All Forum Posts by: Brian Orr

Thank you James and Don. I've taken both of your suggestions and have a appointments to meet now with a meetup networking group and my local REI.

Mindy, I'm looking mostly at single family flips, or flip to hold.

Thank you Ned and Sean. Darnell I'm still a bit away from there but there is some opportunity in my region.

Shane this one was all cash. I didn't really know there were other ways around it at the time. I had saved about 90k to be used towards a buy and hold income property. It just happened to work out this way.

Hey all, I'm writing you all from Mt Holly just outside of Charlotte. I'm fairly to to REI and interested in meeting any BP family in the area (Belmont, Gastonia, Concord, Charlotte). Feel free to drop me a message Brian

Hey Greg, I'm also fairly new to REI and I'm living in Mt Holly as well. Let's grab a coffee or something this week if you like. I'm not sure how we share contact info on here though

I was driving my new neighborhood with a friend who's an agent, helping me to get a layout of the area, and searching for a potential new home. On her phone came a new MLS listed foreclosure alert which happened to be 1 block from where we were and by the end of the day I was in my first "highest and best" showdown.

I got the property for $42,175. It was a beat down 3/1 brick ranch. 5 months later and after slightly exceeding my renovation budget (please see 'contractor nightmare #1') I was all in at at about $75,000. 

After some continued research and discussion, I discovered the world of refinancing. The house was appraised at $116,000. I left roughly $35,000 in and cashed out my entire investment with a small profit. The house has been rented since with a $400 monthly cash flow.

Needless to say, I was hooked!

I'll preface by stating my mother is my 50/50 financial partner in our budding business. She has a long term corporate career in banking and auditing. I am handling most everything in our REI business except for bookkeeping (her forte). My degree is in finance and I have worked construction many years so REI is the culmination of my passions.

She has a strong want to become more of an asset to the company and has some time to do so. She's expressed a desire to obtain a license or even a degree, as her continuing education is paid (up to a point) by her employer, that would support our goals.

The question is, does anyone have suggestions on what path she should take that would  be of greatest asset to our company?

(Footnote - my wife is currently in real estate school, pre-license)

I'm about to close on a foursquare built in the 40's. It needs 100% updates on everything so I will be gutting it. I'm contemplating now rearranging the floor plan  and opening up the rooms... My question is, does anyone have experience selling this model home, and have your buyers expected the compartmentalized original feel of the house? Or, would they appreciate the modern elements in the old frame?

Any thoughts?

Thanks for the input Christopher. I'm 100% certain that I can't be 100% certain. But I will definitely proceed with caution

Hey all,

I'm considering investing in a downtown district i just know is about to explode. I'm curious if anybody has tips? I'm pretty new to the game and I'm wondering how much of the challenge I should take a hands on approach in... 

For example: 

should I buy the $100k homes and barely break even on rental holds until the revitalization is complete and sell?

should I buy double the amount of $50k homes, earn more on rentals now but take smaller returns on the sales?

Also I'm considering how much of the community development I should take part in.

Any form of suggestions or experience would be greatly appreciated.