All Forum Posts by: Michael Montesino

@Eli Aviel I think partnering would be good. It will help you avoid costly mistakes if you partner with someone that has more experience. Or maybe also find someone who would be willing to invest in your deal that can also function as some sort of advisor (an experienced lender that would be willing).

I know the organizers of that meetup are good people. They will be very helpful.

Hey Eli,
You should attend this meetup. https://www.biggerpockets.com/... It's in NJ. These guys have experience flipping in NJ and organize this monthly meetup. I think it's doable in your circumstances and this would be a good first step.

Next meetup is Feb. 1, 2020

Hey Henri, I don't have much experience, but thought this to be an interesting question and maybe can help in deciding. 

It depends on if you actually stay invested in Chicago at all.

If you're interested in keeping the property, maybe BRRRR is a good option. You already own the property. You can rehab it and rent it out, then refinance it in order to leverage and continue buying more properties. (Read "Long Distance Real Estate Investing," by David Greene.

If you're not interested in staying invested in Chicago, maybe just sell as is and re-invest the money in the market you are currently investing already. It will take time to find someone in the local market to help rehab and sell. You can maybe save time and just put this money to work right away in your market instead.

Just some thoughts. Hope it helps in any way.

this was a great apissode and very inspiring!!!

Loved this interview. Lots of actionable advice. I agree with all of the other comments. 

Hi everyone. I would like to post a simple question. I would like to start out by flipping some properties in the Orlando and Tampa, FL area. What are your thought on starting out with $20,000 to $30,000 in capital? I would obviously also use a hard money lender. But do you think, in this area I can start out with this amount for flipping single family properties? 

@Robert Uceda the first thing that comes to my head is to really just get another agent that already thinks this way. Look for one here on BiggerPockets. 

Hey Andrew. I’m also new to this, but just want to give you my thoughts. 

It looks to me that if you can do this deal for somewhere around $550,000 you may be able to make it work. This is just estimations from the rental income you provided, but you’re running into the same problem I am, in NY. Prices for property here are very hard to make cash flow positive. 

I’m going to start by investing out of state. This to me seams to be the best solution for now. 

I know this doesn’t help a ton, but wanted to give you my thoughts. 

Thank you all for the warm welcome. 

@Aziz Raji feel free to reach out. I’m glad to help. 

Thank you.