All Forum Posts by: Devin Morgan

@Tony Gonzalez

 make sure you check out creditboards as well. It might not take as long as you think ;)

Welcome to Bigger Pockets! As far as repairing your credit I was able to boost my score over 100+ points in about 6 months time using a site called creditboards.com they basically have a wealth of information you just need to weed through it. Usually people are very helpful and forthcoming there. As far as credit cards you can always try to get a secured card which is easier than a unsecured card as it's secured using your own money. Generally speaking if you don't have any type of revolving accounts now you might want to get them because when applying for a loan more than likely they will want to see atleast a years worth of payments. If you don't have it then they'll try to do alternatives which are different bills but its easier to just have the positive tradelines already established. Goodluck!

TIP: Make sure you definitely research. Most people think that if you pay off your debts it'll bring your score to where it needs to be but that's not the case.  Remember you have something they want (their money) they have something you want (negative information removed from your report)..... use it to your advantage.

Thanks @Joe Villeneuve clear as mud!

Geesh @Joshua Chen appreciate it. As far as REI mentality I've read Rich Dad Poor Dad, Think and Grow Rich, J. Scott's the Book on Flipping Houses, and the Ultimate Beginners Guide to REI. Add that to the few dozen podcast and countless hours spent staring at the screen. I still want to read the Book on Estimating Rehab Cost, but I'm currently looking for deals in the meantime. We have the cash so financing isn't a issue we just haven't networked locally which is where the hesitation comes in. I have a FHA loan on my current house, and I'm happily house hacking ;) We have plans and exit strategies, we're now just working out the kinks. Thanks!

@Neil Schoepp never argue with the numbers, got it!

And I believe that should be wordpress.org not wordpress.com

Thanks @Rafael Norat

We've talked about our team goals but never put it on paper, so thanks we'll be doing that tomorrow! I'll also be meeting with a supposedly investor friendly real estate agent in a few hours.  I say supposedly because of course he'll tell me he is to grab my business but I think I may be in a better playing position asking questions to make sure courtesy of J. Scott's book on flipping houses. Either way I'm sure we'll be fine, we just have to take the plunge.

Thanks Rafael!

Is the ultimate question. How did you know when it was time to stop reading, and just do? I guess there never is a perfect time but what finally made your feet leave the ground?

Me personally feel as though I'm not ready. But I think I'm not ready because I'm telling myself I'm not ready. I've been reading Bigger Pockets for months (although I've only been a actual member for the last few), listen to the podcast frequently, been to the last few BWI meetups, and I have recently invested in a book by a fellow BP member... a book that will more than likely be finished today even though I just downloaded it yesterday.

I have my partner we have the cash to fund a flip yet we're not sure when to pull the trigger. Maybe it's because we haven't really built relationships which I think is a key part in trying to avoid some beginners mistakes. It's almost like how the hell do you do that when sometimes it feels like you're just the little fish in the big tank?

Funny I asked myself the same question when it came to quitting my day job, and I just did it. I was almost amazed to find out the world didn't end, I still was fine, and everything was okay once I cut the cord.

When did you know it was time to just do?

Good post. You're absolutely right about having something to offer which is why I originally didn't post much, I just didnt have much to bring to the table. Between my partner and I we have the time and money. He works 16 hour days but he has the money. I recently just quit my full time job so I have the time. Neither of us have experience which is why we plan on partnering with someone that does at least on a few deals until we get a little comfortable. 

You did a great job! Me and my partner will be doing our first flip soon. Hopefully we can avoid some of the things that you mentioned. Either way good job... on the house and such a positive attitude!

Was there ever a time you thought about quitting? And why?

What was your biggest mistake turned lesson?

Do you find that your inner circle of friends has changed since gaining success?

#Askbp

I agree with everyone else. Price would be the first factor to consider. The only incentive I can think of off the top of my head is free or reduced rent for whatever month if the lease is signed by a certain date. You can also offer some type of gift card to a home store or something. At the end of the day people like to hear the word free, and it cost you next to nothing compared to a house just sitting.