All Forum Posts by: Zachary Blanchette

I apologize about the long response times for a newb.

@Matt M. First priority will be to gain reserve, design, and get a plan on paper. Then I would like to reach out to @Jared Bouzek and see if I am headed in the direction . Thank you both very much for the warm welcome and great advice. I'd like to take you up on that offer and come see a flip in the process and feel it out first hand. 

@Steve K. Your encouragement is motivational in itself, and your preferred method sounds enticing. Like you said, things are already in play so why slow down. Also, I appreciate how you connected multiple success stories with my story and went to the extent of providing the links! I feel I already owe you a cold one. I follow the BRRRR method and agree with the down payment. I would consider a multi-family, however, once purchased, how does one go about renovations with renters? Long question longer, how do you gain equity without the ability for renovations on your multi-family? I apologize if that sounds a bit naive, but if you have any links with information regarding this I would love to dig deeper.

Thank you all, again, for this input. Coming from off road industry forums to this is like a pillow top landing. All of your input is very appreciated and will not go forgotten.

Thanks!! @Gail Greenberg. And thanks for what you do for all of us!!! I will look into first time mortgages and see where that takes me. Distressed homes is really were I would like to end up. Even if it isn't as much income to start off as full rebuilds, it sounds more approachable and manageable to start. Thanks again!!

Thanks for the advise and time @Matt M. Cash reserves are at a minimal currently. Maybe 10k to play with. HELOC has been main plan paired with possibly a seasoned investor, or just somebody with money and no time which seems to be the people I surround myself with. I like your approach with renting our current out and buy another fixer upper. Will most likely follow that route reluctantly keeping w2 gig. Until we get a few investments under our belts. @Ken Min I respect your opinions and appreciate your input. Coming from a similar background what was your approach to getting out of the industry. I will vigorously work on understanding the abbreviations used to describe investor types. I really enjoy doing the work and getting my hands in there and thought maybe we could help more on the first property to gain steam. After a few of them I would like to take a step back and invest in projects that excite me and purchase properties I can update and long term rent. Keep my hands cleaner after a few but hard work would be expected out of the gate. Thank you again for your time. AND HAPPY FRIDAY!!!! Unless you work weekends like me.

Evening BP community. I am a 28 year old who has climbed up the corporate ladder the past nine years to be in a high salary management position available in the next few months. The dilemma I face is that I look at the clock all day and wake up dreading work every morning.

Real estate and investing has attracted me since I saw my mother loose her 100+ year old house in Massachusetts to a bank foreclosure. Investors came in, bought the property for pennies on the dollar, and flipped it for hundreds of thousands. ($25,000 purchase to $200,000 sale price) Although at the time I despised the crew that bought my childhood home, it showed me many valuable lessons and paved a path to where I am today. 

I got into the off road industry because of my passion for it. That fire has since dwindled due to poor managerial decisions and typical corporate b/s. I take blame for not acknowledging what had become a comfortable place to go make money at a desk, and not a place for me to fuel my inner creativity and build relationships for a solid future for my family. Although I could stay and ride it out, financial freedom and creating my own path is the mountain I wish to climb.

Long story longer, and where I seek advice...

Currently, we own and reside in a single family home purchased before the boom here in CO, so equity is of the abundance. My thoughts for getting started are...

1.) Sell the house we live in to reap the abundance of equity we have gained and purchase another home smaller and further away from city. Find an investor and use our equity to purchase a house to flip. Do this with the investor until we can branch out and purchase homes/properties without the assistance of a second party.

2.) Find investor and take out equity loan on current home to purchase a home to flip. Build a business and reputation to branch out.

3.) Rent out current house, find a home that is livable but needs TLC. Build it up while still working W2 job full or part time. Finish building house 8-12 months and then sell. Ideally, after a few builds, reside off site, allowing for multiple investments.

4.) Professional advice.

5.) Walk dogs for a living.

Leaving thoughts...... Our current house (first time) was a short sale, as is. We loved the gain in sweat equity. 18+ hour days are expected. Can do attitudes, nail guns, hammers, Sawzalls, and Coors Light are ready to go in the garage. Potential for DIY is there. 

Appreciate all your time and any thoughts on the situation(s).

Cheers,

Zachary Blanchette