All Forum Posts by: Daniel Thomas

I plan on being there, thanks for hosting!

Id be interested in this as well.  I have no money to put down right now as Im digging my way out of debt but I DO have access to a builder and his contractors that others wouldnt have.  

Welcome to the site.  Im a new guy myself and there's so much to learn but it's really interesting stuff.  So many angles to attack this thing, I love it!

Thanks @Dmitriy Fomichenko and @Matt Motil

 I appreciate that bit of info.  I'd like to be there but have two sick kids so we'll see!

I am looking to get started in BRRR in single family homes, starting initially with a 2 or 3 bedroom 1 or 2 bath in my area (lets use a 100-150k base price pre-rehab costs as a target). I do not have money to put down as a downpayment for the mortgage/rehab. We have a friend who could possibly use their own cash for the down payment towards a mortgage/construction loan on a property I would be finding. I would be brining the contractors and rehab expertise via my father-in-law who builds custom homes. I would be managing the property for the 6-12 months that it would take to season the mortgage before refinancing the down payment and equity out to move to a second property.

My question: what are acceptable standard terms for a ROI on my friends cash keeping all of the above in mind? I would be keeping the rental property and starting my real estate journey. They are not interested in holding, merely ROI but the idea that we could continue the partnership into more properties is possible. Let me know if theres more information needed.

@Matt Morgan thanks kindly, I'm aware of them, what kind of turn out does that meeting usually have?

@David Hughes thanks and please look me up to bounce ideas off of!

@Account Closed Thanks. I am looking at BRRR mostly as I love the snowball effect it can have. Because my father-in-law is a home builder I have easier options into building new but I like the idea of the built in equity of rehab and hold approaches. I am not opposed to a flip but I recognize this is much more speculative and I am leery of that.

Hello my name is Daniel R Thomas but I go by Rob. I am new to real estate and have not yet actually done anything besides read and listen to a ton of resources (mostly Bigger Pockets). I grew up very poor in a single parent family and remember thinking at a very young age that I didnt want to live paycheck to paycheck like my mom.

I joined the USAF at the age of 21 when I realized I had no plan for life and needed a job. I did 6 years and 4 deployments, met my wife, moved to Omaha, used my GI Bill to get a BSN (nursing) and now work as a RN case manager. I realized that I am indeed living paycheck to paycheck trying to provide for my family and get ahead which just isnt working well. Our debt is typical but is a weight my wife and I are both sick of. We have two little girls (3&1 yrs) and I want to go on vacations with them, my last vacation being my honeymoon 9 yrs ago.

Like many, I came across Rich Dad/Poor Dad about 3 months ago and it changed my entire perspective on money and life in a surprisingly profound way. I never really considered real estate investing as a real thing until that book. Now, three months later, I've read 4 more RE books including several BP offerings and have listened to 40-50 BP podcasts. I cant get enough! The thing that I love most about the potential of REI is that I can work hard and I BENEFIT DIRECTLY. Being a nurse, raises are often difficult to come by and the job itself is very taxing both emotionally and physically. I need a real change in my life and I believe that REI offers a unique blend of security and independence rarely found elsewhere.

I am hoping to find a community that will not only help me grow in my new journey but also allow me to help others when I finally knock the newbie smell off me. Thanks for reading!