All Forum Posts by: Michelle Madtes

Thank you so much @Jasmine Wilborne !!!!!

I totally appreciate your help. I will definitely listen to Podcast #92, I look forward to it.

And I have to find a local REIA, that would be very helpful too.

Thank you for your time, thank you for your wonderful advice and I hope you are experiencing so much success. :) Thanks again

Hi Rashad,

Firstly, THANK YOU so much for your response :) I really appreciate it. I am excited to check out rehab valuator! I really don't want to ask family or friends for many reasons! That's just not me! My past deals were turn key real estate deals with buyers and sellers- not investments! But I'm not sure if that is enough to show a hard money lender.

Thank you again for your help and I hope you are making a FORTUNE yourself!!

Hello all,

Thank you for taking the time to read my post. Now that my youngest is in pre-school I am now a full time real estate agent in Suffolk County, New York. The years home with my kids I used as an opportunity to learn everything about real estate investing! Although I enjoy turn-key the time has come where I MUST do my first flip! Please help.....

Again, I just showed my husband a 4 bed 2 bath Hi Ranch being sold by the bank for $200,000, last sold for $420,000 in 2006 with current comps supporting a resale of a minimum of $350,000 and renovation costs approx $30,000. But everything might go wrong and we need to be wealthy before we start this!!!!!!!!!!! AAAggghhhhh, so my personal finances are not an option! And I'm sure that one is probably gone as its been on the market for over a week now! 

So how do I start? Aside from the fact that my current home was a foreclosure and a fabulous deal, and I've only had about 9 deals in real estate in past 18 months (was part time), I have no track record to offer, nor capital. Would a hard money lender give me financing? I made an offer to an investor on the above deal- if he funded, I would completely run it and because I have no track record, he could decide my value at the end and pay me what he wanted. But he very nicely declined. I'm sure I have missed this one but how do I make the next one happen?

I am so gracious for your time and any suggestions.

Thanks so much,

Michelle

Wow, thank-you guys, I have just learned so much. Thank-you again @Account Closed for asking that question.

@Paul Timmins Thank-you and I love your profile picture with Barbara Corcoran. She is one of my idols. In fact, I talk about her so much that my husband (from listening to me go on and on about her) now calls her Babs! I have never had the privilege of meeting her.

Hi Tiffany, I am so happy you asked that question. I am a newbie and trying to figure out the same structure set up. I believe the multi entity approach is best. For example set up Tiffany Holdings, then Tiffany holdings owns Tiffany Inc. So tenants, contractors etc. deal with tiffany inc which owns nothing. This makes sense to me, however I don't know what entities they should be. Should it be tiffany holdings or tiffany llc etc?????? I don't know any real estate accountants yet that I know I can trust their knowledge. Please let me know if you find out. I want to set it up properly upfront as opposed to learning the hard way down the road. I wish you every success with your investments :)

I am a newbie also. Listen to the bigger pockets podcasts (which are packed with valuable info). They ask your question to their guest every week. Rich Dad, Poor Dad is brilliant. I am almost done with E-Myth Revisited, which is another fantastic book. Think and grow rich also. I wish you all the success in the world :)