All Forum Posts by: Kim Kelly

Hi BP Family,

A quick thank you to some of the seasoned REI's actively posting that strive to help us newcomers understand and use the forum the best way possible! To my fellow Newbies – Don’t Give Up! It’s ok to feel lost, overwhelmed, excited and confused… all at the same time. My biggest tip I learned – Use the “search” function (the magnifying glass next to your profile icon) to search for your question BEFORE posting it on the forum. I have found many answers on many existing threads, to help guide me along my journey.

Actual Question: Would you consider buying a foreclosure as your first investment property, as a relative beginner?

Context: I've been using MLS, realtors and wholesalers to seek out my first investment property (debt free outside existing mortgage, $100k cash saved, stable income), since my network is fairly new and limited as a green investor. I'm starting small, with a "Slow and Grow" approach, and have found a 2 BD SFH in my price range (under $150k) that needs rehabbing, BUT it was foreclosed and is now sitting vacant.

In your experience, would you advise that it's best to avoid the complexities of the foreclosure purchase process as first property newbie, OR proceed with caution under the right circumstances.

Any (and all) advice is appreciated! Happy to share additional info. Thank you for reading!

Thanks @Rob Calkins for the update! 

It's so hard to tell if anything is real anymore that is posted on FB and social media, with so many RE "gurus" looking to make a buck. 

I'll keep investigating...

Hi All, 

I'm glad I found this thread! I just started the book by Scott Jelinek on the "slow flip" method and wanted to check in on BP. Not many folks on here discussing this approach.

How has this method been working in the current RE market? Is this feasible to start as a REI beginner?

Thanks for any input.

Hi Roberto, great to meet you! I also have a contracting/remodeling background (mostly custom kitchens & baths) in CT, and am finally delving into the REI space too.

Brandon Rush lists many REI meetup events in CT on Facebook, so I'd recommend joining a couple groups to make local connections. @Jonathan Greene recently posted a fantastic "Do's and Don'ts" guide for newcomers on the Forums.

I, too, am looking to join a motivated local investing group that specializes in buy & hold and multifamily, and I hope to see you at one of the local meetups soon!

Thanks @V.G Jason! You make an great point, to keep stashing cash aside to prepare for the unavoidable "unexpected" costs of physical REI. I appreciate you taking time to provide advice.

Thanks Jonathan! This is a very helpful post, as a REI rookie.

REI can be very exciting, and a bit overwhelming when starting out. Looking forward to learning more.

Wow! Thanks @Henry Lazerow, @Alecia Loveless, @Samuel Diouf, for your great suggestions! I will research more on those topics.

Since my S.O. currently operates one of our LLC's out of our primary residence, it would be ideal to keep our current house as is.

Could house hacking still be an option, if I apply for the loan in my name and move into one of the units while rehabbing? In which case, I would be ISO a triplex in my local area. Not sure if others have done this?

Thanks for your insights Caleb! I had some second thoughts on OOS deals as a rookie, but I'm open to any new opportunities in any nearby markets. 

Hi all! New to REI here, so any input or feedback is very appreciated!

I currently have a 3.75% 30 fixed mortgage on my primary home, and looking to dive into my first investment property. I'm looking into multifamily (duplex & self landlording) in my local area to get started, but my tri-state area (CT/NY/NJ) has a high entry price point that I'm concerned with over leveraging myself and losing liquidity on my first deal. 

Since my main profession is office management for a residential remodeling company, would flipping to build up more capital be a better place to start? I would love to join in on any BP groups that do OOS deals (I have proven time management, attention to detail and paperwork organization skills in exchange for getting to learn alongside some REI masters).

Thanks for any suggestions!

Hi All! 

Very excited to join this thriving community! I currently reside in CT and am looking to possibly branch out into REI full time! I have spent the last 8 years co-managing a small remodeling LLC, and have an primary background in project management, client coordination and admin communications/support.

Since my only experience in real estate is from the residential remodeling/rehab perspective, I was looking for some guidance and thoughts on learning the ropes. I've seen several posts mention Transaction Coordination as a natural beginning point for understanding how deals are initiated & completed, or Wholesaling as another idea. I'm happy to learn a new skill set and would love to join some local groups.

Thank you all in advance for any input!