All Forum Posts by: Stephanie Wells

Good morning BP!

My husband and I have been in this REI game for about 9 months now. We are knee deep in a complete flip, I have a few real estate clients that I put at my number one priority and oh, did I mention I still work full time as an office manager.

We are trying to grow our investing to be full time, however, I am really concerned about growing smart and not too fast.  We are both workaholics and I'm excited to use real estate as a source of passive income. Basically, we are fully committed to working 2 jobs for awhile but in the meantime...How do you manage your time to make sure you can get it all done? What are things you do daily, weekly, monthly, to make sure you're on track and I'm talking not just financially but emotionally physically etc. We hired a house keeper for our personal home so we can come home to relaxing place or have client meetings at the drop of a hat.  I want a solid routine now so as we grow we just take it in stride and keep adding more. 

I am a person that tries to make the most out of time, audio books on my commute for example, just looking for more ways to maximize time and be the best I can be! 

Thank you all for your quick responses! 

Michael, negotiating is definitely a learned skill! I'm working on it but I have a tendency to people please and give a little more than I should sometimes. 

We just sold our first two year flip, we are doing another quick fix and flip we bought in January and we are living with our in laws for 3 months while we did this quick renovation. They are fine to have us live there for longer or we could find a move in ready place and turn it into a rental when we find a more permanent place. 

Here's some quick numbers on the deal:

We paid 150k, reno looks to be about 110k and that's with 20k extra for unexpected expenses. It should sell for 315k. Basically 45k in profits after fees and commissions and we feel these are conservative numbers.  Or walk away with 10k and none of the headaches of a huge renovation. 

I feel like you're exactly right @Jeff Sadosky, we are in the driver's seat. I just looked online all morning and didn't find another house with as much potential on the MLS. He already got outbid once and felt it was worth another shot to give us a call. He is another investor but my husband's thoughts are a quick nickel is better than a slow dime, I'm kinda leaning towards that but we definitely don't want to just pawn it off quickly to the first person that puts the idea in our head.

Hello BPers! 

I've been following posts for about 6 months now but am just now seeking some assistance. 

Last week my husband and I closed on a REO house we are planning on rehabbing and living in for 2 years. This morning I received a phone call from someone that we outbid asking if we would like to wholesale the property for 5-10k. We really are planning on living in this house and we really like it, however we have the investor mentality so we are going to take them up on their offer. However, we feel that we have a good deal on our hands and since he threw out 5-10k right off that bat if he might have a little more room in his budget. We are going to ask him for 12k, this allows us to pocket 10k after all closing costs and commissions. We have moved our stuff into the garage and met with the contractor once.

What I'm wondering is, is this greedy on our part? Are we lucky to be getting this offer to begin with after doing relatively little? Or, since this is a hot market and we are planning on living in this house we have nothing to lose by asking for a little more? 

Thanks all!