All Forum Posts by: Preston Kirkpatrick

Brien – First of all, welcome to BP. We’re glad you chose to join us after your time off.. You definitely came to the right place to learn.

From what you said, it sounds like you want to go the residential route -- buying Single Family Residences (SFRs) and renting it out. You also mentioned you’d be interested in flipping. Is that right?

IF that’s the case, here are a few initial links you should check out:

Buying Rental Property:

https://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/

Flipping:

https://www.biggerpockets.com/renewsblog/2014/01/0...

Following that, you said you’re considering other alternatives like Tax Liens, Notes, and/or Crowdfunding. Check out these links:

Tax Lien:

http://www.biggerpockets.com/renewsblog/2014/01/15/start-investing-tax-lien-deeds/

https://www.biggerpockets.com/renewsblog/2013/06/05/otc-tax-liens/

https://www.biggerpockets.com/search/wordpress?utf8=%E2%9C%93&term=tax%20lien

Notes:

https://www.biggerpockets.com/renewsblog/2011/4/14/a-note-buyers-checklist/

http://www.biggerpockets.com/renewsblog/2013/03/12/buying-mortgage-notes/

http://www.biggerpockets.com/renewsblog/2013/02/19/five-advantages-of-note-investing/

Crowdfunding:

http://www.biggerpockets.com/renewsblog/2015/05/12/askbp-017real-estate-crowdfundinginvest/

http://www.biggerpockets.com/renewsblog/2016/03/16/crowdfunding-5-things-to-know/

http://www.biggerpockets.com/renewsblog/2013/11/20/3-things-need-know-crowdfunding-real-estate-investments/

But it sounds like there’s a lot of ambiguity in the description of your goals. You lack a real clear strategy. For that reason, I recommend you first read this article before following any other investment strategy :

http://www.biggerpockets.com/renewsblog/2013/11/20/3-things-need-know-crowdfunding-real-estate-investments/

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Good luck, and if you’re ever in the central Florida area and need assistance, let me know, I’d be happy to do what I can to help!

Preston Kirkpatrick

Hi Keith -

Unfortunately, I'm unfamiliar with that specific geography -- I'm a sales agent that works alongside NAI Heritage in Ocala, Florida.

However, I do recommend you try reaching out to one of our Affiliate partners: NAI Meridian. I'll send you a PM with their contact info. They specialize in CRE in the Indianapolis area and might be able to help with what you're looking for.

Let me know if that helps!

Hey BP, quick question:

When analyzing a potential rental home investment and/or house flip deal, what data do you gather in order to make a sound analysis? Where can I obtain that information without having access to the MLS? Then once I have enough data, how do I analyze it to make a good investment decision?

Thank you for the help and I'm looking forward to reading your responses!

Hey BP, quick question:

When analyzing a potential wholesale investment, what data do you gather in order to make a sound analysis? Where can I obtain that information without having access to the MLS? Then once I have enough data, how do I analyze it to make a good investment decision?

Thank you for the help! looking forward to reading your responses

Terry/Michael- good suggestions.. My next step is become a member of a REI organization. Thanks for the advice.

Instead of putting up an initial $1000 for marketing HOPING that a deal will come out of it, I should find a deal and flip it FIRST, make some money, learn some things, and then slowly start building a marketing campaign around it. 

It'd be foolish to spend $1000 doing something I've never done before just to hope that something comes from it. 

Learn the skills, do the work, and grind out deals as cost effective as I can before starting to invest money in ad campaigns. 

I'll post updates when I can!

Hi BP! Love you guys. Listened to podcasts for months and finally decided it's time to get into REI A little about me: I was born in Binghamton, New York but now live in Ocala and Gainesville, FL (depending on the day of the week.) I'm 20 years old and am a business student at University of Florida (go gators!) My interest in real estate probably came from my dad, who owns a commercial property management company here in town. Now I'm ready to get me feet wet in the RE game. Original I wanted to begin by Bird Dogging for a local investor, but decided that wasn't going to help me with my goals. Instead, I decided to start with wholesaling as a way to get into REI. From what I hear, it requires a lot of the grunt work, time, patience, and a willingness to learn from your mistakes. I think I can handle it. But before I begin, is there any thing you wish you would have know prior to starting out? How about cost effective marketing strategies for those on a budget ($1000max)? Thanks, and nice to meet you all! PS I plan on using this post to document my progress. Stay tuned for updates!

Currently driving for dollars around my local real estate market. I've noticed it's difficult for me to stay in one area without navigating too far away. I hate inefficiency and that's exactly what's going on right now. At times I feel like I'm driving in circles. Does anybody have any recommendations of how to follow specific route? Any apps that help you navigate a route? Or any general advice about how to plan your route prior to driving for dollars?

I'm a college student. And as a college student I have a lot of freedom. 

As you grow older, your obligations increase. Over time, you slowly become more and more tied down. Of course I can't speak for everyone, but that generally appears to be the case. As more and more obligations pile up, your freedom begins to diminish. 

One form of freedom is the freedom to mobilize--to pick up shop and move somewhere completely different. Currently, I have a lot of this freedom...and want to put it to use. 

So the question is this: if you could pick up and move anywhere in the country with the sole purpose of investing in real estate, where would you move and why? 

Thanks,

Preston Kirkpatrick

Getting into real estate with low access to capital, I've read that there's 2 primary options: bird-dogging and wholesaling. 

Essentially, a bird dog points an investor towards a deal. They have low skin in the game and it doesn't cost much to send a lead. Often times these leads are what investors call "Phantom Points," meaning the dog points at a bush with no birds in it. As I see it, this is one of the more common mistakes from bird dogs. 

But what about wholesalers? What are there common mistakes starting out? What advice would you experienced wholesalers give yourselves starting out? What do your biggest mistakes early on and how can I learn from your experience?