All Forum Posts by: Eddie Cottingham

Hello my BP family,

Looking for references for contractors in the Birmingham area. I have a small 2b/1ba condo I need overhauled. Any help would be greatly appreciated.

@Fred A Baugh

As long as you run your numbers conservatively and you have taken out  enough for the landlord expenses, it should be fine. Feel free to post your numbers if you want feedback.

@Fred A Baugh

So I assume you already know what your mortgage payment will be etc. How much are you taking out for your other expenses?

@Fay Feng

I get you feel disrespected, but was the $1000 a deal breaker for you? It sounds like you acted on principle and not logic. I would have been upset myself, but if it had been a deal, not sure the additional $1000 would have swayed me. If anything, I would have just been a bit more cautious to do any future deals with the involved parties.

@Brandon Dubisky I am in Alabama and literally just started the process and am currently analyzing a property. I will connect with you and perhaps we can help each other through this process since we are both approaching it with the same concept.

Awesome job and congrats!

@Paul M. He would have to have a knockout deal for anyone to want to do that...or he would already have to have a track record. In this case, he is already starting in the hole, so not sure many if any HMLs would take on that risk.

By having cash reserves. I know people say you can do real estate investing without your own money...but usually a HML will want you to have some skin in the game anyways. Are you paying for the renovations out of pocket? how did you plan on structuring the deal with the HML?

Hey @Greg Baca, welcome to BP!

You seem to have an idea about where you wish to start, so that's good. While you continue to read and learn, make sure to be active in the investing community and start building relationships. Also use this time to really work on any credit issues and make sure you have some nice stable income as the BRRRR method will require financing. Start looking at the market you want to invest in and get your price point and start running mock scenarios so that when a good deal comes, you will know it immediately. Best of luck with your investing!

@Bob Okenwa makes some great points. Also, while some purposely inflate ARVs keep in mind that most wholesalers aren't actually doing renovations and such so they simply lack the skills to determine an accurate rehab cost as well. So no matter how a deal comes at you, always see if the numbers make sense.