All Forum Posts by: David Begley

I am preparing to make a couple of offers on wholesale rehab/flip or rehab/rent properties in the West End and College Park areas of Atlanta. I am seeking to interview a few General Contractors willing to hand hold a newbie through my first rehab/flip and one that has the ability to look at a potential property and make suggestions when asked to make recommendations and proposals for a $50,000 budget, for example. In other words, one that can size up my budget and assist in making the best choices for rehab to ensure highest return. Not asking much, am I?

I would appreciate any suggestions, along with any of these types who may also wish to be a partner for an equity split in net profits.

Thanks!

Scott, Brian Dally, founder & CEO with www.groundfloor.us is someone I've corresponded with several times (I've actually invested in a couple of their projects) and is very knowledgeable on the subject - and a Harvard alum I believe. If he isn't already involved with your panel, he would likely be a good addition.

Best,

David

My background/career included almost 20 years at a regional wholesale bank (FHLB) and as a CFO for a local company the last five years. The bulk of my retirement assets are in a company sponsored non-qualified plan that cannot be touched or "self-directed" - I chose to annuitize the plan early a couple years ago and it generates approximately $60,000 annually for the rest of my life or my wife's if she survives me. I left the CFO position to begin a career in real estate investing toward the end of 2013 and still haven't pulled the trigger on a purchase. A few offers, no closing.

My dilemma and need for mentoring and advice: I have $100,000 in cash to invest but now without a W-2 source, a job or any income besides the annuity mentioned above, even the Bank I've had a relationship with for years and have over a half million $ in deposits or investments with, won't even consider lending to me for even a home equity line of credit, much less to mortgage an investment property. My FICO is above 700, but they want to see employment income. I want to do this full time, but my paralysis comes from the fear of buying income properties with all cash, exhausting my capital and not able to pull the equity out for additional investment activities. Since I'm committed to only putting $100,000 at risk, what means should I explore to best put this capital to work so that I can continue to accumulate cash-flow properties using as little of my own cash as possible.

I live in Atlanta but my son attends college in Tuscaloosa. Anyone with experience with rental properties around the university with advice on whether this is a worthwhile and/or attractive market? Any areas better than others?

Adine, welcome from another Newbie. We appreciate your service!

Happy Investing,

David

I know this isn't for beginners like myself, but my investment partner/mentor is a local real estate attorney and broker and this might be something we'd be interested in pursuing. Thanks, David

I will email you shortly.

db

Hello New Colleagues! My name is David Begley and I'm just starting out my third career in real estate investing. I spent nearly 20 years as a finance executive at a large regional wholesale bank and spent the last five years working as a CFO for a local firm. (Yes, I started work at age 9...!). I've reached the point where I don't want to work for anyone else but me and my family for the balance of my working life. I've recently invested approximately $20K in passive deals through a couple of crowdfunding sites, but want to become more active in my real estate investing. I've passed all the requirements for my GA real estate license and will finalize that process this month and will hang my shingle with a friend that happens to be a real estate attorney & broker.

I have approximately $100K in cash to invest and my goal is to partner with other investors/contractors to do deals and split profits until I gain my confidence and sea legs. Ultimately, I want to generate enough cash to begin a buy-and-hold strategy and use that portfolio to begin my third and final retirement!

I look forward to meeting y'all!