All Forum Posts by: Billy Hollis

Thanks @Mike Watkins

James - thanks for the info. OO sales will be the initial goal, with the ones that seem to be more rental material being the ones I will try to wholesale. That may change as I gain more experience, but that is the plan as on 1/21/2015. I just didn't know if the commissions paid to a realtor were worth more or less than the time I would spend marketing, showing, and selling the home.

Paul - thanks for the reading material. I will look into all of those books/articles.

Somehow this got posted in the deals analysis forum, and I'm not that far yet...so let's try here instead (which was my original intent anyway).

Hello everyone! Hope everyone is off to a great start in 2015. I posted in the new member introductions a little while back, but I wasn't entirely sure where I saw my business going. After doing some further reading and researching I have come up with a more defined business plan.

Starting in 2015, I plan to wholesale properties. I plan to continue working my full-time job while wholesaling properties in order to eliminate my consumer debt and my student loans. This will give me a better chance of being able to quit my full-time job to go full time in RE. Once that is taken care of (shooting for spring of 2016 - lots of student loans between my wife and I) I plan to still continue to wholesale while doing some fix and flips as well. This will be the end goal for my business - fixing and flipping what I can, while wholesaling the leads I can't handle or don't want to deal with.

Just a few questions:

Is this how most fix and flip investors get started, or do they jump right in?

When flipping, is an unfunished basement something that rehabbers often look for as a way to add square footage?

How long does it usually take to come up with a buyers list?

Do most rehabbers sell their own properties, or do they contract and agent to do that so that they can focus on the next one (I realize there are other benefits of having your agent's license such as MLS - this will be part of my continuing Ed as my business grows).

thanks everyone for the advice. I have had a lot going on at home (baby girl due in less than a week, all while selling and building a house), so I have been trying to mix in some research when I can so I can really get going once I am off work for paternity leave. Hope 2015 is off to a great start!

Hello everyone! Hope everyone is off to a great start in 2015. I posted in the new member introductions a little while back, but I wasn't entirely sure where I saw my business going. After doing some further reading and researching I have come up with a more defined business plan. 

Starting in 2015, I plan to wholesale properties. I plan to continue working my full-time job while wholesaling properties in order to eliminate my consumer debt and my student loans. This will give me a better chance of being able to quit my full-time job to go full time in RE. Once that is taken care of (shooting for spring of 2016 - lots of student loans between my wife and I) I plan to still continue to wholesale while doing some fix and flips as well. This will be the end goal for my business - fixing and flipping what I can, while wholesaling the leads I can't handle or don't want to deal with. 

Just a few questions:

Is this how most fix and flip investors get started, or do they jump right in?

When flipping, is an unfunished basement something that rehabbers often look for as a way to add square footage?

How long does it usually take to come up with a buyers list?

Do most rehabbers sell their own properties, or do they contract and agent to do that so that they can focus on the next one (I realize there are other benefits of having your agent's license such as MLS - this will be part of my continuing Ed as my business grows).

Welcome to the site. Good luck in the Cincinnati area. 

Hello everyone! I just wanted to take the time to introduce myself. My name is Billy Hollis and I am from Columbus, Ohio. I was born and raised Hilliard, which is a suburb just west of Columbus. I currently live about 15 minutes south of downtown. I am 28 years old, married, have a 3 year old daughter and another on the way (3 weeks out to be exact). I currently have a full-time job, and my wife is a teacher. We make enough to get by currently, but there is always room for more money in the bank account. I hope to start and develop a fix and flip rehab company. I have been listening to the BP podcast for about a week and a half or so now (downloaded about 75 of the 103 episodes and listened to them) along with a couple other REI podcasts. I am currently in my education stage, reading the beginner's guide, and reading up on the blogs.

As far as my actual business plan, it is still in development. I know that I plan to start it on the side. From the research I have done so far, it appears that rehabbing is one of the harder aspects to get into with a full time job, but the job I currently have is flexible with hours (never over 40, and never have to take work home) and I currently work 6-230 m-f. This gives me much time in the afternoon/weekends to get into the business. I am not currently in a position to use my own credit to acquire funds to start (currently have too much consumer debt, along with student loans and building our own home to be completed in June), so I am not sure exactly what type of business plan to establish. My ultimate goal is to build a mostly self sufficient process where I am using as little bank lending/HML/PML as possible. I know this will limit the overall buying power I may have, but "leverage" vs. "risk" is something that I will have to overcome. Maybe that will come with time.

The actual substance to this post may be lacking, but I am sure you are all tired of reading about something that isn't adding much value to your business. I look forward to talking and working with you all throughout BP.