All Forum Posts by: James Vermillion

Check out the Air Force spoof on the E Trade baby. Being in the AF I find that one hilarious as well.

If you wait until the signs say we sell gold it will be too late to short...I believe right now is the time to short, my reasoning, everyone of you thinks now is the time to buy...that top is coming a lot closer than you think.

Thats the real questions, when will the bubbles pop? When you start seeing as many commericals about gold and silver you have to assume the bubble is in full effect, in fact I think it is getting close to shorting gold (I will be watching over the next 3 months).

+1. This is exactly what I plan on doing. My first rehab is under contract and I could not have done it without the help of BP and the community of knowledgeable and helpful members.

My plan calls for me to have my first two rental properties by the end of the year and I plan on managing them myself (at least to start with). I cannot justify paying someone to manage properties when my business partner and I can do it ourselves, at least not yet. By 2015 we should have accumulated quite a few properties and we will be looking at larger apartment complexes, at which point we will have to start considering a property management company, as we only have so much time in the day.

I can definitely see both sides to the property management dilemma, but it is a simple cost-benefit analysis (and by cost I mean more than dollars).

Ha, that was pretty awesome!

I think the best way for new investors/members to have their questions answered is to go to the related forum and ask questions. This makes it easier for veterans to stick in their specialties and provide insight without having to dig through questions they may not be able to answer.

It sounds like you have a very general (but good) idea. If I were you I would start by taking that idea and turning into a plan by doing several things.

#1: Get your financials in order and go to community/regional banks. Talk to them about what you want to do and find out how much you would be approved for, what type of loans they are offering, etc. Start saving as much money as you can!

#2: Start learning your market. Attend open houses, talk to local investors, attend investing club/association meetings, get on craigslist, read the newspaper classifieds, etc. You are going to need to know a lot about the area you intend to invest in if you want to make intelligent informed decisions.

#3. Learn everything you can bout real estate investing. Read through the flip/rehab and rental forums on Bigger Pockets, check out J Scotts flipping blog, go to your local library and rent material to study.

#4. Make a business plan. Once you know all of the above you will have enough knowledge to put your plan on paper. There are probably several people on here who will be willing to share business plans to help you out (J Scott gives his out for free if you sign up for his newsletter).

#5. Build a real estate team. You are going to need an accountant, contractors, a lawyer, etc. Make sure you thoroughly look into anyone you consider working with (ask questions, check references, etc). This team is going to be crucial to your success (or failure).

#6. Put the money and time you have invested to work! Remember be patient, double/triple check your numbers, do not overpay for a property, do not underestimate costs!

Real estate investing is not as simple as many people will lead you to believe. Please make sure you educate yourself and you will do well. Hopefully my very broad guidance helps!

I don’t understand the obsession with points in the first place. If you are on BP much at all you can tell who the knowledgeable and helpful posters are and those people know who they are. The system that is in place seems more than adequate. Also I agree with BryanA, sometimes people need to be told and sugarcoating is not needed. Very few times have I seen people being disrespectful and those issues were handled promptly...now I am going to read about real estate investing now!

Ask as many questions as you need to, not asking newbie questions could be your first mistake! I am with most everyone else, I had no expierence whatsoever when I started reading, developing a business plan, etc. If you feel like you are ready then go for it, but proceed with caution!