Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jennyfer Sakiewicz

Jennyfer Sakiewicz has started 4 posts and replied 14 times.

Post: Flipping gurus? Just getting started

Jennyfer SakiewiczPosted
  • San Antonio, TX
  • Posts 14
  • Votes 13

I really, really appreciate all of your input.  We canceled the guru contract and I ordered some of the recommended books. 

The biggest expense we didn't account for was that the house had a drop ceiling with acoustical tiles. We were just going to paint it but instead removed that ceiling and all the insulation and replaced it with drywall. It gave us 9' ceilings which look amazing and I can get 42" upper cabinets in the kitchen, which is small so it will help to enlarge the storage capacity.  We know now not to buy a house with a drop ceiling unless the profit margin will allow for that expense. To balance the budget, we washed the roof shingles instead of replacing as it was structurally sound.  It's not perfect but it's better than before. Was that a good idea or is a new roof important? 

What is a good resource for estimating rehab costs? I imagine it would have to be area-specific as these numbers can vary from city to city. 

I will keep you posted on the results of our first flip. 

Thanks, again! 

Post: Flipping gurus? Just getting started

Jennyfer SakiewiczPosted
  • San Antonio, TX
  • Posts 14
  • Votes 13

@Michael Ehmann We are in the middle of our first flip and I LOVE it (:D!!!) and will see what the bottom line is when all is said and done, but a lot of our personal cash is tied up in it so we can't jump on another deal yet if we need to use our own $$.  We put about $15k up front for closing costs, then we had to fund the first $15k in rehab until the lender would give us the first of two $12.5k draws.  We're down to a couple of lines of credit left before we're tapped out and it's getting a little scary.  I want to find out how to do deals without our own cash (or at least so much of it), or get enough extra coming in where we can fund more than one at a time.  When this flip is done, who knows how long it will take to get to closing and have a check (hopefully) in hand to start another one.  I know we can't personally do all the work ourselves if we're doing multiples, so I want a mentor to know how to find good contractors who will work for a reasonable price, a network of lenders/investors, and to help filter through good/bad deals.

Post: Flipping gurus? Just getting started

Jennyfer SakiewiczPosted
  • San Antonio, TX
  • Posts 14
  • Votes 13

@Account Closed that's the question of the year!  My husband and I are both entrepreneurs so no matter our experience running our own businesses, companies like people who have been pidgeon-holed. So having a PhD doesn't bode well without years of corporate experience.  He also became over-qualified.  Same thing happened to me when I got my degree.  No matter what my portfolio looked like, I could not get hired at a firm because I only had experience as an independent.  We've done well for ourselves but we are tired of sitting at computers and want to get into something that will keep us on our feet and something that we love.  We've been landlords for many years and love renovating the properties and we want to do it full-time while acquiring rentals, commercial and owner-finance properties.  We want to be on a fast track because it's difficult trying to flip and work all week, and we're getting closer to our target retirement age so we don't have time to learn as we go ;)

Post: Flipping gurus? Just getting started

Jennyfer SakiewiczPosted
  • San Antonio, TX
  • Posts 14
  • Votes 13

Hi!  My husband and I have recently launched our real estate business with our first flip and are looking to expand in order to replace our income and grow our family's legacy.  I wanted to ask about the flipping gurus who come through town to sell their very expensive real estate mentorship programs.  Robert Kiyosaki, Donald Trump, Than Merrill, Nick Vertucci, etc. all say they will mentor you and walk you through the process, offer a network of ready and willing investor resources, and teach you everything you need to know about real estate.  I am typically one of those "they're just trying to get your money" kind of skeptics, but I now see the value in the education and mentorship they offer if it will save me years of learning (which I don't have as I'm in my 50s) as I go and learning from my mistakes.  I biggest question is can I get that kind of education, mentoriship and resources from the people on this site or if anyone has gone through those big bus tours and mentoring program, was it worth it?  We want to be "job" free within a year and debt free within 2 years.

With the flip we are currently working, we have to put up about $30k in our own cash for points and closing and up-front rehab before the lender will give us reimbursement draws to complete it.  All of our cash and lines of credit are tied up in this one flip so we can't really move on to the next until we sell this one and realize a profit.  There should be ways to start on other deals with all OPM, right?

With over $180k in student loan debt, I have a hard time justifying another $40k in "student loans" on my credit cards but I want to learn and get moving FAST in this business.

I would appreciate all truthful, experienced comments and not "I think....".

Thank you!