All Forum Posts by: Michael Garrett

I am still in search of my first deal so I'm busy looking while also seeking out funding options. Since I am just starting out flipping single family homes, I have no documented experience or homes as collateral so getting a giant amount of money is unrealistic. I've thought about approaching multiple banks asking for smaller sums of capital via unsecured lines of credit and pooling those lines together to purchase the properties I'm looking to rehab. I've already had one bank tell me they can use my "day job" as income in place of previous year business cash flow.

Is this a viable option? If I qualify for one line, will that make getting subsequent lines difficult or impossible?

 Thank you so much! I'll take you up on that, Stephanie!

 This is great stuff here. Before I try to approach someone, I should think of what I have to offer. 

 Solid advice. I mostly have been looking for meetups because real estate people are more face-to-face types. I'll give Facebook groups a try.

Now that I've gotten serious about my real estate investing journey, I am looking to find someone to shadow. I have read several books and am ready to see this in action. Of the investors I've met in Frederick and other parts of Maryland, most are buy and hold investors but I'm looking for someone who does flips instead. Given that meetups are mostly populated with people just starting out, how do I go about finding someone who's successfully flipping houses to shadow?

Welcome, Michael!

I'm based out of Frederick but the Hagerstown market sounds promising.

Hi all,

So I'm looking to fund my REI adventure and am having trouble. My original plan was to get rid of my retirement accounts (I have $35K in an IRA and 401K combined), take the early distribution penalty and use that to invest. I started reading about self directed accounts but they don't totally make sense to me.

Will they allow me to invest all of the money into my chosen strategy (BRRRR)? Are there overall tax savings differences between the two? Is there any way to use the profits as regular income to live off of or will it act as a normal retirement account and I can't truly use the money until 60?

I ask all this because a self directed account seems like a path to having more money to invest now but at the expense of achieving early retirement.

 Basically the only cool people in Frederick are named Mike ☺

 That seems to be the way to go based on my limited research . 

Awesome! We will be in contact.