All Forum Posts by: Brandon Pack

Today we have submitted an offer on a foreclosed home that we hope to turn into our first deal. We have submitted 2 previous offers on different properties but the banks just didn't want to deal any! Those 2 properties had the intentions of flip/sell but this particular property will be a rental.

Here are the numbers:

1400 sq ft.; 3 bed/2 bath ; 2 car attached garage ; semidetached ; fairly newer home. Built in 2000 and on a concrete slab. No issues with the house other than some carpet being stained, some walls needing new paint, missing refrigerator, washer, dryer.

List price is 69,900. It has been on the market for about 75 days now and the bank started out the listing at 84,900.

We submitted our offer at 55,000 cash. We are hoping to land this deal under 62k. We plan on investing about 3-4k on the high side updating it a bit and replacing some carpet with vinyl wood plank flooring. All the surrounding properties are rented up and according to our agent, rent on a property like this goes for 850/month in this subdivision.

What do you guys think? What would be your max offer?

Brandon Turner - I've been reading a lot on here and listening to your podcasts. Trying to minimize future mistakes! haha

Mehran Kamari and James Vermillion - We are looking into the flipping side with also intentions to slowly build a rental portfolio. We are going to target a resale market in the 130-200k range.

Landon S. - Gotta love them Wildcats!!!!!!

Hey everybody! I just wanted to make a quick introduction. My name is Brandon Pack and I'm just getting into the real estate business. I'm 30 yrs old and have spent the last 7 years of my life in the coal industry. With the coal markets on the decline and myself always having a dream to own my business, I have decided to chase my dream.

First things first. I live in a small town town in eastern KY where my mother owns a real estate company and has been very successful. Through my college years (studied business management) I worked construction during the summers and really enjoyed it. These 2 factors have really pushed me towards the real estate market.

With my previous job in the coal industry, I was able to meet a guy who over time, we became great friends. He has a successful fabrication business that works with coal companies. One day we were talking about the coal markets and both shared the dreams of getting way from the coal market and start up a construction/real estate/land development business. We discussed this for approx. a year before I decided to step away from my job and get our new partnership started. My business partner is the financial backing while I'm trying to do the leg work and get this business successful.

We know that our local area is weak (this is coal country) so we have decided to focus our attention on the area of Lexington, KY. It's a bigger city that has much more population, yet is still relatively close. (approx 1.5-2 hrs away)

Last week we met up with a real estate agent and got a really good vibe. We are currently in the process of searching for that "right" first investment project! We are definitely excited to get started!