All Forum Posts by: Kyle Handy

@John Moore - Yes.  I will try and make it.  I don't have anything going on that evening so I should be there.

@Will Pritchett - No.  I have not been to any of those meet ups before.  I look forward to getting plugged in and getting started soon!

Hey BP!  I just stumbled across this site a couple weeks ago and couldn't be happier.  The wealth of knowledge that's available on this site is amazing!  I've been immersed in reading all the threads, blogs, eBooks, and listening to the podcasts as much as I can.

My wife and I are looking to get into the real estate investing market ASAP.  I'm a realtor here in San Antonio (have been for 6.5 years).  I just started my own brokerage, last year in November.  It's been going well and I've grown more than I thought was possible in my first year.  That said, I know retail real estate isn't something I want to do forever.  I'm much more a numbers person and love investing, finding deals, and capitalizing on them. All my friends and family are always surprised at the things I'm able to buy/come across (but it's always because I'm looking for a deal and most of the time, making money on it).  That's just the type of person I am. 

I'm 28 years old, married to my beautiful wife, Krissi and we just had our first child, a little girl, who is now 6 weeks old, Addison. I graduated with my Business Finance degree here at UTSA in 2008 and went straight into Real Estate.  I was born in Washington D.C. but have lived in San Antonio since I was 5.

I'm not sure what I'm focused on right now.  I've been contemplating flipping but know eventually buy/hold is where it will be at for me.  Since I've only been self-employed for 1 year, traditional financing is still 1 year away.  And the private investing I've found does not seem buy/hold friendly.  I think this is leading me towards the flipping side for at least the next year. 

I just put in an offer on a property in the MLS that's corporate owned. I haven't seen it yet but put in the contract a 7 day inspection period. The numbers seem good and I think they are undervaluing the property as the listing agent put the home in the wrong neighborhood (it's actually in the neighborhood across the street which has higher dollar homes). Also, they only have the home 500 sqft smaller than what the tax records show as they are not accounting for the converted garage. I've verified with the tax record both the correct neighborhood and sqft. Hoping the offer goes through!

I look forward to be a contributing member of BP. I'm sure for a while it will mostly be me asking a bunch of questions and reading threads, but once my REI investing knowledge grows, I'll be happy to reciprocate the advice and start chiming in on other's threads.

-Kyle

New investor here in San Antonio.  Looking to talk with a few local banks/lenders to see where I stand on financing before I purchase my first deal.

I'm looking for portfolio or private lenders since I know I won't qualify for typical conventional financing.

I am self-employed as of Nov. 13' (less than a yr.)

Made $20k last year for the two months having the business (own real estate company), made approx. 120k this year but haven't filed taxes yet.  I assume this limits the type of funding I could qualify for.

Positive factors:

800 credit score

I have $70k cash saved.

I have a 401k from my last employer that I was reading (on BP) I could move over to a self-directed 401k and pull either 50% or 50k as a loan (which I have around $75k in so take out around 37k).

12k in an IRA

I also have around $130k equity in my home (Owe $270k on $400k valued home).

I'm looking to get into flipping and/or buy hold rentals.  If I buy/hold I don't know if using all cash to purchase is wise since I could likely only get one home which I don't think is the right strategy for growing portfolio the fastest... But I also don't know where to start if I were to look into getting funding.

BP, I feel like I have a good base to get going but I need your help to figure out the best way of using this base to my advantage.  I'm 28 years old so I'm in this for the long haul, not just trying to make a quick buck.  Thoughts?

Newbie Real Estate Investor/Full time RE agent here.  I'm up for a BP meeting.  I'll keep an eye out for when the date/place is set.  

Austin and Chad - thanks for your responses.  My partner and I have been leaning towards using our cash and doing just a single flip as we test the waters.  I do like the fact that I feel we have more potential negotiating power.  Also, I like the fact that we will have less holding costs.  I think this may be the route we go, initially at least, unless someone here can point out maybe something that I'm not potentially accounting for.  Thanks again!

I'm looking to purchase my first flip. I've been a real estate agent here in San Antonio for the last 6.5 years and have a pretty good grasp on values, areas, and how to work my way around the MLS doing CMA's on homes.

I'm looking at starting my first flip with a good buddy of mine who is like-minded and has cash (not a realtor, but works in estimating for commercial construction).

To the point, we both have cash to fund our projects.  Somewhere near 80k combined of our own cash (with the potential to get more, 20-40k though family investor).  However, I'm a total newbie when it comes to creative financing.  I should point out that I just recently started my own Real Estate company last year so conventional 30yr financing is out of the question as I don't have 2yr's of experience as self-employed... However, I have an 800 credit score and very low debt/income.

My question, do we go in this first one together with our cash or what financing should we/I be looking into to conserve our cash and save to start a potential second flip?

Ideally, we are targeting 3br, 2ba $50-60,000 homes here in SA, that when done right would have an ARV of around $110k.

Thanks!