All Forum Posts by: Kevin Cook

@Damon Armstrong

KUDOS! I'm thrilled to see you on here. Your peers could learn a thing or two from you and your example. You could certainly become a member of the RAT pack (Retired at 30)! This decision is a great start.

You represent a new breed of real estate entrepreneur. Get a mentor who also understands relational marketing, economics and markets. Brand yourself; become a voice for your generation; they need the knowledge and few will accept it sooner from their seniors. Have fun. Learn as much as you can. On your 18th birthday, have a huge party and seriously get to work! And while you're getting an education, get an education. Even a 20 year old millionaire needs more than RE knowledge between the ears.

Welcome, @Marshall Ryan

Glad to have you with us. Looking forward to your insight and perspective here.

One of the best pieces of advice I have ever received was from https://www.youtube.com/watch?v=OgX7w2Jbvww. It taught me to get serious about my potential business before I started. After my first meeting with our local credit union I was amazed at how much confidence I left with.

Miami is a unique market. If your friends are supportive, cut some time to take in some properties, network with leading realtors and Rob Burns, the REIA guru there. view rehabs there and perhaps do an open house or two. New Yorkers are moving down to FL in droves due to the prices for NY homes; bringing a little of South Florida back to your "work" could reap some benefits... and make a few days with friends a nice tax deduction :) Enjoy!

@Chenelle Tucker ...

Glad you're here with us! I am a huge fan of immersion here. Dive into as much info as you can write down and listen to. Bounce ideas off of this community. You will seldom find something newer or better out there than the realm of experience BP can provide (it's a whole lot cheaper, too). All the best!

Welcome to the community, @Will Spivens! I have to admit, reading your initial post was like talking to my brother (an CFO for a huge manufacturing company, with like financial goals)! You are planners. That is great. If there is one thing that REIs expect, its uncertainty. You have come to the right place for advice and support; BP is fantastic.

@Sheena Breedlove Welcome to the BP community. As an investor who is retooling after a 3-year haitus it's great to see those of you seeking to do it right the first time. All the very best to you in your endeavors, both professionally and privately.

Wholesaling in NY, huh? Well, I STRONGLY suggest you find a mentor through BP or a REIA (Real Estate Investors Association) in your local area. If you want to hit the ground running there is a load of free material here that can get you off to a lucrative start.

@Patrick L.roblem averted! Thanks so much for reviewing things with me. FL is a new dance for sure, and the communication/language barrier between agent and investor is cloudy when the agent doesn't speak investernese (and the investor is still navigating the waters). No more assumptions, fellas. Thanks again, Doug! You are a pro, and I can't thank you enough.

I did use a realtor, @Doug Merriott... but, unfortunately, not you! . He's pretty new. The inspection period was 3 days and my lender opted out 2 days after inspection.

I greatly appreciate the quick responses, gentlemen. @Patrick L. It was a new area of Tampa for me. @Mark Bookhagen No financing clauses... I need to add some due diligence steps. Frankly, @Jason Crain, I'd now rather make that back through a better property or wholesale deal. At least I didn't lose more. Have a great weekend everybody!

I love candid, experienced people, and appreciate your time.

So, I am in a contract for 2504 Ellicott St in Tampa for $50,470. My agent's MLS comps were great ($109,300) but my hard money lender (Bridgewell out of Orlando) had their appraiser bring comps ($78,000) from the same "side" of the neighborhood, stating that a line of delineation exists and the comps reflected that fact. Okay. Now I am trying to save my $1,000 earnest and find a new buyer who can prehab it to the comps currently reflected, as I have no additional cash for outright purchase. I simply contracted too high and too soon.

Are there things I may be missing as options? While the contract is assignable and I'm shopping private lenders I'm nervous. Thoughts or insight?