All Forum Posts by: Mark Lenox

 I think that's the question everyone is trying to get answered. Whether it is legal or not, perception is reality so I fear it is scaring at least some would-be wholesalers.

Thanks, @Zoran M.  and @Mohamed Tarawally . Unfortunately, I suspect wholesalers in Ohio have been scared off by recent news of it being illegal.  I have reached out to several local wholesalers in the past 5 weeks and have gotten zero leads or even discussions.

I agree with @Mike T. .  Numbers aside, having grown up in Tucson, that is a very risky part of town. I would expect high turnover and high maintenance costs.

Hi, all.

Being new to real estate investing, as a flipper, I'd like to ask the question on BP of whether house flipping as an industry is over saturated (here in July 2014).

I am sure the answer to this question varies greatly by market.  I am in the Northeast Ohio market, and currently finishing my first rehab property.  The question comes to mind as I start looking for my next deal.  As I am getting more and more connected with folks here on BP and locally, it seems there are way more investors looking for deals than there are deals to be found. Even those with experience seem to be having a hard time finding opportunities to flip houses.

I am hoping the responses here will tell me this is just a perception problem on my part. I should also explain that I may be in a slightly different situation than most. I hear and read many who are starting REI have a job and are working on transitioning into REI. For me, I lost my executive level job and have decided I would rather work for myself doing real estate investing than go back to the corporate world for my remaining years in the workforce. So, I am perhaps a little more motivated to make this work, and make it work more quickly, than the average investor (I have no illusions about this being a "get rich quick" method). I just don't have two or three years to wait.

If there really are more investors than deals right now, then those who have already been in the game for years will have a significant advantage. In the BP podcasts, I find it interesting that the guests who have a longer history of success usually recommend diligence and being very careful and patient to those who are just starting out (even though the vast majority of them didn't start off that way themselves), while the guests who are newer to REI are more inclined to recommend Nike's "just do it!" as their advice. Before going any further, I'd like to hear what everyone's thoughts are.

Many thanks,

Mark

Welcome to BP, @Chris Tolliver .

I am a fix-n-flip investor, but good luck!

 Does anyone know of a similar site for Ohio properties?

Welcome, @Rob Strickland

@Rob Strickland

@Rob Strickland

@Rob Strickland

Hi, @Denise Gabbard

@Denise Gabbard

I'll just chime in and say that I am currently working with Andrew and the gang over at Home Buyers on my first fix-n-flip as an investor right now. We're about three weeks in, and the project is going very well.

The folks at Home Buyers really do know what they're doing, from the inside out. They're worth listening to and/or partnering with. I'll be attending their gig next week, and I hope to meet some knew people from BP.

Mark

Legion Holdings

I am giving this thought now that I am closing on my first property and getting ready to rehab. What I am getting from this forum thread is to either stick with Excel or pay an accountant. Though I will certainly use Excel to track and analyze the numbers on the project, I cannot see using it to do taxes or reconcile bank account and loans. On the other hand, I am unwilling to cough up for an accountant until I prove out that this REI thing is going to work for me long-term. Thus, I am not thrilled with either of these options. Any more options?