All Forum Posts by: Brandon Anderson

r2d2,
In the US (in most states), the age to vote, smoke, and sign contracts is 18. 21 to buy alcohol. :beer:

As far as working with friends, you have to be careful. If you're not clear upfront about your expectations and what they will receive in return, they could get upset with you demanding they do what they said they'd do or even jealous that you're turning a huge profit while paying them only a relatively small portion. That's the way business goes...it's not the way friendship goes. But, if you're clear with them about your plans and expectations then you should be OK to tread carefully.

Personally, I'd rather not deal with having to rent out a place, especially as someone starting out in REI. I'd rather flip it and get out with the cash. That's my plan, anyhow :D

CAL, I don't think that is what was suggested. From my reading, I believe the process is to give just enough info to get them interested in the property. Have a non-compete agreement and your pricing contract for them to sign if they want to know the specifics. They sign those docs, you give the details. If they want the property, you'll get paid. If not, you'll have to move on. I don't think there's any transfer of money until the investor buys the property you bird dogged.

Wheatie, thanks for the great post. I was considering using IRA funds a possible source for improvement funds, but I didn't realize there were such restrictions as having to purchase and fund the ENTIRE house with the IRA. You may have saved me some big headaches :D.

Thanks for the suggestion, Rehab. I look forward to seeing you around the boards.

Brandon A.

Thanks, Richard. I appreciate you passing along the link; I've actually already read all of the Meet the Investor interviews, and I think they're great! In yours, I was most intrigued by your work in Ely. I've read that a rehabber should know his/her market really well. What was your level of familiarity with Ely when you started there, considering that you're 250 miles away? Have you encountered any problems (particularly with contractors) in your rehabs given that you're fairly remote to Ely? Since you are also familiar with condos, would you recommend a rehabber start with light rehab, such as in a condo?

Thank you for sharing your experience.

Hello all,

I live in the suburbs of Richmond, VA, where I was born and raised. My background is in web design and development, and I currently work as a web technology consultant in Richmond. But this is not something I see myself doing for the rest of my life...

I'm interested in learning about REI in general and rehabbing specifically. At this point, my only real estate investment is the condo I live in, which has been a great investment (50% appreciation in four years). I'm heeding the advice I've gathered thus far--to thoroughly read through the forums and read, read, read as many books on the industry as possible.

I look forward to interacting with you all via the forum, where we can all help each other succeed in REI. Are there any other Richmond area investors here in the BP forums? Take care.

Brandon A.

I purchased my first home, a condo, my freshman year in college. In the four years since then, it's appreciated about 50% based on the neighborhood comps. Not bad at all! This really showed me the value of increasing my portfolio's positions in real estate, so I've dived into my research on REI and, well, here I am in the Starting Out board. I look forward to seeing you all around on the BiggerPockets forums.