All Forum Posts by: Tyler Blackburn

Hmmm I will look into this @Charles Kao, thank you for the advice. I was not aware of that!

Good morning BP community!!

So this might be a very basic question that in 6 months from now I will be embarrassed to look back on, but I suppose we all must start somewhere. So I am trying to get a basic timeline of how a house flip should go when doing creative financing. I have understood so far that the power in finding a good deal is enough to overcome a strapped budget, but what follows that? I have seen a lot of responses about getting it under contract and then approaching hard lenders, but what exactly does that mean to "get it under contract" and how might I do this?

I have quite a bit of determination to find a good deal, but I don't want it to slip through my fingers as I pause to research my next steps. I prefer to get a timeline of the process between checkpoints.

Sorry if my question is over simplistic. Any corrections in my thought process are VERY much encouraged. I am a learning sponge right now!

Thank you and hope you all have a good Monday!!

Tyler

Thank you both for your responses! 

@Karen Foster, That is a very good point, as soon as I can I will definitely get an LLC up and running! I will also be attending the next REIT meetup that comes up around me. Thanks for the advice!

@Kelcey Land, the fact that I don't HAVE to have an LLC right away is VERY comforting as I would like to be able to get an attorney to do it the right way but at the same time I am eager to jump into flipping houses ASAP! Thank you for this perspective.

The 23rd at noon! Awesome, I will be there!

Good evening BP community!

Through out my experience in the military, getting a degree in biology, fatherhood, and working as a pharmacy technician, I never thought that I would end up on the verge of flipping houses! I submerged myself in reading The book on Flipping Houses by J. Scott as well as many of the podcasts here on BP specifically the creative/zero-money-down financing. I am incredibly motivated to hit the ground running but have run into some road blocks. I attempted to contact a hard money lender whom told me that they only lend to companies. So I began looking into forming an LLC. This is where I got bogged down and buried myself in questions.

I do not foresee this is the only step where questions will arise as I have a VERY inquisitive personality and strong desire to learn the correct way to do things. So, I am interested in reaching out and meeting with someone in the north Dallas (ish) area that could mentor me or allow me to shadow them during a house flip. I tend to catch on to new information quickly, but with there being so much involved in real estate and so many potential wrong turns, I would like to see success up close before I mess up TOO bad. 

So if anyone knows of any real estate investors with experience flipping houses that would be potentially open to me shadowing them, please let me know!

Thank you all and have a good evening!

Tyler Blackburn

Thank you for all that info @Paul Timmins! I will definitely check out that website and resources!

I'm sure Dallas wouldn't mind getting you back @Josh Sandefer! Let me know if I can be of any assistance when ya get here!

Good evening all!

My name is Tyler and I am a full-time student at UTDallas, a full-time hospital pharmacy technician, a husband, and father of 2 (soon to be 3). Over the past year or two, I have read a few financial freedom books and a common theme that I have found is involvement in real estate so I figured I would do some more research into the matter. The more I have learned, the more empowered I feel on the subject of getting started in this wonderful world of real estate. 

Unfortunately, I am definitely starting at the bottom of the pole here because I lack experience in the industry as well as a wall-safe stacked full of cash. However, I do have a few factors I hope to capitalize on. Two years ago, I found a new hobby in the form of carpentry after designing and building my son's crib from scratch. Since then I have been acquiring tools and techniques on how to build with my hands (a parallel I hope to see with my future real estate endeavors). I hope this will come in handy when I start attempting to flip houses here in the DFW area. Another asset I have under my belt is former military leadership experience. During my 5 years in the Marine Corps, I picked up a couple of traits such as how to focus and efficiently utilize time and resources, different methods of leadership, and how to lower my head and get to work under high-stress.

I hope that these traits combined with my ambition to succeed in order to provide for my family will offset my lack of experience. I look forward to the challenge of entering this exciting industry and am thrilled to be a part of this website to network and soak up all of the knowledge that I can.

Thanks and have a great day :)

Tyler Blackburn