All Forum Posts by: Josh Coup

The plumber that fixed our plumbing disaster (around the base of a toilet) recommended I reach out to a carpenter to check for wood-rot. The water damage is within the walls and likely the subfloor. Do I look for a carpenter like suggested or an inspector? An recommendation for either in the KC area (Overland Park)? I tore out some closet ceiling and put a fan in to circulate air and the water passed through the walls to the basement pretty quickly with no standing time.

Also, this may have been an existing issue from the previous owner. But to a lesser degree.

Thanks BP friends!

@Josh Harren Hey Josh, did you end up going with the RETipster Club? I've been looking into various programs like LGeek or LAcademy, but Seth's program looks more affordable. 

@David Marshall Great Job David. Have you done more deals since? I'm also going to begin my RE journey via vacant land. Did you bootstrap the edu process or use a more formal program like LandGeek/LandAcademy? 

@Alma Ott I also intend to do a long term buy and hold of vacant land. My strategy is centered around Black Walnut trees. They produce the walnuts after about a dozen years for annual cash flow, then upon 30-40 year maturity, the wood can fetch as much as 2.5k a tree. This would be for my future grand-kids though. But it's an outside of the box idea.

@Andrew Brewer I'm also looking into raw land and its potential. While I don't have much input for you, I have heard that land is mostly a cash transaction. Or at least traditional lenders keep clear. There may be specialty lenders though. Seller financing is popular. You can try REtipster blog. Seth was on a BP podcast years ago. I've been watching a lot of his videos to learn to land flip.

Best of luck!

@Bryan Noth Thanks for the input. Typically after analyzing a deal like this, I wouldn't even have batted an eye with the abysmal ROI. The only thing that caught my attention was the skyrocketing of CF after the seller is paid off. My preference would be to BRRRR anyways and this isn't a deal conducive to that, given the 10k in rehab vs purchase. I also struggle with trying to be conservative in my calculations. This is why I added an extra 5k to the rehab but like you said the margin is too thin/negative under a hopeful scenario. Thanks for the colleague invite too! I have a brother in DFW and would like to network to TX. Have you done much consideration of KC?

Dear BP community,

Could 10 years of negative cashflow be worth the pain? 

I originally had 10% for management but realized I'd need to manage it myself anyways for experience sake. Looking at the cashflow chart, could patience payoff? This is not an improving area of the KC metro, at least not in the near future. My dilemma, is that as a newbie, seller-financing is very enticing. And obviously, I would have an inspection done. Anything more that 15k for downpayment and rehab would require something like a 203k. 

Thanks everyone!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Steve Rozenberg Your list of questions to ask is so profoundly helpful for a newbie like me. It greatly expands upon what I would think to ask. Sometimes I feel stuck in the "don't know what I don't know" stage. Thanks!

@Darel Ison I was wondering if you could comment more on LendingOne. How many times have you used them? What are their typical numbers (LTV, points, etc)?

Congratulations on overcoming this and thanks for sharing it in the forums.

Dear BP community,

I'm a newbie and am focusing on knowledge and networking in the hopes to get my first property in 2020. I've had a lot of quick success reaching out to college fraternity buddies, but have recently turned to network to other "more distant friends" and acquaintances. Some are not local to my area but since I lived in the Chicago area for a few short years, I'd like to simultaneously learn that market, as well as Kansas City, where I live. 

My problem is that while I've reached out to the not so close network of people, I'm finding that many of my initial outreaches are unanswered.

Am I being ignored? Am I not using the correct means of contacting them e.g. I should call/text instead of facebook/linkedin? How soon is appropriate for a second attempt?

Thanks in advance,

Josh

-p.s. none are complete strangers. my outreach is pretty straightforward discussing my real estate goals and don't ask too much of them, but are just conversation starters.