All Forum Posts by: Eric Blanchard

I agree with @Jon Holdman . Crunch your numbers, then ask yourself if you are comfortable with the cash flows.

The 1% "rule" is rarely met in some markets, such as here in Portland where cap rates are down around 6%. I've heard that Seattle is similar, don't know about your market.

I'm working 40+ hrs a week and doing a flip on the side. I planned from the outset to have a GC to manage the site during the day. I drop by before/after work when I can and watch the cash. It isn't too bad.

Many startup businesses fail because they try to live off their biz before it has gotten off the ground. I'd suggest supporting yourself with your day job, and reinvesting any RE profits. Once you have a solid income stream from RE you can revisit quitting your job.

Way to go @Anthony Martin

@Robert Leonard is pretty much spot on. My HML is at 2 points and 12% (special rate because lender knows my mentor; normally the terms wouldn't be as favorable for a newbie), Private Lender is a friend and barely charging above the prime rate.

Note about HML's - pay attention to your HML's opinion of the deal if he/she is experienced. If the lender won't loan, it is a good indication that the deal isn't as sweet as you think it is.

Congrats!

What area do you farm for deals?

Washington's candy, Oregon has a few more requirements such as continuing education and retesting.

Welcome Michael!

Count me in. Pretty much any time on Friday is inconvenient, so I'm flexible with regard to meeting times :).

Maybe a slight preference for afternoon now that I think about it.

I'd go with Agent. No matter which you choose, you'll need to be knowledgeable about spotting viable deals and putting them together. A GC is easy enough to hire, and being your own agent will help you keep on top of the mkt better. Plus you get paid to purchase your own property :)

Welcome @Mark SargeantGlad you made it to BP. IMHO the books/seminars actually give too much info - most of us don't need to know 300 creative real estate strategies when starting out, just results in analysis paralysis. I'm in the middle of my first flip right now, learned more the last three months than in the last two years. And only a couple percent of what I learned during those years was useful for this flip.

PM me if you ever want to chat, and good luck.