All Forum Posts by: Brad McCulloch

Thanks Chance.  I'm looking to focus more on the fix and flip opportunities right now,  I've been looking to get into the Duluth and Superior market.

Welcome.  St. Cloud would be a great place to get into the student housing market.  i wish I had done it many years ago when I went to college there.

@Walter Pape Defintely start with an online Skip Tracing service.  It doesn't cost that much and you are basically getting the same information as what a PI would access.  One site I've used allows you to put in the address and it will show you all of the homes current and past residents and from there you can trace their name. 

Good Luck

Great post @Terri Pour-Rastegar .  That's the type of information new and old investors can take to the bank....:)  Thanks

Wow, impressive list.  Lot's of smart people here...:)

Criminal Justice Studies-27 years working in Corrections Field

Jack of all Trades, Master of None.

I've never flipped a home, always bought and then rented out, but I think if had flipped any that I own, it would of cost more up front to rehab and flip v. rehab and rent.  I say this because you can sometimes get a home rent ready cheaper and quicker than you can to have it ready to sell, i.e, a renter may not care if you have new siding, carpet etc....  That said, it is all about location, market, timing and how much time, money and energy you are willing to invest (along with a certain amount of luck :) 

Good luck

Great thread.  I paid cash for a rental home a few years ago and in hindsight I wish I would have financed.  In fact, I am looking to refinance it now, and use the equity to purchase another home.  I like a common theme we hear on BP "Cash is King" and using that cash for future down payments.

Good Luck

@Ben Leybovich , I really do see your point of view, that's not what I'm debating.  You actually helped make my point that I intended with: "hiring someone to analyze the worth of an investment opportunty into which you are about to dump thousands of dollars! Are you nuts?!"  That's exactly what I would do if I didn't feel I had the expertise or experience to do it myself.  As far as being nuts, well I have been accused before, but have somehow managed to avoid electric shock and a lobotomy..,....It's still early though.  One last point though, and then that will be it for me.  I don't discount any of what you say.  I know you are right about the numbers, and ideally we would all become experts.  But I think you know as well as I do the chances of that happening with everyone involved in real estate investing is slim, for a variety of reasons.  And point taken, many will not succeed because of this.  Thanks for the thread.          

Well, @Ben Leybovich , you miss my point, as I somehow assumed you would.  Obviously, I need to understand the numbers.  Do I need to be an expert? No.  Can I still be successful in real estate?  Yes.  Let me ask you this?  Do you do the rehab work on the properties you purchase? I do.  Have you ever hired someone to do remodeling or repairs that you don't have the skill or time to complete?  I assume you have, and isn't that part of the game in that you avail yourself of skilled professional people to assist you in your business?  Likewise, I will never be a financial genius, but I do know how to delegate and utilize resources to my advantage. 

I realize that you are a numbers guy and very successful at it, but I don't think you should sell us short, so to speak, those of us that come from different backgrounds and thinking who will never be as expert as yourself.  Not a shortcut, simply a fact.

Great thread and so timely for me. @Graham Mink  hit the nail on the head as to what I was thinking: "Math and spreadsheets aren't everyone's strong suits, and there is room in RE investing for people that would rather not have a masters in finance. "  There are many of us that come from different walks of life and have virtually no background in finance, spreadsheets, analysis etc.  That said, should I have a basic understanding of the numbers?  Of course,  Will I ever be an expert in numbers?  No, and quite honestly I don't think I need to be.  There are tools and resources available, like the calculator, the spreadsheet and professionals that make it possible for me to make an informed decision.