All Forum Posts by: Account Closed

Welcome to BP, @Luz Benito!

If you're interested in flips and rehabs, I highly suggest you pick up J Scott's book on flipping. It's sold in the store here on BP. I'm in the middle of it now and it is filled to the brim with spectacular information. Good luck on your REI ventures!

@Brandon L. Noted! Thank you very much for your insight. :)

@Trevor Dreilich Thanks for the tips! I appreciate that. The 100k I was discussing was not my price range but the cash I had on hand for down payment + rehab costs. Unfortunately, in my market, you can't even get a rundown drug house for 100k. I'm looking for something in the 200k range so that I can make a 40k down payment (out of pocket) and have 60k for closing costs and rehab.

@Andrew Michael Thank you! That's a wonderful idea. Do you suggest I build that team first (hard money and real estate agent) before I go looking for a partner? Or do you suggest I find the deal first then build the team?

@Brandon L. Thanks for the tip! I will steer clear of wholesalers who I haven't met through BP.

@Brent Coombs Will do. I haven't watched any of those shows, but it might be a good practice to see the horror stories.

Hello all!

I've been scouring the forums recently and I would like to get started in investment with a 'fix and flip' strategy. That way I can build equity to do SFR buy and holds later on. The first step I would take is to find a good wholesaler to shoot me some deals within driving distance of my home in Santa Clarita, CA. This will be my first flip, so I'd like to keep purchase price at $150-200k. Once a wholesaler gives me a deal, I drive out to it with a contractor to estimate repairs and work with a real estate agent to determine 90 day comp sales to determine ARV. If I like it, I pull the trigger on the deal with cash and a traditional loan. I would also need to have enough cash to rehab on my own or work with a hard lender. Once rehab is done, go through the agent to sell. Here are my questions:

1. Is that roughly the process to flip a home?
2. For those of you who flip, do you work with anyone to help with design? Or do you just eyeball it?
3. If I have about 100k cash and 800+ credit score, should I go traditional? Or is it better to leverage hard money?
4. With the 100k cash that I have, is the 150-200k a safe price range to enter?
5. How would I find a market that suits my needs? Where do I start with the research? I keep seeing everyone say "do research" but I don't even know what to start looking for.
6. Would my money go further doing fix and flips out of state with a BP partner?

Would appreciate any insight you all have. Thanks so much!

Hi Shaun,

That's great to hear. Coming from being morbidly obese (I am now a bodybuilder/competitive powerlifter), it brings genuine happiness to my heart hearing another person embarking on the weight loss journey and seeing results! I hope you achieve everything you want and more! Of course if you ever want to talk about anything fitness related, I love to lend my experience. Congrats on your results and best of luck on your journey :)

Jose,

Welcome to BP! I'm a beginning investor as well and it's good to know that there are others in my neck of the woods!  Best of luck getting started!

Kindest Regards,

Trenton Irons

Sorry for the triple post. I decided to go ahead and attach a screenshot of the spreadsheet. Let me know what you think of the criteria.

EDIT: Why is it that I can't upload the spreadsheet onto the forum? Sorry for the newbie problems!

Hi!

I wanted to see what you all thought about this spreadsheet that I just created. It is meant to help me analyze each market I'm looking to enter with a Buy & Hold strategy. I have listed the sources I gathered my data from and I wanted to know if there are any other variables I should include in the spreadsheet. Each row is formatted such that the highest price is highlighted or the lowest price is highlighted depending on the label (i.e the cell with lowest price to rent ratio is green as it is most ideal while the highest GDP is green as that is most ideal). This is just the first draft and I am sure that I'm missing something, so please shed some light if you can! 

Thanks,

Trenton 

 Hi,

I'd love to participate in the meeting as well! I live right off the Sand Canyon exit on the 14 highway. 11/8 at BEX works for me if you all will allow me to sit in!