All Forum Posts by: Account Closed

 Honestly, it's not the issue of trying to get sellers to sell to me in a competitive market. It's finding deals that fit the numbers. The golden 70% rule. 

My business partner and I are looking for distressed properties in the Tampa, FL area. We are currently working with a few wholesalers in the area, along with local investor friendly real estate agents. We also drive for deals, postcards, ect. However, we have yet to find a home over the last 30 days that meets that 70% rule? Typically the ARV is high from our wholesalers and the rehab is slightly low, which we expected. But even the deals we find from other sources aren't even close to the 70% rule.

Is this an issue in the area or are we just not finding actual "deals?" We don't want to fool with the numbers, but it's getting a little discouraging. Any advice from our seasoned investors?

I am in Real Estate Express, same as @Dylan Kimrik . It's straightforward and simple. I've heard in other courses, its ALL reading chapters from the book. Real Estate Express breaks it up nicely and makes it easier to learn from. It also has a pace tracker, that will help you reach your goal and stay on track. Good luck!

Fitzpatrick Real Estate in Ocala. I have rented from them and they were fantastic. I also have family who uses them as their Property Managment and they are very happy. Typically property management terms, but great service! 

My partner booked us a 4:30 appt in Tampa. If we can, we will swing by! 

As a newbie, I have been educated and done a lot of research on different types of funding for first time flips or holds. We are looking at properties in the Tampa/ St. Pete and Sarasota area's, which are area's that seem extremely competitive. Of the 10 homes we have seen and expressed interest in, all 10 had a deal written within 1-4 days of being listed. FHA loans and other mortgage lenders cant compete with cash or hard money buyers in that market.

My question is to the experienced investors with a few deals under their belts. What type of financing did you use for your FIRST flip, and why? Did you make a profit? Looking back, would you have used a different method of funding?

@Kelly Diaz me and my partner are just getting into RE investing in the Tampa/ Sarasota area and would like to join tomorrow night. Are you still planning on having this meet and greet?

Great post! @Vijaianand Thirunageswaram . Sparked some great conversation and advice from fellow newbies and other investors. 

As a newbie, we can get in our way. Especially when you have dedicated your savings and every waking moment to get started. I'm always asking my self and other investors the same questions. How do we find the right lender?  Why don't the real estate agents want to work with me? How do we find an investor-friendly contractor? How do we find the right house? Why are none of my numbers working? I cant close enough, ill loose out on all the good deals...

Especially since there are so many horror stories out there, it can be intimidating. One wrong calculation and you can bomb big time on your first RE transaction. 

I am just getting started as well @Jose Vazquez . Thanks for posting. 

Do you have to owner occupy the home on an FHA 203K loan?

@Brad Shepherd Yes. That's it, perfectly explained. Since it was the free seminar we were only given the summary of how the transaction works. None of the actual details. His words were " you sell it to yourself for the highest appraised value." Which is what was confusing for all of us newbies in attendants.