All Forum Posts by: James Vermillion

I just read the same article and posted it as a bulletin. I am with you...big suprise!

Now that is an introduction! Welcome to BP, a great place to learn and network. Good luck!

My LLC has a brokerage account which we put a % of profits from our flips. We do this for several reasons:
1) If we were to ever go over budget on a project we will have reserves
2) We usually each pull a % out during tax time
3) We conservatively invest the funds to keep working for us. We feel this is better than having all of our reserves sitting in a bank account

My business partner is an agent so that we have access to the MLS. We check it every day and conduct weekly meetings to discuss the properties that meet our initial screen. We pick our top prospects, crunch the numbers, and make offers. So far this has been working well for us. We have tried other methods but have been less successful including master commissioner sales and online auctions.

To answer in very general terms, there are a hundreds of reasons why real estate deals can lose people money, whether it is a first deal or a hundredth deal. I believe the biggest general reason is lack of due diligence. As with any investment, real estate requires a great deal of research, analysis, and education before one can make a truly wise decision.
With so many variables (the overall economy, the specific market, rehabs costs, holding expenses, vacancy rates, etc) it is very easy for someone to miscalculate and make a poor investment decision. That is why the more experienced posters always talk education when someone asks how to get into real estate investing.

Well done gentlemen! BP is a great site and a great community of RE investors.

You were driving yourself nuts? I know someone you can talk to about this, PM me for the contact info. :mrgreen:

Absolutely, the more people that know the better. Not only can it help get private money, people will come to you when they know of a motivated seller or a buyer.

Congrats! Let us know how this one works out.

We almost went with them for some white oak, but right when we were ready to place the order the price went up about 20 cents/sq ft. We ended up going local and got a better deal.