All Forum Posts by: Christopher Blanco

I am very new to REI, my experience is the following (its all personal...so I am trying to see if that can be leveraged):

• purchased my first home in 2001 for $125,000 did a rehab (about 15K) and sold it 3 years later for $152,000
• I put the money toward a down payment on a new construction (my first mistake) in 2005, the height of the housing bubble. Took a bath on it in a short sale in 2010 during a divorce. I also had to declare personal bankruptcy in 2011 because of the divorce and the balance of that short sale.
• Fast forward 4 years, I am remarried, my wife and I had a house that was owned by her mother,  she let us use the equity in the house to rehab it and put it in our name. 
• Unfortunately she passed away the same year. My wife and I let her house sit for a year then did a quick paint and carpet rehab and sold it quickly last year. Most of the money went to pay the remaining debt in the estate.

So that is my personal history. Where I stand right now is that I want to get into REI but have little cash at the moment, and I am unsure where to look to raise it. I have about $60K in an IRA that I can tap (with tax and penalties of course), but that to me seems to be a last resort. I am not enamored with the stock market and feel I can get a better return on that money than my IRA does. I have a 738 credit score now and make 6 figures, but the bankruptcy seems to overshadow that. I am 5 years into the aftermath of the bankruptcy.

My goals are:

• Flip my first house in Q1 2017
• Flip 3-4 more houses in 2017
• Quit my job and continue to flip, buy & hold full time in 2018

I need advice on where to go next. What funding avenues can I tap? I am motivated and I don't give up, I just need some direction on where to go next. I am going to start looking at properties to find a deal, but I feel like I need to have the financing lined up to pounce on a deal. Any pointers?

Greetings fellow REI ers! My name is Chris and I from Mayfield Hts, OH. I am 40, married to a beautiful woman and we have a crazy amount of children, six...I know its crazy! I am product manager for a fortune 100 company and I am not sure I can take the corporate cubicle life any longer!

I have been interested in Real Estate for many years, but never took any action to make it a career. However, my wife and I "flipped" her mothers house a year ago, after she passed away,  and I saw the value of the process and how it can make money. The realtor was impressed with the work we did in the time we did it, and we ended up in a bidding war with 7 offers the first weekend the house went on the market. We ended up selling it for 33% over the asking price. The house was free and clear for us, so it made a nice amount for the estate. I am pretty handy so at the same time we rehabbed our house as well. From there I just got the bug. I love houses, I love looking at them, and I love evaluating them and I think I can drive a pretty good business rehabbing them.

My plan is the following:

• Research, research and more research to learn and educate myself
• Talk with our RE agent and see if she or someone she can refer would be interested in working to help me find my first deal.
• Work out a business and marketing plan to attract leads that aren't dependent on a RE agent. 
• Talk to a local rehabber I know. He owns a rehab company that works mainly in downtown Cleveland  and is well versed in finding deals. 
• Talk to a bunch of different lenders and gauge who might be lender that would help finance the first deal

My Goals:

• Educate myself and start to build my network
• Purchase my first flip in Q1 2017
• Quit my job and do this full time in 2 years

Now for the bad news. I had a bankruptcy after my divorce 5 years ago. I don't have a ton of cash, I have 6 kids...the cash doesn't last long. I do however have a 738 credit rating now and a great 6 figure income, but I still get declined for financing because of the bankruptcy. I would love to learn more about options for financing. I am not opposed to going "door to door" to find financing, but I need start. That is what I hope to gain out of bigger pockets, so I will take any advice on funding that first deal!

Great site  and I cannot wait to begin this adventure.  

Greetings! I am also from the Cleveland area and new to REI! Go Tribe!