All Forum Posts by: Account Closed

welcome Josh :)

Not really knowing what you're doing and spending way more than you thought you would. If you're a rookie, you would be strongly STRONGLY advised to get expert help. You can find free mentors in your area to guide you. No you can't you say? Well I did, so I know it's possible :). 

I think if you do not know for sure that your contacts in that city are on the up and up, you need to do more research. With my out of state investor flips, the investor BUYS the house through a title company and the rehab funds are sent to our construction company. Sending funds to an out of state company and not owning the property? Sounds like you could get scammed to me, maybe others on the board disagree?

I provide a bid that details the work to be done. Most investors don't ask for receipts but I have scanned 50 receipts before for a CA investor who wanted to see them. 

My investors always take ownership of the house from the start. It seems a lot safer for the investor to me.

In my city, prices are up, so the buy and holds are not 'quite' as sweet as 18 months ago. I am doing more flips for 5-10k per, about 4-5 per year. The goal is to save that dough for more buy and holds. Returns on my buy and holds now are down to about 12%, used to be over 15% but the out of staters seem to be discovering our city and driving up prices. 

Nice, not really :( I just bought a hoarder house, took two 40 yard containers to clean that thing out. 

I'm sure one of those expensive classes works well for some folks. Generally I think it is a waste. 40k will buy you a decent distressed house in my town and make you $700 a month with no maint if you owner finance it like I do. Or maybe 600 a month if you rent it. 

Find a free mentor in your area. They are out there.

Didn't require any convincing. She always has been interested in REI. My first go around in REI was a disaster. But this second go around is another story. When I can show my wife we are making $8000 a year on 50-60k houses and not responsible for repairs, it sort of speaks for itself.

I buy properties with foundation problems, burned out houses, and 'crime' neighborhoods according to some people. I get really good deals in those areas, put 5-10k into the house in most cases these days, and seller finance it to a guy who fixes it up the rest of the way. I buy what most people run away from and it works well for me. :) 

What I wouldn't buy is an overpriced pretty house. No cash flow.

Amen brother! There will be refreshments after the meeting! 

;)

My partner retired at 28 with 20k in cash flow off free and clear houses. He started dirt poor. Anyone who wants to challenge me on that - call me right now. I'll educate you. (I know the criticisms - why does he still work then Joe? Why isn't he sitting on the beach? - he did that for awhile and got bored, and because he loves what he does and is dedicated to transforming the south side into a population of homeowners not renters? good enough for you, negative types? :)

Owning real estate in cash is the way to go. It isn't easy but it's a lot safer. 

I don't do rentals, but paid for, free and clear real estate is the way to go. 

I've been scolded and nearly banned on here for preaching what I preach. Whatever. I do not seek or need the approval of the Bigger Pocket Fathers/Mothers. :). 

Go with God Brian! :)

barbara, you have positive cash flow. Good positive cash flow :). There are potential pitfalls such as rehab costing a ton on an old asset, but you are way ahead of the game with that cash flow! :)