All Forum Posts by: Ofer Eyal

Thank you @Kevin Ivey

Well done @Daniel Black! Sure you can do it again, man. 

If your area is too expensive and you want to do it in your area read Brandon Tucker's "How to Invest in Real Estate with Low (and No) Money Down" - it has great tips for when you budget's too low. 

However, if you want to use your money now and are open to investing elsewhere, get David Greene's "Long Distance Real Estate Investing". 

Either way, as you move forward, I'd seriously suggest you get educated and come up with a strategy before you make mistakes. 

You have so much working for you - a great first experience, intimate knowledge of construction projects, connection to contractors, good hands, passion, being hardworking, dedication. But all of these are not a strategy. Just great building blocks.

The good thing with both books mentioned above is that they'll help you build a strategy. 

Best of luck and God's speed on your way to build your dream career!

@Joe Aiola great advice. Thank you

Hey @Evan Polaski 

Thanks for the detailed answer. Very helpful.

Hi BP people,

For those of you who are flipping properties built prior to 1978, I'd appreciate if you can talk about dealing with things like lead-based paint, asbestos etc., nowadays (when market is crazy and you need to give an offer.

1. Do you inspect for lead/asbestos before deciding to give an offer?

2. If lead/asbestos is found - would you even consider rehab depending on the cost or stay away?

Any other experience-based-perspective are welcome.

Thanks,

Ofer

Keep digging for distressed properties. Don't get discouraged. All you need is a foot in the door - one good deal that you flipped beautifully.

Exciting! Congrats and best of luck @Sheri Fluellen!

Was there a number to call when you drove by?

@Drew Slew, I'd start with getting a strategy. 500K is a lot of money to waste only to learn this painful lesson. What do you want to achieve from investment? Why is it important to you? Before you answer those two questions - the rest doesn't matter.

@Drew Slew

Hey @Kyle Thompson

That's great that you have equity and you realize that you can use it to your advantage in real-estate investing! 

However, generally you would like to start with the strategy and then go to the financing question.

Strategy might start with the following 3 questions:

1. Why do you want to invest in real-estate? E.g.: financial freedom, passive income, secure your kids future... 

2. What do you want to achieve with real-estate investing (REI)? E.g.: cash flow, equity, ...

3. How do you plan to do that? E.g.: start by flipping sfh until gaining enough case to brrrr and finally move to buy-and-hold enough small multi family properties...

And only then, you move to your detailed plan of action which includes, amongst other stuff, the question of how to finance your first deal. 

In any case, get yourself really educated before moving on. REI is full of potential but also full of risk.

Good luck man!