All Forum Posts by: Carey Cahill

 In my area, the properties are all around 100k for cheap rentals so that would be 500-800k and I couldn't get that kind of cash with only 50k. 

 I've been to their new website, turnkey-reviews.com and it looks great. My only problem is only having 50k and feeling like I'll get into one house and then be stuck with a single rental across the country with no remote property management knowledge. If I could get into 5+ of these homes with financing that might be a different story. Also, if I'm going to do something like this I'd like to focus on one area in the country so the homes are all relatively close to each other so I'm only managing one group of maintenance / PM / contracts / etc.

 I apologize, I must have gotten bad information. I thought commercial loans were on properties with more than 4 doors? Since I'm investing in my local area I thought I could do conventional financing on the first few I do.

 Commercial loans? I'm not buying anything commercial.. Not sure about this comment?

Thanks for the advice so far guys. :) I'm looking forward to more people chiming in!

In regards to the 1%er, I've found a few good SFRs that I think will require a low maintenance amount and low vacancy. If I was to purchase one, for lets say $150k, and use $30k down to avoid PMI, how long until I could refinance or use it as leverage to get a second property?

One of my big concerns is not being able to get into a second home for years because I've tied my assets up in this home. 

Oh, also something to note, I do have a salaried job @ 65k / year but work from home so have time to manage properties and rehab processes.

Hello everyone -

So I feel like I'm sitting on the fence and I need to jump in and get my feet wet. Part of me feels like I missed the boat and should have bought a year ago. So here's some details about where I'm at and what I want to do.

Originally I was thinking about wanting to do fix and hold but after looking at my area I don' think that's really a possibility. Even on a great buy I can only get to 1% on the rent to purchase ratio so I don't think it would cash flow enough to get into multiple properties. Seems like I would just be able to buy one and then sit on it as a passive investment.

I think my local farm market looks good for fix and flips if I can get into a good buy, I'm just having a hard time finding good deals. I'm wondering if I should start sending letters to distressed homeowners? I haven't been able to find and wholesalers in the area (It's a pretty small area) but the inventory around here is selling very fast.

I've reached out to the two homepath agents in the area but I've made a couple offers and they've always been rejected because I'm offering too low. Sheriff's auctions are also an option but they seem too risky for my first project.

I'm basically asking what my best route to find a property is.. I've read J. Scotts books and I feel like I'm ready. I've saved up 50k and have 700+ FICO so I'm ready, I just want to find a great property for the first one so I feel confident going forward.

Thank you for your help!!

-Carey

I received no replies from this post - So I'm just curious if anyone could enlighten me if this is a bad offer to make? Or perhaps is the geographical area? Any insight would be very helpful. It just seems so daunting to start REI in my area and I'm not confident enough to do work out of state as the main thing I have to offer is on the ground project management and rehab work.

Thoughts?

I thought it was the Ducks state? :D

Hi Vincent - 

Where in Los Angeles are you located and how are things going for you? I'm looking at purchasing my first fix and flip in Los Angeles and could definitely use another ear out there looking for something. It's a pretty tough market here, highly competitive and very high entry cost. 

Anyways, I just wanted to say hello - Let me know if you have anything up in the San Fernando Valley come across your desk.

Hi Everyone!

I'm new here to BP but I wanted to throw a line out and see if there is anyone in the Los Angeles area interested in working on some deals together. My business partner is a contractor and I'm a project manager. We don't know how to get started in REI so we've just been educating ourselves as much as possible and looking for a way to get started. Here's what we're looking to bring to the table:

We are looking to work within 15-30 minutes from Reseda on fix and flips. We'd take care of all the fixing on the property and cover the costs of it (up to 50k to start). Depending on the project we can negotiate how the returns are divided up. As your partner we'd be willing to do scopes of work on projects as well if that's needed before the property is purchased. 

I figure this is a better way for us to get started that way someone with more experience can find the properties and line up financing for them. While we cover the financing for the rehab through our own equity and time.