All Forum Posts by: Cameron Lewis

@Jay Brown Thanks!!  If you decide to do so, I wish you the best of luck. Even after just this one post Ive learned there is an awesome community outreach in BP.  It took some time for me to turn from thoughts and research into to action, but in spite of the issues thus far, the satisfaction of progress (slow progress haha) outweighs the issues.  Now to take @Mindy Jensen advice, and determine if i truly have a "toxic" mold or not. I also need to find your podcast(s) to listen too, heck while im working away on the house is a great time to stream them!!

@Dave Foster to be honest Ive been filling out a 1040 EZ most of my life previous to this adventure, so this is extremely new in a lot of ways.  I have sat through some extremely dry IRS video publications in my free time, and concluded for now I needed to raise some capital, make a soft entrance into the real estate investment world, and practice patience to avoid their heavy hand.  Ive always thought this was a great idea, but never took myself seriously enough and so im not starting out with a golden investment egg, rather starting from scratch. Without any assets/equity or anything of value in the banks eyes, I am aiming for a short term goal of learning the process of buying, fixing and selling a property. Without any experience, I opted for a slow flip to get started, and hitting the IRS two year mark to keep all financial gain from this hardwork in our hands - and invest that into another property to flip - likely another live in. 

Our long term goal is to amass a investment property to actually live in and live in.  We set a goal we would buy three properties in six years, flipping and selling one every two years (only way I currently know to avoid capital gains tax) and on the third property settle into because my soon to be wife will have reached her (flip/buy/flip/buy/flip/stop!! ) limits with our own homes.  Id then like to become more privy to quicker flips, with the goal of investing and turning as quick as possible.

Thank you! In case the post didnt relay it, I am very excited for the project and what lies ahead.  In order to make this work for my a) current financial situation b) fiancee and her well being c) capital gains avoidance, and a couple other reasons, we are going to stay in the house for two years then sell it. The goal is to roll over profits into the next one, and do so until she either reaches her stress limit of buying/fixing/selling every two years, or were financially comfortable and in a house we love.  I dont love my first purchase, I view it solely as an investment as does she. Because ive learned a house flip is often structured as quick turnaround, I just view ourselves as renting our investment.  Previous to buying, we were renting anyway. The main reason for adapting this logic for now is that, we were simply not able to aquire the first one any other way. At some point if I can aquire the capital or a partner, Id seek to flip a house with a get in and get out mentality.

We are doing what can to keep costs down and do the work ourselves, receiving help from close family members or friends along the way. Some things we have agreed that we simply will not do  - for example, lay carpet. We may also subcontract some of the drywall work. Whether tedious or time consuming, i figure I can finish other important tasks and get some of the other tedious work done I didnt originally plan to do. Remove the carpet and prepare the subfloor for easy install? Ill do that. Actually install the carpet? Subcontract it.  

By no means am I set in my ways yet. Ive just been researching any and all methods, and applying them to fit our current situations. For better or worse at times Im learning as we weed through this process.

My opening statement is: I have finally walked the plank, closed a HUD foreclosure a on December 9th, and have been wading deep into this project. Ive talked about doing something like this for awhile now, but lacked the actually doing it part. I am past that hard obstacle, because the papers have been signed. Depending on the time of day and the project at hand, I find myself ranging in emotions and feelings, similar to that of a roller coaster. This is not only my first time owning a home, but my first time renovating the "ugliest house in a nice neighborhood". I have some experience in certain areas and some knowledge regarding tools, materials, and processes. Plumbing and electrical are proving to be my weakest points. But the discovery of black mold recently has also tested me as I try to source its cause before moving on, which as of this post Im still not entirely sure how to move past that.

One of my struggles currently is despite a lot of research, creating and executing a game plan has proved to be tough at times. Ive created some written timelines, task lists, budget estimates, knowledgeable resources and contractor/company references, but putting all of this information into action has proved to be the overwhelming portion.  For example, my bathroom demo and rehab, I see the end result in my mind, but I get hung up in little things in the process like hindsight, analysis paralysis, and reluctance to install something in the wrong order only to see myself having to redo it later and ballooning my budget out of control.  Sometimes I find myself having a question, but cant find the answer, and it holds me up from moving to the next step. 

Ive decided rather than thinking about posting on this forum, I would just open a dialogue and go from there. I appreciate any advice, responses, links, etc in advance. While Im relatively new in actually engaging in this community of people online, I have been reading posts and skimming forum topics awhile now, and love the togetherness of it!!

I first heard about Bigger Pockets when I was reading about the unfortunate situation where a squatter scammed a San Francisco rental (Cory Tschogl in 2014) and while reading further as the story was breaking the news, I found a forum in Bigger Pockets where the forum community was helping her go through the process. I joined specifically then because I was amazed at how the forum had come together to help her work through the process with priceless knowledge and information.  So now I myself am entering the real estate investment market, and with the help of members of Bigger Pockets, learn and grow my knowledge with the intentions of helping others just the same down the road. 

So I just joined the BP community today after reading this entire thread plus the articles and news coverage within,  and I wholeheartedly agree that this is an amazing display of people coming together to lend a helping hand, researching,  and offering words of encouragement.  With all of the negativity in the news today, this little forum thread was a nice relief. 

@Cory T.  - I truly hope this situation works out to the best possible scenario, and as a result you are probably more knowledgeable and informed than ever before.  And who knows, maybe you could use this to gain future investments !!

Cheers!