All Forum Posts by: Brian Porter

@Rodney Marcantel Thank you so much for the thorough response! From what I understand it seems that the flipping business is always there but what changes is the strategy behind getting the deal: MLS, Premarket, Bank owned etc... My plan at moment is to focus the majority of my energy on pre-market flips. I totally understand the value in the education aspect as well. BP has been invaluable for that. I will be starting work as a realtor in a few weeks as well to gain a more rounded understanding as well as build capital faster.

@Larry Turowski I appreciate the insight. Thats why I love real estate. It's so dynamic! 

I have recently heard a lot of opposing opinions concerning the viability of rehabbing homes long term. I am interested to hear people's ideas on the environment for flippers going forward as the deals are "drying up" as they say. I obviously understand that there will always be deals, I am just trying to remain realistic as I am building my business plan.

I have recently heard a lot of opposing opinions concerning the viability of rehabbing homes long term. I am interested to hear people's ideas on the environment for flippers going forward as the deals are "drying up" as they say. I obviously understand that there will always be deals, I am just trying to remain realistic as I am building my business plan.

@Mitch DeFrainWelcome to the site! I have been a member for only a few days and have found so much value. The podcasts are a really great resource and at this point there is one for pretty much everyone! Have fun!

@Manny Rodriguez Much appreciated. I hadn't seen that one. I'll give it a listen today.

@Bill Gulley Great advice! I definitely want to make sure that I am building a stong foundation for myself at the start so that the mistakes that I inevitably make will not be too crippling. I will be keeping my eyes open for any possible ways of attaining less costly money as I go. My credit, thank God, is actually very good. My investment portfolio however is on page one. I am planning on taking the Ca real estate exam ASAP so that I can become more rounded as an investor. Saving 3% on rehabs isn't so bad either! 

Appreciate all of the response!

@Ben Stoodley

@Ben Stoodley Great tip on the unnecessary fees. The fund control acount seems like it would be a bit of a pain. I would probably try to negotiate a 20% of purchase with the rehab funding coming directly from me.

@Steve L. Great to hear that my example was actually over estimated for once! My next step now that I am more familiar with the idea will be to actually meet with a few lenders to discuss typical terms so that when I do find the project I will already have a lender that I feel comfortable with. As far as ARV you are so right. I am finding very quickly that between the up trending market, the generally above average real estate knowledge of the Bay area populace, and the high prices 70% ARV is not going to be a realty. I am looking at 75-78% ARV max. I enjoy the occasional gamble but at my current experience level and net worth I'll reserve that for the dime slots so to speak.

@Rick Pozos Agreed completely. I am definitely keeping my eyes open for possible partners. I have a possible ghost investor but this early in my career, if I am going to be partnering with money I'd rather it come with an active partner. I just need to keep on the RE meetings.

@johntunguyen much appreciated!