All Forum Posts by: Mike Collier

What a great turn!  Congratulations!

Welcome to BP Kadijah! I can tell you that for me it was sort of out necessity. I left my FT job and needed (fairly) quick income. Keep in mind that there are many other lucrative ways of making money REI than simply flipping homes. While you are correct, you'll need to have your numbers in check but you will have to have a passion to see each project through to the end.

There will be plenty of "on the job" learning experiences that you won't completely understand until you've encountered them even after reading about it every book and article. My suggestion would be for you to maybe partner with someone who has experience - even if it's just on your first 1 or 2 deals. They'll at least get you moving into the action phase of your plan. Then, you can take it from there.  Wishing you success!

Do you already have the property in mind? Have you created a investment profile showing what the costs vs. potential returns will be on this particular investment? You may want to consider joining a local REIA like www.CFRI.net (there are many others as well). There you can present your deal and depending on the strength of the deal there may be other investors interested in doing a Joint Venture (JV) with you. They could be willing to do an equity share where, depending on the agreed upon amount of time and money invested from both parties, the percentage of the profits are split appropriately once the property sells. So in short, you may not have to put up any of the money to purchase the property at all. You also won't receive 100% of the profits either but unless all of the money is coming out of your own pocket that will always be the case (unless you consider opportunity costs). Hope that helps!

Nice house hacking! I do wish I would've understood that concept when I was younger and before I was married with kids. (I don't imagine roommates would be my wife's idea of a good investment).  Keep going!

 Thanks JP! Just closed on it yesterday! The Buyers are extremely happy with it. 

Hi Todd, yes I actually used Hard Money for this flip. And yes, it is very easy to do. As long as your calculations of potential profit bake in the costs of your Hard Money Loan (HML) and you still have a profit that meets your goals you're good. As you can see at the beginning of this thread I baked those numbers in. In addition, I even ended up paying 3.5% Sellers concessions on the sale of this property and still made a profit I could live with. The way to make money in this business is not to get greedy. Will the HML lender make money off of you? Yes! Question is...will you be able to buy the property and make money if you don't get the HML? Depending on your resources, probably not.

Thanks Michael!  I enjoyed the journey. 

Welcome @Mike Just to BP!! You're going to love it here. Like someone said earlier, join your local REIA, check out the podcasts on this site and just ask questions. Someone on here will know the answer for sure! Have fun. I hope you realize your goals!

Wishing you all the best.  There's a wealth of knowledge here on BP.  Tap in!

I would strongly recommend visiting/joining your local REIA. You'll find investors from novice to veteran who can answer just about any question you have and many may be willing to even do a Joint Venture (JV) with you. Also, if possible, find a mentor who can help you through it. No sense in recreating the wheel right?