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All Forum Posts by: Jeff Gingell

Jeff Gingell has started 3 posts and replied 3 times.

Post: Possible first deal

Jeff GingellPosted
  • Olympic Peninsula, WA
  • Posts 3
  • Votes 1
Ok, so I am a total newbie here, but here goes. I found this deal on a house in my area. I was not really planning on finding one yet, I was planning on paying down debt and saving before trying to invest, but here it is. And I'm pretty sure it checks out. This is a 3bed 2bath, total gut job of a SFH. I can get it for 40, tops, prob less. Bones are good and roof is still good. I could put 50 into this place and make it like new and still hold to the 70% rule, assuming I pay the asking price, which is unlikely. And I could rent it and still cash flow close to $300. And yes that's accounting for 8% vacancy, 10%maint, 10% prop management (which I don't even plan on using), tax, insurance, mortgage, etc... The problem is, my bank is not inclined to give me a loan for it. It seems their problem is that the renovation budget is too high in relation to the purchase price, paired with the fact I plan on renting it out. Any thoughts? Is this common for banks to work this way or should I be out talking to all the banks until I get a "yes!" Thanks in advance for any fresh ideas out there

Post: Newbie from the Olympic Peninsula, WA

Jeff GingellPosted
  • Olympic Peninsula, WA
  • Posts 3
  • Votes 1

Hey everyone, I'm a new prospective investor from Washington. So far, I've found a wealth of knowledge to which I must say "Thank You!" to everyone here just for being here. I've been on BP for about a week and realized I haven't introduced myself yet!

I am a diagnostic medical imaging technologist, own my own home (well, a mobile), with a nice-sized shop. I live with my wife Jamie, my daughter Taegen, and the family dog, Loki.  My wife and I are still deciding which type of investment to start with. Currently we own two neighboring parcels; the one on which we live, and one adjacent which is raw, flat, street-front land, each about 1.3 acres. My wife and I are looking at paying down all of our debt before investing, as we have more debt than we would like, and are both immersed in educating ourselves about the world of real estate.

I think we're both leaning towards buy and hold rentals. Fix and flip sounds/would-be amazing, and I think I have the hands-on skills to make it work well for me, but our market is very slow moving out here and I would like to maximize potential profit on a per-property basis because of the low volume potential. Well that's my thinking anyway, but I'm not completely opposed to fix-and-flip.

Anyways, that's a brief introduction on me and why I'm here, just trying to expand my REI knowledge base and meet some like-minded individuals

Post: Hello BP!

Jeff GingellPosted
  • Olympic Peninsula, WA
  • Posts 3
  • Votes 1

Hi everyone, I'm new to BP and in the limited time I have spent so far browsing some of the discussions on here I have learned that I am definitely in the right place! So much knowledge, all I can say is thank you! My wife and I are starting to take a serious look at REI and are in the planning phase of it at the moment. We know we want to invest, we don't know exactly what our first investment will be yet (rental, flip, wholesale are our three top picks). We have some time to decide as we recently did a family member a solid (major solid) and now we have found ourselves starting out from (kind of) scratch. Paying down a little debt but we own our own little home, and the adjacent lot which is pretty much raw, in a good hood. Recently though have been looking at maybe starting a little early if we can find a good enough deal on a flip. Anyone here familiar with tax foreclosure/sheriff sales? I see them listed on our county website as potential sales with very low monetary values listed next to them, so I am a little leary that there must be some serious risk in buying them otherwise everyone would be doing this. Thoughts?