All Forum Posts by: Scott Sampson

 Thanks for this Tom.

 good to know. Thanks for sharing this!

Thanks James. Appreciate the insight. 

I looked for posts on this in the forums and didn't come across any (might not have been typing in the right search words). I was leaving a nice neighborhood with a friend that just moved there recently. Their in-laws just had a house built as well - it was completed back in June. They told me that this builder recently went bankrupt after their in-laws luckily had their house finished. But this builder has two specs 85% complete but obviously sitting there since he's gone bankrupt. Apparently there's a house or two where buyers paid him for their house and he had to stop in the middle of their build as he went bankrupt. I found the lender from a different state by searching lawsuits and matched the one with this builder and their company. I'm guessing this lender has these two 85% completed specs on their books right now. 

My initial thought was looking into the best approach (if any) with this lender to get one of these two specs at a discount which would get one of them off their books. I have two rentals currently. My first thought would be to see if I can land one of these specs, have one of my contractors finish the last 15%, move in this myself, and then list my current primary as a rental property. 

Thoughts on the best way to approach this situation with lender? And is there any angle I'm not considering that would make this an unreasonable idea to pursue?

Thank you sir!

Thank you. I do but it’s more close to where i live, in Seneca/Clemson area. Gville area is alittle out of my price range to invest in, at the moment. 

Are there any mastermind groups actively meeting in the upstate?

I started my journey in December of 2019. I had a friend introduce me to BP podcast and Chad Carson's website that fall. Took time over Christmas to dive into all aspects of the website and found the "live in then rent" model discussed and thought I could do it. By June of 2020, I had completed that step and couldn't believe it. 

In 2021, I BRRRR'ed my first property and also bought my first off market deal. This whole time I had been reading books, listening to podcasts, webinars and taking notes. I have multiple folders on my desktop as I've learned more about the nuances of real estate. I spent the next 16 months trying to find more deals to cash flow via buy and hold or BRRRR and couldn't do that as interest rates started to rise. I then decided to look for a flip based off what I was seeing in my local market. Finally in August of 2023, I closed on my first deal, saw the flip through with an investor friendly agent who had flip experience and the flip is currently listed on MLS.

As I continue my W-2, I'm continually reminded of my goal to be financially free by age 45 (just over 7 years from now) and I'm more motivated to reach that goal so I can go into RE investing full time. I'm still reading, listening, learning, and taking notes. I'm also trying to expand my network and relationships. 

I"m trying to get dialed in on weekends and was looking at the BP website and it was encouraging me to take steps to bolster by personal profile so I'm doing that now. I want to create capital (I have some in my flip, future sale of my flip, possible HELOC on my primary, and investment acct) and I want to put it into cash flowing assets. My goal is to look at duplexes up to quadplexes and partner with other investors (have 4 currently willing) to purchase for good cash flow and future equity and then scale over time. I'm also interested in self storage and I'm reading Paul Moore's book "Storing up profits" so I can continue learning. I want to find some traction that works for me and just follow the process over and over again until I reach that financial freedom goal, by age 45. I want to do it with others too, whether with private investors, silent partners, or equity partners.