All Forum Posts by: Jeff Mays

Married to HML 200k should allow you between 500 and 700 k in borrowing power although when starting out keep in mind your rates are going to be much higher than say someone like me that gets the absolute best rates.. it makes profits a little smaller when U start..

but your looking at value add flipping .. new construction.. buy land get it up zoned and approved for HBU and flip

timber tracts that you can instantly log and resell we made millions doing this on OPM .. and it viable in the Carolinas etc.

Can you elaborate on above more please, if you have the time? (HML=Hard Money Lender, right?

Thanks so much Jay, ...great input. Staying in that 60 hour/week, six day/wk grind for so long is what kept me from learning what to do in this space. I've learned more in the past 60 days than in the last year, being able to research and study all day. Background is in dealership management, nationally recognized, so I'm great at closing/negotiating, numbers, and navigating a deal, and I'm naturally more transactional inclined. Just need to know where to look for areas of opportunities, and then how to set up LLC's, holdings company, etc.

Kristel, thank you for the useful information. Would you agree that both in NJ and South Florida where I have residences that those two areas are not necessarily prime locations to find bargains? I'm having difficulty making the cash flow numbers work on the available multi-family properties I've done analysis on so far. Also, I have access to about $200k to get going on some W/S deals or flips, but in your experience is that enough to get the attention of area hard money lenders already doing business in these areas?

Okay everyone, here we go...I'm sure that given my extensive business experience and background I'll have much more to contribute as we go along, but today is my first conversation with the Bigger Pockets community, so thank you in advance for your indulgence. 

I've had a successful career in automotive retail now for over 28 years, but it hasn't gotten me the freedom and independence, or the wealth (frankly) I should have at this point in life. I cringe as I write this next line, but I just left a position making over $300k/yr to venture into real estate investing (gulp.) After a year's worth of study, leaving is probably the only way to force myself to take this leap of faith seriously. My background provides an extensive head start in terms of business knowledge, so that's a positive. The challenge will be replacing as much of the income as I can as quickly as I can...hence, the reason for my post. I have some capital, and am more comfortable in the transactional space than collecting rent and looking only for a $200/mo or a $500/mo positive cash flow first step, and means I'm not necessarily starting from scratch.

That said, (or maybe not,) what does the community think about securing a first deal? Inside track on flips maybe? Partner up for the first couple deals to get going? Or point me in the right direction to look, at least? I have places in North Jersey and South Florida, which would be primary areas of interest, but I'm also familiar with Ohio where I grew up. 

Everyone's been here, I imagine, so thank you.

Jeff