All Forum Posts by: Garrett Beecher

@Laureen Youngblood I'll see you there!

I'm looking at buying my first fix and flip property and my wife is worried that I'm about to lose thousands :). It's a 3/2.1 property that I conservatively estimate will sell for 290. 

The property I'm looking at is a short sale and having no experience with flipping other than what I've read and heard here, I'm wondering if anyone has advice for how to get a solid estimate for this first project. Should I get a general contractor to come with me when I tour the house? Are there certain things that you always watch out for? Any tips or advice will be very much appreciated.

I would sit down and think hard about what kind of project you're looking to do. If you're looking to invest in 3/1 SFR flips in your area then you'll know right from there how much you'll need to ask for.

@Arger Gibson, most people find their first bit of private money by approaching their network (friends of friends, family, acquaintances etc) and offering a solid rate of return on their money that is backed by a first or second lien against the property making the deal appealing to high net worth individuals.

@Account Closed If you're looking to live below your means, I think you'd be well served getting a multi-family property, living in it while renting and managing it (house hacking) so that you can reduce your living expenses while beginning to build your RE empire!

@Chris S. This is definitely an interesting situation. If I were you I'd be stalking their social media to see if you can get any additional insight into what they are like as people. Often times I think in this business it is easy to get lost in the numbers. 

That being said, the numbers are encouraging because their monthly income is 4x the monthly rent. Also, if they turn out to be good renters they are likely to be around for a long time because they have family in the area and young kids that force folks to start putting roots down. 

I'd check on his employer and if it looks like a stable company with projected growth combined with all the other info, your plan for a larger security deposit and a 6 month lease seem prudent.

Hey @Dakota Mivshek, way to go getting going! 

Good deals can be had in any market, but here in Portland you might have to wait a little longer to get your hands on one. Make sure you are working with an agent that understands investing and exactly what you're looking for so you're covered on the MLS front. You can do a little work yourself and get a list of properties that fit your specs that are absentee owners from listsource and then either knock doors or conduct a direct mail campaign.

Good luck, keep us posted!

@Ben Rice Anyone is willing to sell at the right price. You should definitely run some numbers and see what your top purchase price is that will still get you the cash flow situation you want. 

In terms of approaching your landlord, I would just be candid and tell her that if she were open to selling you'd love a crack at it.

Congratulations @Demetrius Gatling! Would love to hear how you found the place, financed it, and if you'll be renting both units or if you're planning on house hacking it. All very exciting stuff!

Matt, had you ever done work like this before or were you learning as you went along? Would love to see a before picture too!