All Forum Posts by: Account Closed

Thank you all for your feedback! @Buddy Holmes @Jim Adrian @Mindy Jensen

I've got a deal I'm evaluating: 2B/1BA (could be 3B/1B), built in 1927. Owner is asking 55k, it probably needs 40k in repairs, ARV is 130k, and the area is up and coming. Rent in the area is $1800/month as well, so the numbers work for a house flip or BRRRR strategy. My biggest concern however is the ceilings are pretty low in some areas of the house. The living room and bedrooms I think are 7', but the kitchen and "sitting room" are 6'6" (estimating because I'm 6'3). This would be my first deal. Should I take the deal?

Thank you to everyone for your input and advice! 

@Scott Trench That's why I suggested he read your book. I didn't fully know what my goals were for investing but Set for Life resonated with me so much it basically set the goals for me. I think he likes the idea of investing, and is currently exploring real estate as a vehicle to invest, but I'm not sure what end game he hopes to achieve with this investment. I hope it works out for him though.

@Chris Clothier Very well said. I think that last sentence is great: "get him to define his idea of a successful investment". I guess we all get caught up in our own investment style and preference that sometimes we have trouble seeing it from different perspectives.

Today, I was texting one of my good friends from Memphis, TN. We are both recent graduates from The University of Tennessee, and both have good paying full time jobs. I recently finished Set for Life by Scott Trench and I've texted all of my friends telling them to read it. I texted this guy about it today and he told me he was about to make the following "deal":

He currently rents a condo out in a decent area for $1250/month. He's looking to buy that condo for $155k, live in it for 5 years, then rent it out for 10-15 years later as a cash flow property. He said "It'll be worth double or triple in 15 years". I told him that the market could turn and cause him to lose a ton of money but he seems convinced. I know this isn't a ton of information, but am I missing something? Is there anyway this works out well? Is there anything I could say that would deter him? I know some people just need to learn the hard way but I would hate for him to buy this condo and lose thousands of dollars.

@Jeremy M. Thanks for the wishes!

@Account Closed I send you a PM with my email. Unfortunately, I work 2nd shift at my full time job so I am unable to go to our local REIA meeting. Thank you for your advice though! I'll take all the help I can get!

@Briana Malkoon @Boyd McClean Thanks! I will contact you when I find a deal!

I'm new to both BiggerPockets and real estate investing, but I am ready to get off the sidelines and do my first deal in the next couple of months! I've been working with a real estate agent in the area and I'm going to tour 5-7 homes next week in both the Red Bank/Hixson and Brainerd areas. I believe at least one of these homes could be my first flip!

The two areas I'm still trying to hammer out are financing and contracting out the repairs. I know I have a good financial resume, but I'm unsure which route I should take to finance the flip (hard money lender, private lender, etc.) I also don't have much knowledge on good contractors in the Chattanooga area. Does anyone have any advice or recommendations?