All Forum Posts by: Deneuve Brutus

@Grant Rothenburger

I have a basement tenant, if that doesn't count then, no, I don't.

Awesome! Thank you.

Hi all, I'm Deneuve, a Technical Team Lead in the IT industry, by trade. I got into Real Estate Investing with the goal of cash flowing $10k/mth so I can retire. I found out about biggerpockets.com from a wholesaling book I was reading, after a friend became a wholesaler by learning from the book. The past week I've spent way too much time analyzing properties so after $10k/mth. It'll be something greater, the sky is the limit.

Terrific, Congratulations!

Thanks Frank! As part if the 90 day challenge (starts in April) I'm challenging myself to purchase my first investment property.

@Yannes Chiang I heard about positioning from the "Set for life" podcast, which is what you were saying make sure your prepared to capitalize on a market downtown. Also your right on the partnership, I have an LLC I will run everything through with the help of an attorney of course.

D.)

I have a set of rules I follow. Bid at a certain percentage below the asking price, Always. If I don't get the bid, I move on to the next property. I try not to lose sleep or over think the biding process. I see it as there will always be another deal, I'm not missing out on a anything. That's just extra stress, which is not why I got into REI. The funny thing is I'm looking at a property in a new market I'm analyzing. There was a house on my watch list. Didn't worry about it, kept trucking, two days later, the price goes down. Guess what, I'm going to analyze it again. It might be a deal.

I wouldn't be quick to dish the lender. I had paperwork go "missing" 3 days before closing on my primary residence. There is a lot of paperwork that has to exchanged between all parties during a mortgage transaction. I too was super frustrated that happened, as if the process was not stressful enough. I cannot answer the other questions as I have not been in the exact same scenario.

I've always wanted to REI (11 years I waited), found BP two weeks ago, right now I'm putting together my team. I have a realtor, looking for contractors, and partners. Just yesterday I talked to an HML to have a better idea of their process. I have a few deals I want to put offers in for, however, my only excuse (reason) for not putting offers in is, should any of the offers be accepted I need a team ready to make things happen. I have a trusted person in the area who is familiar with estimating building costs. All in all I want to make sure my learning curve is not that steep, by learning from others mistakes from the BP Podcasts.

@Chad Kastel Thanks Chad, the rehab estimate is the only one I can't yet verify however that's what general contractors are for. I ball parked around 35k due to vinyl wash, roof paint or replacement, adding an a/c system (assessor web site said none was installed, had space heater, and couldn't see any Central systems outside based on the photos) which could be pricey, that should leave me with $15-20k for the interior. I'll verify with an agent.