All Forum Posts by: Derek Stewart

@Ami Sapir I agree. I will be in Michigan sooner than later starting the flipping business and maybe through our experiences and successes we will benefit from a meet up since its not really all that far away. Stay in contact and if I can help I would be happy too do so.

@Ami Sapir Congratulations on the realization. Set for Life is an awesome book. I would recommend too The Compound Effect as it is a short read but drives home the point of continually doing the little things that make a big difference in the long term. I have lived in a similar "American Nightmare" although my wife and I do not bring in the same income nor do we have as outstanding debt, however, being on the downhill slope means we just need to dig in and start progressing upward. I have similar long term goals and I have been trying to build and gain as much knowledge as possible for a couple of years now. 

I wish you all the best and keep working hard. I love the quote that sometimes we win and sometimes we learn (which I first heard on a BP Podcast I believe) and this is one of those times. You learned and now you can do it different to get a different results. Our situations aren't far off but our goals are the same. Financial freedom here we come!

@Brett Snodgrass Thanks. Nice to see another Indy patron on here. I plan on getting it without a doubt, first thing. I see that you wholesale. Is that in Indy or elsewhere?

@Zachery Buffin I am glad that it has worked out for you. Did you plan to become a REA when you got the license? Or was that just a possibility or not in the plans at all? I completed my Bachelor's degree (TODAY!!!) and I will be using that to get in, hopefully, with a very good company that pays well above the average income in the area we will be working. I don't foresee real estate as my primary job until the investing side takes off but I know better than to rule everything out. 

@Ritch Bonisa I agree completely and I enjoy working with wood, doing home projects for myself and the idea of doing AS MUCH sweat equity in our properties as possible appeals to myself and my partner. I will keep that in mind and see if I can't make a good connection with a GC when I get to where we are going. I have heard that before about Indy and I am really glad it is on the up and up. I know the city put a lot of money into downtown when the Superbowl came in and the areas surrounding have all really grown. I don't get home all that often but I was blown away by areas past Brownsburg and Pike that were so built up. A lot changes quickly I guess. The area we intend to flip (I think) fits that "under the radar" bill you like and that is what I am hoping for as well. I am nervously excited to get this all underway and get moving on my goals. I practiced an analysis on a flip the other day and just in basics (obviously without seeing the home) I realized quickly that I have a lot to learn about ARV, rehab costs and other things too but those stuck out. If you could offer one piece of advice in evaluating comps for someone new like myself, what would that be?

Thank you everyone for the discussion so far. Great information and the consensus seems to meet at being a no-go on the home inspector piece. My thought process behind it was to get a taught education on what to look for as opposed to the unfortunate experience piece but with that much apprenticeship, it just doesn't make sense. I fully intend on getting the real estate license but @Taylor Debs brings up some good information on costs of which I was unaware. 

@Ritch Bonisa I see that you are in Indianapolis, which is where I am from originally and still have family. In a midwest market with affordable housing virtually everywhere (compared to say the LA's or NYC's of the country), do you have much insight into the flipping aspect in the Indy market and do you only represent yourself or other investors?

I think the HI idea is out the window and the GC seems great but the long-term goal is not flipping forever but partnered ownership of large multi-families which I would expect sub-contracts most any work like that beyond what a paid maintenance man can do. So, in that space, with the long-term goal in mind, I think it would be beneficial to gain the knowledge on how a GC thinks but would it benefit me as much moving into those commercial properties?

Hello all, 

I have zero experience in the RE market or investing but I will be leaving Active Duty soon and plan to make flipping an immediate part of my portfolio with a partner who has minimal experience but 100% more than I have. With little capital to add initially from myself, he will be putting up the majority of the cash and we will be buying properties in the central Michigan area (likely in and/or around Lansing) cash deals/cash rehab and then sell. Overall goal is strictly to grow capital as quickly as possible for a move into the apartment/multi-family buy and hold world elsewhere (near a coast and near military bases). I certainly want to contribute as much as possible to become a 50/50 partnership sooner than later and one way, while we both work day jobs, is to get a real estate license and/or certified as a home inspector. We will both be pouring in sweat equity into the properties and dedicating 100% of our available time into achieving the larger goal quickly. 

My question to anyone willing to provide insight is basically what are the benefits of choosing one or doing both? Is it a waste of time with plans to move away as quickly as possible to do either? While there is cost associated with both, I have money available and the training/schooling would be at no cost to me. With that in mind, does anybody have both and would they recommend that at any point for an individual who plans to buy and hold properties for a long time to come? I appreciate anybody willing to share their perspective on this and if anyone is in the general area in or around Lansing who may want to chat further, I would appreciate that too. 

@Brendon Grover That's terrible. Would you recommend and FHA loan then? I am likely to going to have little to put down. I am going to try and get into something that makes sense for future rental but is also nice enough for me and the family. Something probably B or better. I don't really know how much time I would spend living there yet...

I plan to use a VA loan when I leave active duty service but since that isn't an option for you, find and listen to podcasts the guys do with guests who explain what they have done in the past. There are lots of clever ways I have heard on how people find and use money to get into a house or property. Good luck to you.

Thanks Michael and same to you. Why do you feel but and hold is the best way to go?

Hello everyone! I am interested in real estate investing as an income supplement and retirement tool for the future. My 3 month old son recently became the center of my wife and my world and I now feel even more motivated than before to make sure I provide the example, the future and the means for him to become an amazing man/father/husband/friend/business partner some day. I have never purchased a property as I have been in the Marines for almost 9 years and fortunately I never made the mistake to make an uneducated purchase. If I had, after hearing and reading everything I have, it would probably have been a horror story. I will be in a position to purchase a home when I leave active duty in Feb 2018 and I really want to prepare to make a good, educated decision as this will be my first purchase but also a buy/hold rental for my portfolio as soon as possible. The downside is not knowing where I will be working, the location we will have to move too or how much time I will have to make the purchase. I love the podcasts, look forward to diving into forums and blogs and I plan to start analyzing a couple properties a day very soon and I am not afraid to ask questions. I really love everything I have come across so far on biggerpockets.com and appreciate what it is that the site provides to so many people.