All Forum Posts by: James Vermillion

Welcome to BP Nate and Sharon, I think you will find this to be an excellent networking site, but there are tons of other resources here, so make sure you take some time to navigate the site. Stay warm!

BP nation takes down another milestone...why I am not surpised!

Great job, and thanks for watching the stats @Jon Klaus !

We also provide smoke detectors, CO detectors, and fire extinguishers. I also provide an emergency contact list with appropriate numbers (fire, police, poison control, etc) although I am not sure it is a must have.

Welcome to BP Mike. There is no definitive right direction, but it sounds like you have a plan and some people to help you get started. On top of actually working with the mentor, make sure you spend plenty of time enhancing your basic real estate investing knowledge. Figure out what skills you need to have to flip houses (compare properties, determine arv, estimate rehab costs, etc) and learn more about those things...you may even be able to help the guy with the experience.

There are a lot of great resources here on BP to help you along the way, and when you get stuck and have questions, just ask, someone will help out. Good luck!

Welcome to BP Paul! Please let us know if you have trouble finding something...we will point you in the right direction.

Oh, and don't forget to add a profile picture!

Welcome to BP Alexander. It sounds like you have a plan and are sticking to it...it really does help to have a patient and understand wife! Good luck!

People are very loosely throwing around words like "slander" in this thread. In my opinion, the results posted by several members serve the purpose of this marketplace, to allow people to post potential deals and allow others to ask questions and look into those deals. As with any public posts, you must expect people to critique your post, especially when the deal is so "unique".

I must say, I have learned a lot from this thread and appreciate several informational and thought provoking posts. The air can certainly be cleared and any misinformation corrected, but in my opinion, it is the burden of the OP to answer the questions, and address the valid concerns brought forth in this thread.

Welcome to BP Randy,nice start with the multi-family purchase.

(I am digging the new picture @Ali Boone

Choosing an investment location is a balancing act in many cases. While it is true you probably know the area you live the best, there are a lot of other benefits to investing close by (you can keep an eye on the property, easier to manage contractors, less need for a property manager, etc). On the flip side there are just some markets that are not good for real estate investing (especially for new investors), which means investing out of the area (or moving) is the better option.

In your case I tend to agree with several other points already made. While Detroit may not be the best market, there is probably a lot of potential there, specifically if you know the area. What investment strategy are you trying to implement?

It really depends on how you are going about things...are you planning on holding your rental properties in your name or a business entity? That is going to influence what your options are. For a 30 year loan you are more than likely going to need the loan to be in your name. There are so many loan programs these days that I would start by finding a good lender or loan broker and telling them exactly what you want to do and what your situation is. Building a good relationship with a lender has been critical for my growth and most others I am sure, so it is a good time for you to start that relationship.