All Forum Posts by: Tracy Selfridge

Okay great. I'll get with a realtor I've been talking with tomorrow on the resell value.

What would closing costs be on something like that?

Doesn't look like a lot has been going on in that neighborhood lately. There are some mobiles and land on the outside of that neighborhood that recently sold. But only SFH inside of that neighborhood.

I didn't think about selling to the neighbors, that's a great idea.

I know some builders buy lots in large quantities, is that true all the time? 

Owner of the land appealed the taxes on it last year because he claimed they was too high, so he will have to pay that before closing correct?

As for the comps, there is a lot right beside it that sold for 20k in 2008. The neighborhood is somewhat rural but is a nice neighborhood with nice houses. There is a cop that lives on the same street which is a good thing.

When talking with the owner, he knew the owner of the neighboring lot and said he was trying to sell also. But for a higher price. 

I found a .99 acre lot for sale by a motivated seller. The land is in a small neighborhood with a few other lots and houses in the 150k to 160k range. 

The lot doesn't have a septic or well and has some small trees on it. It slopes a little towards the road and the house right beside it is a 3 bed 2 bath 1,819 sqft house that sold for 166k in 07

11mins (7.6 miles) out of Blythewood

33 mins (26 miles) out of Columbia

Purchase price is 5k and I would cover closing

How can I make this deal work? 

Hey Benjamin, I surely don't qualify to give advice. But I also wanted to start by wholesaling. I just had issues with the ethics of that and it just wasn't my cup of tea.

I think a solid approach would be to save all the money you can and continue to network with people in your local market. 

Find someone that is doing what you want to do, and find a way to bring value to that person. Build a relationship with that person and learn all you can from them.

Hope this helps

If anyone has experience with working a W2, starting a small business, and investing when they first started then I would love to hear your experience. 

When I break it down and be coldly honest. I think that anything you put time into will produce. And if I'm not putting enough time into investing, it won't produce like it should. Same goes for the small business. One will suffer and it will be the one that doesn't get the right amount of time.

But...that's just my opinion and I could be wrong.

@John Hickey I've listened to the audio book for "The Millionaire Real Estate Investor". Haven't read "The One Thing" but I listened to the podcast on here with the author of that book. 

I really liked the Garrett Keller book. Especially in the beginning where he talks about having enough money to give and change others lives. Love that, can't pour nothing from an empty cup. 

I read Rich Dad Poor Dad and that was a big Eye opener for me. I read that book about a year and a half ago. Changed how I viewed some things.

My biggest thing is I didn't have money to put in assets. I think there is an article on here somewhere that describes money in offense and defense terms. 

Defense is of course guarding the money you have. 

Offense is making more money.

My defense is great, I still drive an old beat up truck but its paid for. I don't have cable or any kind of TV at the moment. Stuff that is a luxury I don't care to have right now. 

My offense needs to improve though. I'm on track to make around 65k at my job this year. That will increase each year just at my W2 job. 

The whole deal with me getting into some flips and running my performance apparel business is to push that 65k north faster, creating a better offense!

Better to start at 32 rather than 33 John! 

Thought I would jump in and share where I'm at in my journey just because I see no harm in it. I'm a long time lurker on bigger pockets and learned a lot so I'm very thankful for this site and everyone contributing. 

So about 2 years ago I jumped right in blindly and of course I was wholesaling because I had no money. Quickly found out that wasn't the direction I wanted to go. 

So I changed things up with my money situation. So about a year and a half ago i got another job that paid more with basically unlimited overtime.

For the past year and a half I have worked a TON of overtime. Saving all I could. 

I started a small performance apparel company this year in hopes of helping my savings grow quicker. So far that business is still in the negative so I'm debating on keeping it at this point....

I'm getting really close to the amount of money I need to actually bring value to a partner in a flip deal. I've reached out to several flippers (experienced) in my market and they are ready to rock when I am and when a deal is found. 

I'm getting pretty excited that I'm close to being able to jump in, because I know the best way to learn is to do! It's that simple. I can, and have, read these forums and listened to these podcasts for hours but nothing will teach me better than that first deal. And I'm almost there!

My goal for now is to just do some flips with experienced people and learn. Build my money enough to where I can buy the houses with cash and pay for the repairs, mitigating my risks and holding costs. 

It's yet to be seen how much overtime I can continue to work, while learning the flipping process. But I have to learn it so if it cuts into my saving power then so be it.

This is just the beginning for me, I'm 33 and live in Lexington SC. I come from a lower income family and any steps further than I take now will crush anything I've ever done. I'm not afraid of hard work, I learn fairly quickly, and I fully understand what im getting myself into. So I'm excited to see how far I can go. 

Sorry for the book of a post

Im just going to bump this thread up. I see its a year old. Maybe we can get a few more people to chime in.

 Thanks Steven, for the mention. I can definitely relate. And would go on to say that building a relationship with a partner first before doing business maybe better. Even when it's a win win situation it seems people will take advantage of you. Getting contractual agreements is good, but if something goes wrong you are going to have to jump through loops to get something done I would imagine.

I'm happy to say I learned my lesson and have began to build a great relationship with a local realtor. Hope to do business with him soon. Be careful out there if you are a newbie