All Forum Posts by: Jim Foil

Hi all,

You and me both! If the goal is realized, I'll become another success story here on BiggerPockets with everyone's help!

Thanks!

Jim

Hi,

Hopefully not too off topic, but with Home Depot there is the estimator software (https://thd.eagleview.com/Login.aspx) that can also be used. With a complete scope of materials, you may find it easier to obtain a discount as well.

Tootles...Jim

Hi all,

Relatively new poster, and unfortunately, a LONG time LURKER!! Yup, I know, this is a GREAT group with a WEALTH of information, but for whatever reason have never been active as I tend to internalize and make decisions on my own.

However, of late, my circumstances have changed, and I learn that no one person is an island. Please help me ya'll!!

To that end, here is me: I've been investing now for about 4 years, using methods of paying cash to slight leverage in accumulating a performing rental portfolio so I can do whatever I want!

Once I defined wealth as the ability to choose how you spend your time. This does not mean that you have jets, yachts, mansions, etc. and are wealthy. Instead, I mean that you have enough income irregardless of source to pursue your wants while providing for your family as decided by the family.

I am now focusing on adding some house flipping for daily living expenses, using a disciplined numbers approach tempered by reality of need to eat. I've set aside some money, lined up financing, and am meeting others in the DFW area to establish stronger relationships.

Any and all advice is appreciated!!

Thanks,

Jim

Hi Andrew,

Thanks for the response. I've been thinking of scaling as well- that is, if an LLC would facilitate employee growth and such when it comes to writing the paycheck.

However, I'm a bit concerned that there would be resistance in the name..."Jim's Whim's" is my current favorite! :)

In complete honesty, my original plan was to continue to accrue rentals until net revenue exceeded my monthly income. I was comfortable buying 1-2 houses/duplexes a year. If this was still available to me, I would probably pursue- lifestyle considerations aside!

My original thought was to create passive income such that I could live a nice life on a beach exploring in different countries and improve my Mandarin.

Now, it will be focused on developing a business. I think I will follow your suggestion on the blog, as I do need external accountability, as well as perhaps an additional resource to be drawn upon without paying hundreds of dollars in tuition for a "guru course".

Tootles...Jim

Hi all,

Up until Friday, I was happily employed and investing passively, but aggressively by acquiring solid cash flowing single family homes that I would rehab, then rent. My business model was such that it is a pretty automated process, so that I would have flexibility to put full efforts into my professional career (I was a Director at a wireless OEM).

NOW my priorities have shifted. I find myself not wanting to seek another boss, understanding that there will be a ramp up phase in bridging to full time investor.

I do have some money set aside, and am in the DFW, TX area.

My new business model is to use repositioning to infuse the business with immediate cash influxes rather than the slow and steady approach from buy and hold. Please don't misunderstand- ultimately, that is my goal still, and while introducing flipping was always part of my business plan, the schedule has been accelerated.

I'm looking to partner (that is, buy) SFR, in good areas (a loose criteria I have for rentals is that I would live in any of them!). For these, I will post in the market place so as to keep this a discussion and abide by BiggerPocket's guidelines for posting.

Please feel free to add comments, as well as reach out to me privately!

I look forward to becoming a bit more active here on BiggerPockets as well.

Some simple questions:

1. I've thought of documenting my trials and tribulations from start-up through maturity in the form of a blog. Would this be useful for others, as I'm sure I will learn more than I wanted to along the way! This would also serve a marketing function as well later (developing email lists, supplier point of contact, providing methods of expectations for performance, etc.).

2. Currently, am a sole proprietorship, but with a hefty umbrella liability policy- should I look at changing structure, or just continue?

3. Yes, I'm aware of J Scott- I've been a long time reader of his blog, and book. The irony is that WHY I have been a fan of his, is that our approaches pretty well mirror each other. His processes are more formalized for flipping, which I will be maturing in the coming days!

Well, that's enough for the moment!

Thanks for reading, and in advance of everyone's suggestions!

Jim F