All Forum Posts by: Chris McPherson

Hello all!

I am looking for my first flip and wanted to reach out for a little guidance.

I have a deal that my overly cautious side is telling me to run away from but my "get your first deal!" side is telling me to know it's a bad deal before I turn it down. I am looking for some advice and I am going to list out my concerns below. Thanks in advance for the assist!

Let me start by quickly outlining my goals/strategy. I have little available capital and will be financing my deals with a mix of hard money, partner, and personal funds. I plan to fix and flip until I have enough capital to brrrr and be able to leave money in the deal and keep going.

So far I have been to a few local meetups and have been in contact with 3 separate wholesalers for leads.

Concerns:

1. The wholesaler I am working with on this deal is new to the industry.

2. ARV quoted by the wholesaler is about 30k over realistic but the deal could still work.

3. During my initial research of the property I came across a news article about a fire at the property 2 years ago. All brick house but definite fire/water damage that may not be completely evident.

I can get the property low enough to make the flip work I think but I am concerned about this being my first deal and biting off more than I can handle.

Hello all.

I am just starting in investing and I am looking for relatively safe ways to grow my asset column while I learn my way into real estate.

I have a friend who buys season tickets to his local teams games and sells most if not all of them. Does anyone have an opinion or experience on whether or not this would be a decent investment for some small passive income?

Thanks!

Thank you all for your insight. I realize that I am just getting ready for step 1 and am already asking questions about step 11. I feel that my LLC will be my most valuable tool for protecting my assets and sheltering my income. As such I want to learn as much as I can so that I can be smart with my business. As of today I will start accruing business expenses and since I am starting small I want to be sure my money is used efficiently.

Hello all,

I am new to the site and new to the mindset of real estate investing. I just finished reading Rich Dad Poor Dad and I honestly feel like this is the direction I've been looking for. Because I am just starting my learning I have 100 questions about each new thing I learn.

I am now fixated, due 100% to Rich Dad, on LLC's. How to start one is easy to Google but it's the details I'm looking for. What is my personal roll within the LLC? How to I pay myself to profit most from the tax benefits? Who should I hire, work, or network with to ensure I'm writing off the right things? How do I fund the startup of my LLC?

These are off the top of my head as I lay in bed typing but each answer gets me more questions. Since finding Bigger Pockets I have had the most exciting and frustrating 3 weeks of my life. I am excited to see a path in my mind to financial independence and security for my kids. I am frustrated that I can't dive into this more than I have due to my current financial obligations and a job that I love (and will love until I leave to continue my investments).

Now that I've said too much, please understand my question. I am not looking for the answers to the questions above, I am looking for resources. I am working my way through podcasts, webinars, forums, and anything else I can get my hands on but I am looking for books to tell me everything I need to know and more about LLC's.

I have started my journey by liquidating $5,000 and putting myself on a plan to clear my current financial liabilities and start feeding my asset collum. Now I need to start planning my life as an investor.

Thank you so much for taking the time to read this. Your knowledge, experience, guidance, and support will be greatly cherished.