All Forum Posts by: Christopher Bannister

@Joe Marini thank you, appreciate the advice given and will look further into it. I haven’t made my first investment yet, but the niche I’m going to stick with will be buy and hold and flipping, emphasis on buy and hold for cash flow.

I wanted to bring this question to light because I wasn't sure if it would be wise to use that money on a flip if there was enough meat on the bone for all parties to make a nice profit. If the profit margin is there based on the deal, I believe my ROI will be much greater if I were to transfer funds. But I will be cautious and do more due diligence prior to pulling the trigger. Again, thank you!

@Amanda Han, I could use your help here...Meanwhile BP Nation, I need to know if it would be wise to move my money from a simple IRA to a Self-Directed IRA. I listened to Amanda's Podcast show #49 and it just seems to make sense. let me know what you think

@Katlyn McMasters I had them pulled already, but I’d be more than happy to network with you. Definitely appreciate you reaching out to help!

@Steve Vaughan I was in a zoom meeting with a BP member yesterday and I brought up the Lease to own question, you both agree on the seller financing approach and that's definitely the most logical.

As for my IRA, it's a traditional IRA which I had for just over 5 years and considered pulling the money out and investing it into real estate for a larger return and to put "skin in the game" to jump start my business. Financially, I had a rough 2-months that really did me in, but my weekly pay can definitely get me from under the boulder that landed on me, but while I'm working on my personal finances, I have an opportunity I believe I can cash in on which is why I was considering using the funds from the IRA. I was aware of the penalties, but with this particular deal, I believe the high risk is worth the reward. I wanted feedback prior to doing so and was curious as to what others, such as yourself, would do if you were put in my shoes. Obviously you would have to know the deal to base that opinion, just wasn't sure if Investors would touch their IRA to make it work. I appreciate the feedback and will do some more homework to assure I make the right decision. Thanks again for taking the time to reply!

 I know this is the most forward and direct message I posted yet, but this is what I'm here for and get ready for more to come.  I Need Comps pulled for me if someone is available.  Every agent I called has told me they'll get back to me, phone still hasn't rang.  I think I'm on track for my first purchase, but time is crucial right now.  If there is any agent willing to help, I'll be sure to return the favor any way I can...even if you're the one who sells the home for me once completed.  Fingers crossed, I'm going all in.

@Jerryll Noorden first of all, It's crazy how I'm messaging you, I was literally online checking you out and had no clue you were on BP!!! Congratulations to you and Jess on all your success as well as your team!!! In between your busy career, and me trying to get mine off the ground, I'd like to discuss your SEO techniques as well as flipping.  

Thank you for your feedback and lets keep in touch.  

Hello BP Nation, over the weekend I posted a question with regards to Lease to Own, and another inquiring about understanding your current market.  So when anyone gets a chance, please read my previous post from the past weekend and provide your input, every bit is greatly appreciated.  Thank you!

@Joe Homs I appreciate the feedback and insight.  Also, VERY IMPREESSIVE resume!!!  I'm not rich or wealthy by any means, but I'm willing to pay for whatever mentoring you can give.  Whether its 5 minutes, 5-hours, or 5-days I'd appreciate every little nugget of information I can get to help.  

Ok BP Nation, who would've known it was so hard to get financing with poor credit and no savings...yes that's me and not afraid to admit it, I'm an open book who's honest and upfront.  I met a wholesaler thru here that's been working his but off sending me deals, but trying to understand the numbers and find lenders is a huge obstacle at the moment.  I need to understand if I have a deal or not prior to sending it to lenders, so if anyone is willing to invest their time to show me how to crunch numbers properly, please DM me.  Now that my personal business is out there, need an opinion on a plan I have to get into the investment game.  Yes, I know I have to get my finances in order and work on my credit, those are the no-brainers, the reality is...If I keep waiting on everything to be "perfect" I'll be retired finally celebrating my first property.  So here we are....

Option 1: Considering my current financial situation, I was thinking about a Lease to own at my current residence.  My partner and I have been here for 5 years and I was thinking it might be a good idea to do a Lease Purchase considering we already live here and have a stable relationship with the owner.  If I pursue this, I need to know the Pro's and Con's of the decision prior to addressing this to our landlord.  

with that said:

How do I address him to make the deal work for both of us?...What do I need to know prior to addressing him?...What if he says no, is there a creative way to counter that or make him at least consider it?...If rent increases, should the difference be placed in an escrow account for closing costs at a later date? 

Option 2: I may have poor credit and no savings, but I have $12,000+ PRE-TAXED in my IRA account and wondering if I should use that to pay down the little bit of debt I have (Can honestly use my weekly pay for that, just had a bad month that put me in a tough situation) ... or do you honestly think I can use that towards a property and get lending with what I have in my IRA?....I'm getting rid of the IRA either way, because my return would be much greater in real estate instead of letting it sit in my IRA...If I'm wrong, don't hesitate to tell me, I have thick skin.

Need help with focusing on key opponents when analyzing my market, with that said, I need BP Nation to help me.  What are FIVE key opponents to heavily concentrate on when analyzing your market conditions.  Yes, I know there are more then (5) key opponents, but I'm creating "building blocks" as a foundation to start, so I'm focusing on the MAJOR key factors only at the moment.  Please feel free to share in the forums or DM, any nuggets I can get are greatly appreciated and considered valuable to me and my partner...thank you!