Orlando and tend to agree. 

1. There are always good deals to be found - even in a hot market. Connect with other local investors, wholesalers and check out your local REIA. Also, don't be afraid to do some driving for dollars!

2. I've started investing out of state, long distance, in the mid-west. If you're interested you should check out @David Greene's book: 

https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimate

It's a must have for anyone looking invest out of state.

Hope that helps!

Hey @Patrick Harrington - what part of Florida?

Thanks for the recap @Joe Backlund - how did you fare on on the refinance? Were you able to recoup all your capital? Any lenders you recommend?

Hey @Huan Le - welcome to BP!

Definitely check out @Shawn G.' s meetup - those are a great place to get connected with like minded people and get solid referrals.

Start by buying a house! I believe @Brandon Turner has a chapter dedicated to house hacking in his book. Rates are super low right now, and you can get into a property for as little as 3% down, sometimes less if you play your cards right.

If you can find a duplex, triplex of 4-plex, all the better.

I'd check out CFRI & GOREIA as well, both are local meetups that have been around for a while.

Listen to the podcasts - immerse yourself in knowledge and pay attention to which aspects of REI interest you the most.

Hey @Rebecca Seidler - welcome! I've been investing in Central FL for years, it's a great and rapidly growing market.

Definitely check out CFRI to meet other investors. @Sean Myers hosts a great meetup focused on apartment investing (which I don't attend nearly often enough:) and that's a great place to connect with like minded folks as well. 

How's the wholesaling side going?