All Forum Posts by: Andrew K.

Jeff Fruhwirth love the update man! The frustration resonates through the post, but I still sense the determination to not let this place beat you. You got this! I'm really impressed with your ability to face the challenges as they come. You'll be rewarded not only by the financial upside but in the shear amount of education/knowledge you're gaining from this deal. Keep the faith brother and keep the updates coming. It's been great tracking your progress so far! -Andrew

@Adonte Lipsconb where in NC are you looking to purchase?  I think you'll do well to find a fixer-upper than you can do a live in flip.  Listen to the BP podcast with Mindy Jensen, she does will with live-in flips: https://www.biggerpockets.com/renewsblog/2015/07/0...

A small multifamily (2-4 units) may also be a great place to start, depending on your housing needs.  Remember, living in one of the units only has to be a temporary hassle as most lenders require that you live in the property for at least a year before moving out. 

Keep us posted on your progress!

-Andrew

@Adam Schneider I'm working a warm lead right now that I'd love to bring to the meeting!  Sounds like a great event!

-Andrew

@Steve Schneider welcome to BP!  Congrats on the new addition as well, enjoy them while they're small!  It looks like you've got a solid handle on your "why".  Understanding your "why" is critical to your success as a real estate investor.

  Be sure to take advantage of all that BP has to offer, especially the podcasts!

Again, welcome and enjoy the site!

-Andrew

@Hilary C. I've got a random suggestion: recognize former BP Podcast guests in some manner with a tag, slogan, award, etc next to their name or profile page.  I envision something similar to the PRO & Verified tags next to a user's name. 

I've seen more than one exchange on BP, and talked with other members, that had no idea their posts/questions/etc were being replied to by a former BP podcast guest.

Just throwing in out there.

Thanks!

-Andrew

@Krystal Thomas thanks! I sent you a PM. Would be great to meetup. 

-Andrew

@Justin Charpentier congrats on making the decision to get a flip done this year! Sounds like you've got a good financial framework established. One suggestion, look for HMLs that are local to your market. They'll have a good feel for market conditions and may introduce you to other key people to add to your team. My assumption is that if a local HML is willing to fund a deal, then it's really on me to get the project done and earn the profit. In contrast an online or out of area HML may base their fund decision purely on numbers and have to concept of the market you're in. You may end up funding a project that looked good on paper, but goes sideways due to local market conditions.

Good luck and keep us posted!

-Andrew

@Matthew Rollo you got it man!  I might actually be headed to Key West for business later this month. If I can swing a layover in Orlando you got it!

-Andrew

@Matthew Rollo I also hope my flip is a success!  Either way it'll be an awesome education and should be a great time!

You are WAY ahead of me, good for you!  In the words of Borat I wish you "great success!"  Kick your 2017 off right and analyze deals like crazy and submit offers!  No time like the present to take some massive action.  Can't wait to see what you end up with.

I'm using personal funds that I've squirreled away for REI. I'm not wealthy or anyway near rich--believe me. I'm a typical American middle-class dude working a full time job with some consumer debt, student loans, three little kids and a wife that works--it's tough to put money away. However, I feel it's important to have a track record of using your own funds for deals--to build trust/confidence with investors later on. The model doesn't scale quickly, but it's the path I'm taking.

I'm also in the middle of rehabbing a VA foreclosure, doing much of the work myself to keep costs low. This property will be my first true REI buy & hold following the BRRR model. It helps that my market has a relatively low price point for real estate investing.

My plan is to combine the equity from my BRRR, flip profits, and lottery winnings (yeah right!) into one pot and move on to the next project--ideally a multifamily. So my plate is full, but it's exciting but I have to kick it in gear to ensure I can retire in 7 years.

Keep us posted and I'll keep following along!

-Andrew

Matthew Rollo thanks for this thread. I'm in the process of finding funding for my first flip--and trying to check off a New Year's resolution early! I'm in talks with a couple HM lenders. My plan is to use HM to purchase the place and my own funds for the rehab and other costs. This approach should show the lender that I have skin in the game, and possibly overcome the fact that I have never flipped a house. So far the talks are positive, just need to ensure the deal I'm eyeing doesn't get snagged by someone else. This leads me to my point, start having discussions with lenders now. Build that relationship, maybe one will mentor you, and have the process/system down before you find that smoking hot deal. You'll be in a much better position to pull the trigger faster than your competition. Good luck and keep us posted! -Andrew