All Forum Posts by: Joseph Sanders

I listen to the podcasts and it is evident how important it is to post in the BP forums (especially since Brandon reminds us each time, lol). So I thought I would take this opportunity to talk about what I have done in the past year and maybe brag a little. 

A little background: I have been interested in real estate since I was 12. I remember it vividly; I was staying in a small resort at a lake in southern Missouri when I found out that it was owned by regular people. People like my parents, like you and me, not big corporations like Hilton or Omni. I was shocked to learn that just anybody could own real estate of that sort and I wanted to know more. Fast forward a few years and The Donald came out with "The Apprentice", and that reinvigorated my passion for real estate. However, like most would-be investors, I dreamed about it but never took action. Well I'm proud to say that I have taken action!

A few years ago I bought a foreclosure, did some improvements, and pulled out equity to use for investing. At the beginning of this year I partnered with a friend to do our first rehab. It took six months and we didn't make much, but we did make a profit and were able to pay our investors their promised return. We have since done two wholesales and will soon be closing on another rehab project. I am also putting together a deal for a 24unit apartment complex. As fun as wholesales and rehabs can be, nothing is more fun and fascinating to me than putting together a deal for a large purchase. So like the heading says; I have a few deals down but I am only getting started.

Lastly, my advice to would-be (read: soon to be) investors is to do your due diligence, but most importantly to Take Action. The pod casts have been very helpful and any time I need energizing I will listen to one. I suggest that those of you starting out should do the same. Thanks for taking the time to read this!

@Jeremy Wynn  

To be honest, I would invest anywhere that it makes sense. Obviously my goal is to be profitable and as long as all of the components relating to the property and the deal allow that to happen then there aren't any restrictions as to where I would invest.

Thanks all of you for your input. I found it all very helpful. I guess I will start small and reach out to a real estate agent to start developing rapport with an agent.

I want to eventually invest in commercial real estate; 30+ apartments, mixed use, office buildings, but I do not know where to start. Would it be a good idea to start by contacting an agent? If so, how do I identify a good agent that would know how to work with a first time investor? Thanks for the feedback

@Drew Poniewaz 

Thanks for the responses. I would have never thought about wrong renovation choices. I could see how that would have a considerable impact.

So my business partner and I are getting ready to do our first deal; flipping a house. After talking with him today, I had a question that I thought would be great for the biggerpockets forum. Before I ask the question I want to give some background information:

I know that you want to have the purchase price and repairs to be 70% of the resale value. I have a contractor that I trust with giving me a good price as well as knowing what needs to be repaired and how much it will cost. I have a real estate agent that has experience working with investors and I trust that he will give me a fairly accurate ARV and sell price. So with being armed with all of this, my question is; If we do our due diligence and buy right, what are some unforeseen ways that could cause us to lose money and potentially fail on our first deal?

Thanks for the input!