All Forum Posts by: Kashiff Miles

Hi everyone,

I'm just like you when I hear about how much money I can make from flipping houses. I'm looking for any advice, suggestions, do's and don'ts for flipping your first property.

Oh and I forgot to mention, I don't have tens of thousands of dollars laying around that I can put towards an initial investment :)

Thanks in advance!

@Jordan Herbert welcome to BP.  This is by far the most beneficial forum I've ever been a part of.  I'm interested to hear more about your journey and strategies.  I'm just getting started, and want to learn as much and as often as possible.  Best of luck on your deal! 

Best wishes

Kashiff

@Dominic Lucarelli thank you for your suggestions especially those about the home improvement classes.  I'd be excited to hear more about your journey into real estate, and learn from any experiences you have had.  Please be on the look out for a colleague request from me in the near future.  Talk to you soon.

-Kashiff

@Theresa White these are all excellent suggestions.  I too often find it easier to stay on track and motivated when my goals are listed in detail.  I will do my best to create a detailed schedule of goals, and tasks that are challenging, yet obtainable.  I especially like the idea of evaluating the week that passed, and the upcoming week on Sundays.  I will be sure to reach out if I have any questions, and to keep you informed on my progress.  Thank you so much!

@Joshua Springer I totally agree 100%!  Thanks for the words of advice.

@Thomas S. you raise very valid points.  And in the back of my head, I always remind myself, there will always be a deal out there.  There will always be someone who wants housing and someone who wants to sell, so that further fuels my outlook.  I'm a strong believer of things fall in place exactly when they are supposed to.  Thanks for the encouragement.

@Jeremy Pace that's reassuring.  My analysis puts me at being able to comfortably afford 100K given 100% vacancy.  I've never known there to be a 2 BR difference in duplexes, and that is exciting news.  I will definitely look into something similar. 

Thanks for the guidance.

@Jeremy Pace $825.  Large 2 BR (>1200 sq ft.) in great neighborhood (15215).

@Allen Fletcher

First off thanks for your insight.  I've never really considered friends and family for financing, because I worry about mixing business with them (I've heard horror stories).  Maybe I should take a leap, but honestly, I don't feel that anyone in my immediate circle is capable of financing a substantial amount.  What sort of sacrifices would you suggest?  I am currently looking for a part-time job in addition to my full-time job, but I have grown comfortable with the time I have to research real estate.  I worry that time will be lost, and I will slip even further from my goals.

Thanks again for taking time out.

Kashiff

@Jeremy Pace

Yes I'm trying to keep my front-end at or below 25%, which seems obtainable, even if I go 10-20K above my projected purchase price.  I'm working to get my back-end ratio to a more comfortable level (currently around 35%, would like to get under 30%).  I think that the unforeseen expenses are what I fear most.  I want to make money, but I know in my head that worst-case scenario, I could pay the mortgage without a tenant.

Hope I provided more clarity.  Thanks for your help again.