All Forum Posts by: Chris Stedman

Hey Akash,

Investor and realtor here in Arizona. If your not wanting to buy anything else in AZ, I would recommend San Diego and Kissimmee, FL. My brother owns some rental homes near Disneyworld and they have been having success. The market there is still undervalued as well and you can gain some equity after a few years.

Hey Ryan,

I lived in Tulsa for awhile and a good friend of mine and business partner lived in Sapulpa. His names Jeff Schwickerath, he owns a big flea market there, some storage units, and had a few other business ventures, maybe you heard of him.

Anyway, I'm and investor and agent, and I can agree with some of the above. Do it to find future buyers, but don't do it thinking you'll find the buyer for that specific home. I would say this is more beneficial to an agent than an investor, because you just want to sell the house your flipping. You don't care that the person that walked through wants 4 beds instead of the 3 beds in your flip. You just want to move your property as quick as possible. Now unless your doing multiple flips and have other homes you could recommend to them, there is no future benefit.

Moral of the story, you could do 400 open houses and sell 1 property. If your only goal of doing an open house is to get it sold, forget it.

I can't help much as I've never heard of them, but online it seems you need to pay them 10k to be a franchisee and have a min of 25k cash for purchasing. It also must be fairly new because their is virtually no information about them and anything that does exist is very current. As a businessman I am against anything related to a franchise. As an internet marketer, I definitely would have done more to promote this product than this company did, considering the amount you must invest. No social media, SEO, ppc, etc...basically this company doesn't even invest in themselves for business. My 2 cents. 

@Francisco Garcia Jr

Thanks for the info. I have been looking mostly in Phoenix, Mesa, and Chandler as of now. My close contractor friend told me to buy in Scottsdale cause that's where the money is, but to be honest that market looks more challenging to me at the moment (until I understand it more). I'm still researching but the prices are getting real high there in my opinion. Also, for my first flip or potential remodel/hold property, I don't want to spend crazy money. Finding something under 200k or less feels more comfortable when starting to me (preferably under 150k to be honest)

Thanks 

Hello Lee and everyone else here,

I'm new to BP and introduced myself a few days ago. I'm also an investor from Gilbert looking for deals and can pay all cash as well. If anyone has anything let me know I'm ready to go. Thanks 

Hello All,

Thanks for the info but I want to clarify the above information. Are you stating that if I invest 20-25% of my cash into a property, that I can then use that property to buy another one with 20-25%, and so on?

In terms of figuring, say I have 100k cash and I'm looking at properties that are 100k. I put down 25%, then leverage each one to get as many as 4 properties...each worth 100k (this would essentially spend all 100k cash).

As a second option, lets say I choose to put all 100k cash directly into a 100k property. What would be the best route later to leverage this property and how much could I pull out if i refinanced (also 75% or 75k cash)?

Sorry just trying to see my plan of attack on this and to make sure I understand. Thanks 

Hello All,

Chris from Arizona here. I just joined BP recently and introduced myself just a few days ago. Was looking to flip my first property with cash, but now I'm curious about the option of buying a distressed property, rehabbing it and renting it out. 

But my question is, if I do this, how far can I leverage this property to get the next one (assuming 100% equity). 

Wether this discussion is a basic formula or your own success story on what you've done, I'm trying to get an idea of what my best approach is to grow the fastest. 

Thanks

Hey Everyone,

Thanks for the info and words of encouragement. Eric, I plan on paying cash my first flip but keeping a reasonable budget. I haven't fully narrowed the exact area but I've been looking at Phoenix, Mesa, Tempe, and Chandler right now. I know that's a lot of cities, but that is where I've been looking trying to determine value and profitability.

Hello Everyone,

I found BiggerPockets from a book I recently bought called The Book on Flipping Houses (read 75% so far). Once I finish the book I'm going to get my real estate license; however, I plan on starting my first flip before I have my license.

A little background about me. I've been an online Internet marketer for about 15yrs. I also have an office in China and both manufacture and import products from overseas. My capabilities in this area are endless.

I have always been interested in real estate and want to pursue this dream. I would welcome anyone who can help me along this journey, whether it be networking, investing, helpful information, etc. Thanks BiggerPockets for getting the ball rolling and hello to all who read this. 

Chris