All Forum Posts by: Blake Palmer

I want to make my own hours so I can spend more time having fun with my amazing wife and beautiful daughter.

Hello all. I'm not exactly "new" to BiggerPockets but I've recently committed to being more involved, so I'd like to introduce myself.

My wife and I started a fix & flip/rental business earlier this year. Our goal is to build a business that improves our community and helps individuals and families establish homes that they love and trust. We're in the middle of our first flip and it's looking like we won't make much of a profit unless it sells for more than I expect, but that's okay! I've learned a lot in the process and my network has grown tremendously. 

I'm currently employed as a full-time engineer but eventually I'd like to transition into a full-time real estate investor. This dream is made possible in large part thanks to the BiggerPockets podcasts. I've learned SOOOO much from those podcasts and the books they've recommended; like Brandon's Book on Rental Property Investing, Rich Dad Poor Dad, E-Myth, and one book I stumbled into at Barnes & Noble called Flip: How to Find, Fix, and Sell Houses for Profit. I'm currently reading The Book on Managing Rental Properties, which has also been very helpful and I can't wait to read J Scott's books on flipping houses. I've also met a few locals who have shared their wisdom and insights, so that's also been very helpful. 

Anyway, I'll post a summary of our first deal when it's complete and tell you all about it. I'm really excited about being more involved in this community and look forward to connecting with many of you. 

Originally posted by @Jake Berwind:

Blake Palmer No...she won’t show me the appraisal unless I get the house under contract. I’m going to see the house tomorrow.

 Oh ok. My bad. 

Originally posted by @Jake Berwind:

Chris Turner Realtor said “typically the buyer pays for the appraisal but she did it as a courtesy” and said she would show it to me if I get the property under contract.

 She won't even show you the house unless you get it under contract? Tell them to kick rocks dude. 

Appraisals are usually higher than a house is worth on the open market. The realtor knows that. I'd say your right about them playing hard ball.  I'd be very leery of paying the appraised value of a house, especially if I'm wholesaling.

Also, DO NOT trust a realtor's estimate of repair cost. I recently made that mistake and I'm currently paying for it. He said repairs would be $10,000-12,000. I'm currently looking at $20,000+.

I pay $272/month and will own my vehicle in 4 years. When it's paid off, I'll have another$3,264 each year that I can use to invest. Leasing a vehicle would never produce that luxury.... but maybe you prefer the luxury of having a new car loaded with extras? That stuff means nothing to me, so I'll never lease.

I'm hoping to get 300,00+ miles out of my vehicle. When it wears out, I'll buy another Toyota with 100,000+ miles and drive it until the wheels fall off.

Great podcast. I'm currently in the middle of my first flip and it's looking like I'll basically break even unless it sells for more or less than expected. Been thinking about BRRRR instead of a pure flip since building a rental portfolio is the ultimate goal, but the equity just isn't there for that "repeat" part of the BRRRR. And it's not an ideal property to hold long term. A lease option might be just what the doctor ordered.

Question is, how do I find a tenant buyer?

Great thread folks, thanks.

@Susan Maneck I'd love to buy you lunch sometime and pick your brain. I'm currently in the middle of a remodeling project in Pearl. My first flip... probably my last! Leaning more toward rentals every day but Jackson scares me. Do you ever attend the meetups at Scrooges or M7?

I'm getting into house flipping and rentals. I don't have much experience in construction, but my brother-in-law does construction for a living and he does quality work. However, he isn't a licensed contractor. Should I think twice before approaching him to parter with me in flipping venture, or is it ok that he isn't licensed? Thanks