All Forum Posts by: Anthony V.

Thank you all for jumping in and giving me feedback. Getting started in REI is exciting and I caught the bug. I have backed away from this deal after speaking with some locals and getting more information about the property. Simply looking at the numbers I think the deal works, but what scares me most is mainly the fact that this is a huge estate and could sit for a long while.

@Jay Hinrichs I think you hit it exactly - this is no ordinary house for the area.

@J Scott Thank you for the great info. I should be receiving your books tomorrow and will consume them quickly. I'm sure I will have a clearer outlook then :)

Let me ask like this - if you were potentially going to partner with me on this deal, what information would you have/want to see before jumping on it?

@Engelo Rumora 

I just read a post by you about aggressive negotiating a little while before you posted here. I like your strategy and your impressive results. I also think quality trumps quantity.

Thanks and best to you as well!

This property is at the high end of the market, and that's something I don't know how to factor in. However, there are quite a few houses nearby in the $2m range. Also, a house down the street is about to go on the market. It's about 19k sqft and should be around $4m. Even though it's bigger, the property is not as desirable as the lot is smaller, and is not water-front.

So, is the agent the right person to discuss marketability of a house this size? Where else can I look for that info? Who else should I meet with in the area?

Here's a link to the post about the flip I referred to.

http://www.biggerpockets.com/forums/443-biggerpock...

I'll post all numbers and results in the public forum once I get further into it.

Thanks!

Since I've never done a deal before I need a lot of guidance with this.

I came across a foreclosure while doing something totally unrelated to RE. I have gotten some general information and I should be able to visit the property in the next week or two with a contractor to get an estimate. Between now and then, I'd like to plan my steps and I need help with that.

According to an agent that I know in the area:

The house was built in 2000 for ~$4.75mil

Main house ~12k sqft (there is a guest house and 2 other cottages on the 4 acres.

ARV $3.5m

Purchase price $1-1.5m

The house is in great shape except the decorator needs to be shot. Wallpaper, green granite, white marble, etc everywhere.

So, just between the purchase and ARV numbers I have about a $2m spread. That's a lot of room to work with.

I am reading as fast as I can but if this is a good deal then I don't have enough time to spend on books before it's gone. Can you guys help me plan out what info/contacts I need to put together for when I do a real analyzation on this deal?

Oh, and I do need a partner for this if anyone is interested ;)

Thank you!

Well, that brings up a big question. How safe am I with posting info about a deal on a huge forum and not losing it to someone who finds the property using my info?

Should I ask about the flip deal here or in another section?

@Matt Inman that's funny - I was just sending Mr Gulley a colleague request when you responded to my post.

About the flip deal, that's what I understand. If a deal is a deal then someone will jump in and back you up no matter how big it is.

I look forward to meeting you guys and more locals soon!

Thanks!

Hi Danielle!

I'm guessing you're the pro subscription winner from the webinar? Congrats if so!

Welcome to BP and I suggest you look hard into REI before making any decision to go back to school. If I could do it all over again I would skip school all-together. I have a cousin that retired at age 34 after 5 years acquiring rental property. He was my inspiration to get into REI to begin with.

Whatever you decide, good luck!

Hi everyone!

I'm Anthony and I just quit my day job last Friday (yes, I still have great income).

After 15+ years in IT, I have decided that there's a better way to create my retirement and I'm now dedicated full time to researching and becoming active in REI.

My goal is to build solid cashflow quickly. My first goal is $5k/month and my long term goal is $40k/month.

I understand those are high numbers and so my first educational focus is on large multi-family. However, I just came across a flip deal that could potentially net $1.5mil. I do need financial partners and I definitely need knowledgeable partners.

Am I shooting to high for a newbie?