All Forum Posts by: Brandon Poe

A friend of a friend has a home thru habitat for Humanity, is there anyway I can take over the mortgage and rent it out. Idk much about habitat for Humanity homes, but apparently they don't allow you too rent it out.

@David Evans, I live in St. Louis, I'm looking for a mentor in the St. Louis area. I'm a personal contractor for a sales company so I set my own schedule. I want to transition fully into real estate investing, so I'm willing and able to make time to meet and work with you if possible. Whatever that may be manual labor, looking for deals, etc. in return for some guidance and mentorship. I'm looking for my first deal now, I have $15k saved up but my credit isn't that good, so I'm thinking of starting with wholesaling and possibly finding deals to work with HML's to start out. So, if there's anyway I can help you, in exchange for some guru-wisdom lol, I'm here.

@Account Closed, can I add you as a colleague for advice in the future?

@John Mathewson, yea that makes total sense actually. A $2900 return over 6-12months doesn't make sense for a hard money lender. However, I've posted on reddit about the same topic. I didn't included the example, just asked if a HML would fund the purchase and rehab. A few ppl said that most HMLs wouldn't do that unless I have skin in the game. I'm guessing from your response that the 20% down would be the skin in the game, am I right in guessing that?

@Kuba F. When you say homes with ARVs around 65k won't do, do you mean that I wouldn't be able to get them funded or most aren't viable for flipping and/or cashflowing?

I'm curious if someone wants to get started with little money and they find a home cheap that needs alot of work. How would they fund the rehab if they are already using a hard money lender to fund the purchase? I've been told most investors want you to have sking in the game and I get that. I currently have $15k saved up, but the houses I find that I'd consider good deals need a bit more than $15k in renovations. For example, I found a house for $29k, that needs in my estimation $40-50k in renovations. With an ARV of $120k. I don't see how I can fund this rehab without a HML covering the purchase and rehab, I'm sure someone on here in a similar situation has used alternative methods. So, I'm curious what would you guys and gals do? Also, my credit isn't that good, so I don't have any credit cards.

http://imgur.com/a/6hfKG

I'm going to look at this house next week, the mold damage looks pretty extensive in the basement. The house is priced $90 under market. I'm guessing if the mold needs to be professionally removed then it will cost $10-15k, plus another $30k for the rest of the house. I'm curious if it's worth it even with the potential returns. When I go to look at it what should I look for up close, what type of things should I take as a deal breaker? Also, should I have a contractor go with me to examine the damage?

@Ned Carey, thats is a very good point, thanks for that insight I appreciate it.  Also, I just found the podcast section. I'm watching episode 203 right now actually lol.

I'm in the South St. Louis area, I'd love to get in on that. Send me some info.

Hello Everyone, My name is Brandon I'm a 27yr old male in the St. Louis area. I've read alot of Robert Kiyosaki and I read alot on Reddit, also listening to alot of podcast on Real Estate investing trying to soak up as much info as possible. I've been working in commission based sales since I was 16, and have always been interested in learning how to get out of the rat-race. My problem has always been procrastination and not maintaining good credit habits. I'm closing in on my 28th Bday in March and feeling like now is the time to sink or swim, anyway I'm looking to get more active in the community, not only on biggerpockets, but also reddit, local meetup groups, etc. I look forward to getting to know as many people as possibly, and cant wait to contribute to this forum, and learn as much as I can.