All Forum Posts by: Wayne Sluiter

I would be interested to see what you have in SFR / Multi-family homes in Michigan.

@Dave Foster

Thank you sir!  This is absolutely incredible that I have found this level of advise and expertise so quickly and easily.  BTW I like your website as well.

Prior to joining here, it would have taken me weeks of research to find reliable information and details (explained by people who make it their business), that I can quickly and easily understand.

@Bill Exeter

One thing that i have always worried about on these types of sites is how qualified are the people who respond with the answers to the questions.

I see that you are very qualified Bill.  Nice website.

Thank you for your response, it looks like joining BP.com was a good move.

@Candice Gielda

That's a nice feature.  Thank you!

Arlan

Got it. Thank you!

Dave:

Thanks for the feedback.  Since i haven't used a 1031 exchange yet, I wasn't aware you couldn't escrow the proceeds to the next investment without taxes.

If i understand you correctly this is because a flip is a short term investment and a 1031 can only be performed on long term purchases?  Is there a minimum hold requirement?

Also I am not quite sure I understand your comment regarding investor vs "dealer in real estate", can you enlighten me?

Hello everyone, my name is Wayne, I live in Michigan,  and I am a newbie to BP.com.

While a newbie here, I do have some experience in the real estate game.

I have two SFR condos rentals that are doing quite well at approx. 15% ROI.

These were purchased with my self-directed IRA LLc.

I would like to also get started with a non-IRA llc.

I do work a full-time job M-F but it does allow me some flexibility to search for deals.

I have funds for Rehab costs, but not enough cash to make the next purchase and not experienced with obtaining other peoples money for investing.  Someone told me that if you are an investor, YOU WILL ALWAYS RUN OUT OF MONEY!  (This is a statement of fact, not a request for funds - per site guidelines) 

My current strategy is purchase maybe 2-3 flips (one at a time of course) and hopefully 1031 that capital into another rental.  Then repeat the process again.  I also have an interest in Multi-family, but not sure if i am ready for that game just yet.

I don't currently have a mentor and have been working my strategies alone.  At this point i am stuck in "Analysis Paralysis".  My confidence is shaky at best and not sure which steps to take first.  Find the deal then try to find the money?  Can I analyze the deal correctly to get the money?  Do I need to get to know some contractors first?  On and on and on..........

I will be attending a free visit to a local real estate investment club on the 21st, hoping to meet some locals and get myself refocused in a single direction.

So this is my introduction and I am trying to get my name out there to see what feedback and if there are any locals on here that can help me get my head straight.

I welcome all feedback, and look forward to conversing with as many as possible.