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All Forum Posts by: Dillon O'Connell

Dillon O'Connell has started 4 posts and replied 13 times.

Post: Looking for local Multi Family Experts

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16
Quote from @Bjorn Ahlblad:

Dillon, I am nowhere near Florida or I would enjoy having a cup of coffee with you. I wish you all the best achieving your goals and hope you and your girlfriend have a happy life! 


 Thank you so much Bjorn! If I ever find myself in Shelton, WA I will take you up on this. :)

Post: Looking for local Multi Family Experts

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi BP Community, 

My name is Dillon, and I am 22 years old. I am looking to marry my girlfriend, buy her a house, and generate enough cash flow to support a lifestyle where she does not need to work. This is my motivation. I genuinely believe I can achieve my goal through multi-family real estate investing and am eager to learn from experienced individuals who have achieved a similar goal through this field. If there are any seasoned multi-family experts in the Orlando area, I would greatly appreciate the opportunity to connect, learn from your experiences, and perhaps discuss over a casual coffee meetup.

Thank you!



Post: How do I get started flipping houses?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16
Quote from @Mike Klarman:

Ok, so you will need to JV with someone. Maybe a family member or a friend. Your credit is great. Do you know how old your oldest trade line of credit is? Like your oldest credit card or if you had a car payment. Any recurring debt?

I opened up some cheaper markets for my clients that are low on capital, but even in these markets where you can guy something for less than 100k, with all the costs and fees incurred during the 100 - 120 days of the project will exceed 20k and that's on the low end.  

I like to see people start with 40k cause then I know you have 1 deal plus a cushion.  I help people get started and then scale.  I got 7 first projects for people last year, most from here.  They all wanna get 3 done this year.

Capital is a requirement, I know it is said that you can do this with other people's money and you can but Capital is still a requirement.  I always tell my clients, once you get to 100k liquid you can be flipping 3 - 4 houses per year and acquiring 3 - 4 multis per year for the portfolio.


My oldest trade line of credit is 6 years and I have about 4k of student debt. I have a family member that I could potentially do a JV with. Are they fix n flip deals within that market you are referring to?

Post: How do I get started flipping houses?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16
Quote from @Mike Klarman:

First thing first is what is your credit score and how much capital do you have to invest?  That will determine where and how you start.


 Hi Mike, my credit score is above 750 and I have about $15k to invest.

Post: How do I get started flipping houses?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi BP community, I looking to break into the Fix n Flip REI strategy and I have a few questions.

 1)  What is the first thing I should do? Is it finding local properties in disrepair, finding hard money lenders, or getting to know reputable contractors?

2) What are the metrics that Fix n Flippers use to evaluate/compare deals? Why?

3) Are investors that currently employ this strategy finding success in their deals?

Thank you very much, and I wish everyone a happy new year! 

Post: Thoughts on Manufactured Homes?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Awesome thanks guys! Now I am aware that you cannot get investment loans on this asset class which makes the BRRRR method a bad strategy but what are your thoughts on fix n flips using hard money loans?

Post: Thoughts on Manufactured Homes?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi BP community, 

After listening to episode 851 with Jason Velie on the podcast I have become inspired to look into manufactured homes. I find this asset class interesting because I am new to REI and as far as I'm aware, there is far less competition and the price of entry is more affordable.
I thought I would connect with this community to get your insights on manufactured homes, particularly in the Central Florida market. I'm curious to know if there are any specific factors or considerations I should be aware of. What are your thoughts?

Thank you!

Post: New Member Introduction - Looking for Mentorship/Partnership

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi Joshua, I would love to hear more about your experience with house hacking! I am brand new to REI and I would like to start here.

Post: Who brought the new guy?

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi KC, thank you for your solid advice. I definitely plan on continuing my education and diving deeper into all the topics you mentioned! Do you have any real estate groups in Orlando, Jacksonville, or Florida that you'd recommend?

Post: New member intro 👋

Dillon O'Connell
Pro Member
Posted
  • New to Real Estate
  • Miami, FL
  • Posts 13
  • Votes 16

Hi Amy! I too, am brand new to this wide world of REI. I look forward to seeing your progression through this otherwise daunting new endeavor. You seem very driven and dedicated which is very admirable. Let connect!