All Forum Posts by: Donald Spivey

@Andrew Cordle There are places here in Florida that I think will work with that ratio. If nothing else, I will try to operate by the 70% rule. @Joe Villeneuve I'm not that familiar with the refi process that you are talking about, but I will research it. I'm trying to do everything with cash. I'm not trying to make this a living, just a supplement looking towards future retirement. 

Here is a strategy that I am looking at:

Rehab and resell homes plus by and hold.

50K to invest

Purchase 30K house

Rehab 20K

Sell 100K

Put away taxes and savings off of house one and bank the profit. 

Rinse and Repeat...

Every three to five houses, I will purchase and hold a home with cash (focusing on the 2% rule).

My plan is to do this all with cash.

Is this too idealistic? 

Thanks for the help...

@Raymond B. thanks for the tip. I was wondering how that worked.

@Curt Davis

I genuinely think that he wants to help me out. When I called him for advice on the home we are selling, I was asking about his ups and downs of being a landlord. As we talked, he gave me other ideas like doing an owner finance deal instead. We have known each other for over a year and this is the first time we've talked real estate.  

@Jon Huber I powered through several hours of podcasts yesterday while getting my home ready to list. There seems to be a lot of great information. 

I am new to the real estate investor world and need a little bit of advice. What do you look for in a partner? What are some standard agreements? What questions should I ask?

Scenario: There is an individual that I know from a professional group that I am a part of (nothing to do with real estate). He told me several months ago that his primary job is real estate investing. He partners with investors to buy and sell properties. I called him up the other day to ask some advice on a house that my wife and I are selling. Through a series of conversations, we began talking about working together (flipping) and splitting the profit 50/50. He has been doing this work for over 20 years.

What are some good questions to ask him? What red flags should I be looking for? 

Thanks in advance...

My wife and I have bought and sold three homes over the course of our marriage. Every home was one that we lived in. When it came time to move, we have always made a substantial profit. Now we are looking at doing this with a little more intention.

I am excited to learn from those of you in the community.