All Forum Posts by: Eric Black

My wife and I have our first flip on the market and are looking for our next project. We are looking for primarily SFR's but will consider condos and 2-4 unit properties. We are looking for properties with purchase price up to $125k +/-, not including rehab costs.

Please contact me with anything you may have or have a lead on.

Cheers!

Eric

Hello Kyle,

A lot depends on the market you're in but I've heard about the same from realtors in a few markets. You're going to hard pressed to find a property where they will budge more than the 10%. Of course, they'll drop the price in 60-90 days. :)

If you're going to try offering less my advice would be to include a letter with your offer explaining why and how you came up with your offer. They can't keep track of all of their markets and properties so if you can give them a reasonable explanation as to why your pricing is fair they just may take it. 

Cheers!

Eric

Your reply shows your level of experience. You're assuming that since you've seen a 30-40% return that you're going to see those returns for another 7-9 years? Clearly you've studied real estate cycles thoroughly. 

And who said I am waiting? I guess that came from the same crystal ball.

Best of luck.

Hi Julie,

My answer, all of the above and/or whatever works for you.

Fix and flipping (and selling) is a great way to build capital but once you stop, by choice or not, your income stops.

Wholesaling is much the same. Once you stop wholesaling or the deals dry up in your area, so does your income. 

I prefer to do a little of each. We started with buy and hold and have built up a decent monthly income stream but quickly ran out of capital to buy more. Now we're flipping to help rebuild our capital quickly to be able to buy more long-term buy and holds. 

Everyone's investment philosophy is different and there is no right or wrong. 

Cheers!

Hi Tom,

My opinion is, those who are wealthy are wealthy because they were generous BEFORE they became wealthy. There are too many people who say "When I'm wealthy I'll donate to....."

Don't get me wrong, I've been part of that camp. I said that for a long time too. This is not a plug because I have/had nothing to do with it, but after reading The Go-Giver my mindset changed. 

I am planning on being wealthy but have decided to start giving now, before I get there as I believe it will increase my odds. Don't plan for how you'll give back once you are wealthy otherwise you'll never give back, and may never be wealthy. Give back now and think about how much more you'll be able to do once are ARE wealthy!

Just my opinion and great discussion to start.

Cheers!

When you have to/decide to stop flipping, what is your income? $0

When I decide to stop flipping or quit my day job, what is my income? Currently over $4,000 per month thanks to my buy and hold investments.

Good night.

Hi Don,

Some states do closing through attorneys, not through title companies so I'm not sure this is possible. Some larger companies like First American are very wide spread but again, some states do things differently.

Cheers.

Please let me know where I can find your crystal ball! 

True, the banks DO have trillions of dollars lying around but they aren't lending it because they can make risk free money by buying treasuries from the Fed at lower interest rates. Why would they lend it to people who may or may not pay their mortgage.

And if you claim the real estate "market" is going to rise then you have a lot to learn as there is no "market". There are lots of "markets". 

But good luck with your strategy. Check back in 2022-2024 to let us know how that worked out for you.

We are wrapping up a flip property in Brevard County and are looking for our next deal. We've talked to all of the wholesalers who claim to have deals but don't have anything to look at yet. Strange.

Anyone who actually has wholesale properties in Brevard County including Melbourne, West Melbourne, Palm Bay, Malabar, Rockledge and the surrounding areas, please connect with me. Please don't connect if you don't have an actual property to send. 

Cheers!

Buy & Hold = True Wealth

Flipping = Spending money

I do both so I can argue both. We have buy and hold's for the passive income and our long-term wealth. We do flips to quickly build our capital to buy more buy & holds. There are no tax advantages to flips while there are plenty to buy and holds. And I agree, $30k on a flip is good but after taxes you're lucky to end up with $20k of that.

And as any experienced flipper knows, it's not easy to make $30k consistently from the beginning. I don't disagree with Ron LeGrand but when you have to pay $100,000 per year to attend his various seminars and conferences, how many $30k flips do you have to do before you start making money? I know people who were with you in the crowd in Vegas and how much those cost. 

Let's both check back in 20 years from now and compare notes. 

Best of luck!