All Forum Posts by: Brian Becker

Hello everyone!

I am a very serious buyer to the Orlando area. This will be my first deal and I am out of state, but luckily I have someone as boots on the ground guy that I trust. Will need assistance on market research/areas to target on.

Any recommendations or references for a Realtor who has experience working with investors would be very much appreciated.

Looking to close on a deal late January to early February of 2019. Primary focus will be SFH, $100-$200k price range, off the MLS (Distressed Properties, REO) with the intent to flip.

Thanks for the response Brian. I know that many people use the MLS to find properties so it is very competitive. What acquisition methods do you utilize for finding off-market deals?

@Brandon L. Hello! Thank you for the response and information. I found the real estate agent article especially insightful as this is the big goal of mine to find one here soon. Is finding a great deal on the very competitive MLS going to be a lot more tough than say trying to find one say through direct mail marketing? What are your thoughts?

@Hilary Stalder yes hello! I’m curious where are you most familiar and what areas you think are best for flipping? What areas did you flip in and what did you learn from them? Feel free to message me outside of the forum post. I’d love to pick your brain!

Hello BP! 

I am a 25 year old Texas A&M Economics graduate working in purchasing (buying) at a retailer in the DC area, and am new to real estate investing! I first got the real estate bug several months ago but I have been super passionate about finance and how money works for as long as I can remember. I have a buddy in commercial real estate lending analysis and my father who had a rental property in Florida and I just got curious. I sort of stumbled into BP through Google looking up general information on real estate investing. I have read a ton of the bigs books and continue to listen to many of the BP podcasts. 

Day in and day out I obsess over my knowledge on real estate rehabbing and have made that what I am focusing on, but now I am ready to jump into it.

My whole family is from various parts of Florida so I am somewhat familiar with the Orlando area. In the early part of 2019 I will be intensely focused on completing my first deal in that area. While I am aware of the challenges of out of state investing, my father will act as my partner and my boots on the ground person who is not too far from the area.

I would love to speak with someone who has had rehabbing/flipping experience in the Orlando area. I am very serious about looking to partner soon with local investor friendly agents, and private/hard money lenders as I will be purchasing in the area. Any great recommendations?

Primary focus will be SFH, $100-$200k price range, off the MLS (Distressed Properties, REO) with the intent to flip.

Hope to hear from y'all!

Hello BP! I currently live in Washington DC but my whole family is from various parts of Florida so I am somewhat familiar with the Orlando area. In the early part of 2019 I will be intensely focused on completing my first deal in this area. While I am aware of the challenges of out of state investing, my father will act as my partner and my boots on the ground person who is not too far from the area. 

While Orlando proper may not be the best area for flipping what are thoughts on the many surrounding areas that continue to grow at a significant pace.

I would love to speak with someone who has had rehabbing experience in these areas.

I am very serious about looking to partner soon with local investor friendly agents, and private/hard money lenders as I will be purchasing in the area. Any great recommendations?

Primary focus will be SFH, $100-$200k price range, off the MLS (Distressed Properties, REO) with the intent to flip.

@Jennifer Petrillo Well done on the flip, the house looks gorgeous!! I am a new investor learning how to do flips like these. Can you speak to the specifics of the balloon loan and how you can get a loan that covers future expected expenses. I can really see the benefit of having the the rehab costs folded into the loan to protect from the hit against cash flow. Also what advice do you have on finding great deals like these. There are many portals by which you can get these listings but did you find this deal online, driving for dollars, etc?

@J Scott @Dan Bernstein Thank you guys for the advice! I will be in touch with some local real estate agents soon to get a better understanding of my local market. I also understand that the DC area is quite inflated but the big challenge will be actually finding the right neighborhoods and deals where a flip makes sense.

@Arianne L. Hey Arianne! Thank you for your response back. I will give you a call very soon, and I look forward to our discussion on the market there!

@Account Closed This is a great approach to it and it is something that I have thought about. In terms of the house in Florida the buy and rent method may seem like a better option and then accomplishing a few flips in my current area of residence in DC. Renting out the Florida house while becoming an expert in that area would give me time to develop a network of agents and contractors in the area necessary to flip out of state. 

Hello everyone! I am fairly new to the BP scene and I am very excited to be apart of the community! I am completely new to REI- doing a bunch of reading, listening to podcasts, and picking peoples brains to learn from mistakes and taking advise. I want to use REI to accomplish my long term goal of being financially independent while being able to make an impact on people within my community and my church. I have a great situation at 24 years old blessed with a steady job, fantastic credit, and around $80k in the bank to help supplement my real estate endeavors. I have the opportunity to buy a single family house in Fort Walton Beach Florida (I currently live in Washington DC) in the next several months from a family member for much cheaper than what it is worth. I am not that familiar with the area, however after doing some market research I see the Fort Walton Beach/Destin area as a good one to start.

About the house: 

3 bed 2 bath; pool; 1624 sq ft 

Current ask price: $140K, estimated ARV: $240k

I plan on using a hard money lender with little money down at 10%-12% interest rates. I understand a lot goes into estimating rehabbing costs- completing an inspection with the general contractor prior to purchasing, requesting an itemized list of rehab needed with cost estimates, over estimating for other expenses that may occur in the process, and so forth. Of course keeping other costs in mind such as broker/lawyer fees, holding, and closing costs which is why the BRRRR and House Flipping Calculators are very helpful!

I wanted to get opinions and experiences on the process of acquiring GC bids, getting investor referrals for noteworthy contractors, and what I need to know about the draw schedules in order to complete a full scale reno in 90 days; for example do you pay 1/3 of expense budget up front to speed up the first steps and continue an as needed basis?

I would love to hear how your experiences have been investing out of state flipping/renting, and any advice I must keep in mind in order to be successful in this arena.

Thanks!

For me it really starts with the motivation and drive to do things bigger than oneself. I focus on the ability to one day give back to my community through giving to charity, helping my local church, and providing for my future kids. Making an impact on others while having my own financial freedom is what actuates me to invest in real estate.