All Forum Posts by: Caleb Mclamb

@Wilson Churchill  My local bank told me to shoot for 30% of the limit, is there a reason for one or the other? 10 or 30?

thanks

@Karen Margrave I have been doing these things for the past month, when will I be "ready"? When is too soon when I'm partnering with a experienced investor? Is it a bad idea to learn from them along the way? All genuine questions and I want a good answer not the answer " I want to hear. " 

and thanks for the link! very helpful 

@Bill Gulley One last thought, I realize the enormous risk of a flip, that is why i thought it might work to partner with a flipper, It would have to be someone with a proven track record. I believe it would greatly reduce my risk by having a seasoned partner. thoughts?

@Bill Gulley  To answer your question (i dont mind) yes it is family money, My parents arnt "rich" but it is money my father uses to play stocks with so he is perfectly aware of the risk and is interested in real estate but just never got around to it. I see your point, and it is exactly why I asked this question! Would You see a possible solution to be using the private money for just one or two down payments and let the bank pick up the other 80%?

I do not plan to spend it all, not even close. I plan to have one deal under my belt by May 2015. If I do that then I am right on schedule. 

And I definitely plan to meet with all of the above people before making a move. I am networking in my local REIA to find good "team members" ie a lawyer, CPA, general contractor, etc.

@John Horner thankyou for the feedback, do you think a experienced flipper would be interested in partnering with a newbie if they brought substantial cash and work ethic to the table? or would they have to currently low on cash to consider it. In other words, what would most motivate them to want to partner with a newbie like myself? Im involved in my local REIA and already have my eye on a few people, but dont want to make such a bold move until ive been there a little while and can show them my concrete goals.

@Rusty Thompson@Joe Villeneuve I have been developing a plan and did not want to make the post twice as long with it. However, it basically consists of keeping my day job and using the private 100k to partner flip with an experienced flipper to build my personal capital Once i have done 2-3 flips with partner I feel I would be ready to do it on my own. 

I will then begin (with that personal capital) to purchase 2-4 unit properties (a predetermined amount each year) in order to have enough constant cash flow to feel comfortable not having a day job and pursuing "active" investing full time while my "passive" investments pull me thru the leaner months.

(for my passive portfolio) I am doing allot of market and sub market research to determine the best zip codes and have narrowed it down to three and am searching them for specific neighborhoods every weekend.

What else should I be doing? I have fairly concrete goals. the end being financial independence in 5 years.

@Joe Villeneuve  my credit is admittedly bad, 660. this is not because of bad spending habits but because i took bad advise on how to build credit last year and opened four cards simultaneously and haven't used them enough to help my credit rating.

Hey BP, 

Now that I've got your attention, I sadly do not have millions of dollars. However I do have 100k in private money that I can use at my discretion. I am very green and have learned allot from BP, the pod casts, and books, but have yet to do a deal.

My question is this: how can a first time'r best use 100k to invest in real estate? 

Would you use it as down payments on buy and hold properties?

Would you not use it until you have learned more? 

My idea is to partner with an experienced flipper and use my capital and my willingness to work and learn as "what I bring to the table" and use the proceeds from the flip to build my personal asset pool to further my own real estate goals.

I would plan to structure it as a 50/50 split with the flipper and split my 50, 50/50 with the private investor. 

I would gain 25% proceeds and lots of knowledge and experience and gain confidence.

Is my idea stupid? Is it good? What do you flippers out there thinK? 

Thank you for any and all feedback!

@Kenneth Hynes  driving your area is a great idea, ive started doing i on weekends and already am narrowing down zip codes and discovering neighborhoods that are perfect, spotting diamonds in the ruff is impossible behind a keyboard

Welcome to bigger pockets @Joshua Starbuck! I am also fairly new and am a Pensacola native, I've learned so much just from listening to the pod casts starting from the beginning and reading the books they recommend along the way.