All Forum Posts by: Cuong Le

Hi @Sheena Michael Dillon and welcome to BP! Your goal to retire one of you within 18 months is definitely within reach with BP and the both of you on board to do so. Your "why" is great and will help you pull through when things get challenging.

Sam Craven is here in Houston and he's doing really well within a short amount of time. You might have already listened to podcast 33 but if not, you can listen here. Best of luck!

Hi @Binh Nguyen and welcome to BP! It helps to put a profile picture as well as complete your profile so you can better connect with other members.

Did you listen to the podcast today? If not, you missed a lot of great practical info on there.

By the way, let me know what you find out on a reputable RE attorney. See you around!

Hi @Jonathan Halliday and welcome to BP! Your goals to get enough money to put your daughter through college is definitely doable. The important thing that you did was getting started so congrats.

Have you read J Scott's book on flipping? I haven't but saw that you wanted to learn more about flipping and heard it is very thorough. See you around!

Hi @Richard Cervantes and welcome to BP! Glad that you're jumping on board with RE investing and decided to take action. A few good ways to find mentors is to join local REIA clubs and network. A few that other BPs have recommended are:

1) AREA Real Estate

2) Great Real Estate Inc.

3) Local unofficial BP meet ups

@Jerry Puckett is killing it with his wholesaling business and is close to you. You can hear his podcast 21 as a start, read some more wholesaling articles in the forums and then bounce a few questions with him.

Keep us updated and we'll see you around.

Hi @Brandon Carter and welcome to BP! You took the first step which was deciding to take action. We too know how it feels to take that first step.

I can remember getting our first house and the nerves almost overwhelmed us. We were second guessing ourselves and didn't know if we missed anything but it all worked out.

Just trust your evaluations, use BP as a resource to back it up and you'll be on your way very shortly.

I too do the same thing with the podcast during my drive to and from work. Makes the drive bearable and I get to practice my falsettos :) (quiiiiick tip...haha)

Hi @Randy Lance and welcome to BP! Here's an article of the best books people have recommended on BP. My personal favorite is the E-myth and 4 Hour Work Week. You'll see similar books keep popping up so if you run across something different, please share!

Looks like you have some units under your belt which is great. Continue being active and stay engaged. We'll see you around.

@Karin Crompton - That's $10k to $15k total for all three for an average 1500 to 2000 SF home. Foundation depending on severity can be around $5k, new 20 yr simple roof for about $5k and a new AC unit with brand new duct work from $4-5k. These were all individual trades and not done with a GC. If it was done by GC, it maybe a bit more.

Hi @Emma Chen and welcome to BP! One of the best reasons why real estate is so awesome is that ability to leverage money. While options 1-3 will get you in the game, it will take you a bit longer to obtain the next property. I'd save that money and look into private lenders (it could be friends and family) or hard money. Here's an article that you can start with relating to hard money from Brandon Turner.

I think it also will be difficult to show intent on your first property as a rental so don't think you can go with option 4. Glad you guys joined and hope to see you around.

Hi @Christy Glenn and welcome to BP! Having that license will help you in your RE business so go for it. We too are in the process of getting our license so good luck on your test.

If you haven't done so, take advantage of the podcasts. It provides a lot of info in a small amount of time.

This business will allow you to give you the opportunities that a normal 8-5 job will not allow. Looking forward to hear your success stories!

@Kevin Gerace - The bank is not going to lend on $20k. Most have their minimums around $40k-50k but every lender is a bit different. As @Karin Crompton showed the math in her post, this is not a deal. Even if they gave it to you for free, you'd be losing money. ($140k x .7 = $98k - $90k rehab - $10k closing cost for hard money and then refi = no bueno)

I can't believe rehab cost would be that high...$90k rehab? Here in Texas, the major components (foundation, roof and AC system) would run you between $10k-$15k. The rest like flooring, paint, appliances, etc won't eat the rest of what will be left over of the $90k. I guess Connecticut has really high costs.

I'd pass on this one and find another one a bit more manageable for your first few deals. Good luck!