All Forum Posts by: Dennis L Lewis Jr

Originally posted by @Caleb Heimsoth:

Is this 15k a loan or a gift? You mention you have to pay it back, which makes me think it's a loan. If that's the case that will make it much harder to do FHA or turnkey.

If it’s a gift I’d buy a single family rental, either turnkey or otherwise.

I bought my first rental (turnkey) for about 20k all in, and my second (non turnkey) for about 12k all in. So it’s very doable if it’s a gift.

No not a gift, guess I should have clarified  that a little better. To rephrase what I said earlier, he is more like a partner. He is puts up the funds and I come up with the best deal, where we both can make a profit (Jensen why I'm leaning towards house flipping). Although he has the funds in cash, I believe he will be pulling out a loan. 

Haha yea their titles can be pretty lengthy. Thanks for the reply, I'll have to check it out.

Thanks to a family friend I have $15K  to use towards my first real estate deal.  I was thinking about using the money to fund a house flip to hopefully bring in a large enough profit to pay back what I borrowed and have enough to fund my next deal.

I could buy and hold a property, only draw back is it will take a little longer to pay back the funds. In taking the FHA route and with me searching for SFH I would have to live in the home for a year before selling ( I think?). I may need to look into some creative alternative options. Curious to see what you would do.

So in perspective to your area, what would you do in my position? 

Any and all insight is appreciated Thanks!

@Dustin Mathenia Did you break even on Ebay?

@Amir M.

I am a Designer at an electrical engineering company. Always had an interest in real estate, im just glad I decided to jump into it at my age.

Thank you @Richard Ryan for putting this together. Majority of the meet-ups I see on here are for the Franklin and Nashville area. Although I am in Smyrna, its nice to see something closer to this area. Im planning to be at this event.

I just recently started reading The book on Flipping Houses by J Scott. I realized that this may be a book I'll be coming back to from time to time during my journey. Anybody have any books that they find themselves coming back to as a point of reference?

@Shaun C. Such a fantastic project. Thanks for the in depth description and process of everything. Love you implicated your design skills and tools into the project. I plan to do so myself (fellow designer and architecture major).

I would probably go with option #2. Although Shawn Ward I like your plan as well. Diversifying the money into multiple options.

@Christopher Blanco Nice!