All Forum Posts by: Sean Gribbons

Hey Congrats to you guys! Nothing feels better than walking to the closing table after wrapping up a flip especially the first one! The house came out beautiful. 

Just curious but why did you go in and out of contract so many times? We've been lucky enough to only have one property fall out of contract the rest have all made it closing...Not to say there weren't any bumps along the way but very curious to hear why.

Thanks again for sharing.

The only reason I would see to not keep a perfectly performing cash flowing property would be drastic uncertain market conditions, need for funds, control more debt, or to lighten risk. 

There are many who believe you should have a minimum amount of units to spread the risk, which I strongly agree with. If it cash flows well and there are no other concerns the only reason I would see to move out would be to move up. Purchase more units and control more debt. 

Daniel, 

Congrats on saving up money and taking in the podcasts. 

If its your first deal and you plan on getting into multi family in those markets which are more expensive I would consider finding a knowledgeable partner to partner with. For those types of investments at minimum for it to not only make sense cash flow wise but for the bank to consider you as well you're probably looking at 20% down.  A partnership may be your best route.  

Charlie, congrats on killing it so early! 6 figures is just a starting point for you if you're looking into real estate! 

The best part is there are so many options we could sit here and list them all day however, since you're young (close to the same age as me) I would focus on building a portfolio quickly. The BRRRR method is awesome and can get you controlling large amounts of debt quickly. This is the route I would go, looking into multi family value add scenarios using the BRRRR method to buy new property every 6-12 months.

The real question is what do you want out of real estate? 

Depending on the level of risk you feel comfortable with the sky is the limit.

DM I enjoy chatting with investors around my age!

Hey BP people, 

I thought I'd share my story of how I got started flipping homes using zero of my own money and I'm only 22 years old. I started out in the real estate business at the early age of 16. I started working as an intern for a real estate brokerage. After being exposed to the business I quickly got my license at 19 and I was off. My first listing was really where it all started. I had an amazing half built home right on top of Lookout Mountain. The views of Denver and the front range were phenomenal to say the least. This is drew the attention of alot of investors. One investor stood out to me. They liked the house at first but then quickly realized it was way to expensive to make any sort of money. After the listing fell through and foreclosed on my client I began searching for fix and flips. After looking through around 100 deals we found an off market deal through another agent in my office. I approached the investors I had written some offers for. I told them I wanted to learn how to flip houses. My incentive to them was I was a licensed agent had the off market deal and would do both sides of the buying and selling without taking a dime. I was more interested in the profits. So we structured a deal and closed on the property. 

I was there every single day and talk about a serious mess. First contractor shows up demos half of the property and takes off for the next 3 weeks. After firing our first contractor we decided we would sub everything out....An even bigger mess! Yet after 6 months of work we were ready to hit the market. 

After 2 weeks and 30 showings we sold and made a very small profit. Now I'm expected to do 5-10 this year alone. I'm 22 and do this with none of my own money. 

For those getting in this business its really about who you know. Go find and meet the people you want to be around. Our latest deal is expected to make 10X what our first one did I have friends just graduating college and I'm buying and selling millions of dollars in real estate! 

Hope someone can find some inspiration in this post, If I can do it and repeat the process why can't you?

Hey Omar,

Hard to say... We are getting several responses through all the marketing combined. I'm not sure if the door hanger was the extra push for them to get in contact but it defintley helps with branding and keeping in front of the audience you want to be.

My suggestion is call your Realtor and see if he can pull non owner occupied from his MLS or Realist. In my local MLS you are able to search by non owner occupied properties.

Kevin, 

Do you still have the property? Inbox me I'd like to speak more with you. 

Thanks for everyones feedback. Although I may spend $150 a month on marketing to one single neighborhood I have my costs low and most of the work is done on the ground and in person. How much does it cost to drive the neighborhood two times a month leaving sticky notes or letters on doors and knocking?  $15-$20 maybe? I'm not big business at this point so getting 10-15 deals done a year spending $150 on a neighborhood to pull several houses out in a year is pretty cheap and extremely cost effective. 

I currently run this type of marketing in several neighborhoods and pick up quite a few leads.

Its a basic outline of real estate marketing but it addresses everything you can do step by step to cheaply market to neighborhoods you want to work in as a new investor.

Shane,

Anyway you could share your ad, targeting, and lead funnel for this? That's honestly pretty impressive if you can get conversions out of every few calls. The best marketing you set up and just let run!