All Forum Posts by: Ryan Colucci

My goal is to provide myself with enough real estate equity to be able to retire comfortably by 55 (currently 31). I plan to do this by purchasing 20 properties over the next 12 years. Renting out the properties and reinvesting the profits. I figure to have them paid off in 22 years.

Flipping with others people's money is simply a short term strategy which will supplement my current income. I've always been of the mindset of having several different income streams. Makes that 6 figure income a lot more attainable. I figure if I can make 5k-8k per flip and do this 2-3x per year it will provide a nice income stream to add to my current income which I would use to invest in my long term strategy. Using someone elses money will allow me to pursue my long term strategy in sync with flipping and not having my own money tied up. Obviously having minimal risk is another benefit.

Hello BP, not sure if I have properly introduced myself yet but I have been browsing the forums extensively for the past 6 months just gaining a vast amount of knowledge. In any event, I feel like I am properly prepared to pull the trigger on my first investment property. I have a couple of different things going on at the moment.

1) I would like to purchase and hold a long term investments for myself ( I have approx 30k to invest for down payment and rehab). I am looking at the 80-100k range for propties

2) Also a good friend of mine recently approached me saying that he was looking to get into the fix and flip strategy. We would be looking at a slightly higher price point of 125k-150k so there would not be a conflict of interest with my personal investments. He said he has an investor who is also willing to put up approx 25k-30k to cover down payment payment however we will be responsible for rehab costs and would still need to take out a mortgage on the property. We will be responsible for everything the investor is simply looking for a return on their money.

a) The investor is asking for 5% gurantee plus 5% of any profit made on the investment. Just wondering what is considered fair in a situation like this. I've read several of the posts about partnerships where its more of a 50/50 split BUT these were all where the investor was putting up 100% of the cash. In our scenario we are putting up rehab cost and still have risk due to the debt

b) How would a scenario like this typically be handled as far as whos names would be on the loan? Just ours, all 3 of ours, or do we set up a LLC? Im not looking for legal advise but just wondering for anybody who has done a similar partnership how they might have handled.

Thank you for your reply Kelly. MLS and sites like realtor.com, redfin have been my current strategies but i do feel like there are probably better bargains to be found elsewere I'm just not sure how one goes about finding these.

Any other comments? Was hoping to get a little bit more feedback.

Hello Big Pockets community, I'm new to the site and new to investing in real estate. Without getting too much into my individual circumstances I'm currently actively seeking out my first potential investment. I would like to know where some of our experienced investors go to search for potential investments; is is through the MLS, foreclosure auctions, FSBO, other investors, etc? I know that these are all potential resources to be utilitized however which do you find to be most reliable and provide the best results?
Thanks!
Ryan