All Forum Posts by: Andrew Cordle

@Stephen Hundley

First congrats for this great opportunity. It seems as though you are following your dad as being a  successful business man. 

The only thing I see to keep an eye on are these items:

1. To refi and cashout you must keep high credit, good w2s, good tax returns, etc 

2. How many cash outs or refis will the banks give you?

3. Make sure you keep a lot of cash reserves when you are playing the refinance game in REI. Things can go south quickly and sometimes it wont even be your fault.

So keep your cash reserves strong, and by that, I don't mean the 300k from the bank I mean cash reserves in your account. I would dare say 1,000s of investors were doing exactly what you are talking about right before the last bubble and many many of them went bankrupt or belly up. 

Leveraging is great an powerful, but can also be deadly and dangerous.

Lastly, Please understand I am NOT against your plan, I actually love your plan. Just giving a little caution.

Good Luck

Andrew

PS You may want to consider keeping 100k or so out of that 300k and do a couple flips each year and make some nice chunks of cash as well. You maybe able to flip 2 or 3 houses and make 50k or so total a year. That could be cash to live off of or it could be to pay down rentals or even buy more rentals.

@Germine James

Hello Bigger Pockets newest member!

I just wanted to take a moment and say hello as I also am an Atlanta-area investor. I live on the north-end of Atlanta but do most of my investing inside the city-perimeter. There are a couple good REIA's here in Atlanta that I would recommend you consider joining if you are not already a member. There are also some really good Atlanta-area investors on Bigger Pockets.

Here are a few tips for Bigger Pockets so you can get the most out of it:

Be sure to set up “keywords" for whatever type of investing you’re interested in with "Atlanta” obviously being the primary keyword.

Secondly, I try to read at least a blog per day, as well as listen to one podcast per week.

Lastly, try to get involved in the Bigger Pockets community. Don't be timid - share advice and ask questions!

Good luck. I hope to see you around Bigger Pockets as well as in the Atlanta-area market. I’m here if you have any questions!

Professional regards -

Andrew

@William Yu

If you haven't already, I would for sure check in with @Jay Hinrichs  as well as @Brie Schmidt.

They recently released a very helpful website for nationwide turnkey buyers. They are not selling ANY houses themselves on it. It is just a place to go and get feedback from other investors who also purchase out of state turnkeys etc. Market info from other investors who buy turnkey etc

I think you would find it very helpful. 

FYI-- I HAVE NOT AFFILIATION OR RECEIVE ANY KICKBACKS WHATSOEVER. It just seems like a very helpful site for what you are looking for. 

Good Luck, 

Andrew

@Dustin Rose

To me the best flip markets are areas that are also appreciating at a high rate. However, in those areas you will normally deal with two things:

1. Lot of competition (low inventory)

2. Normally you will see higher prices on flip as an entry point. Meaning, a flip may cost 150k to purchase plus rehab or even higher. 

There are some markets that are appreciating that you can still get in at a lower entry, but inventory is still very tight. 

I love the midwest flips, not a ton of competition, they are bread and butter 3/2 for small families, and a lot of inventory. Now the downside is Midwest areas is that appreciation is minute at best. So in 6 months after you flip the house it will still be at the same ARV. Positive is if the market crashes those houses will also not really go down in value either, and turn into great landlord friendly states for rentals.

Just my two cents.... 

Also, please notice I do not live in the Midwest I live in ATL however I flip a lot in the Midwest because of what I mentioned above.

@Azeez K.

I will be there as well. Look forward to seeing everyone.

@Karen Margrave

House is cool especially to be so narrow. 

I can't wait to see the final product. 

AC

@Karen Margrave

That is impressive!!

I am building on 36 feet wide right now and I am frustrated :)

I would love to see which one you are building. 

Andrew

@Roman Pak

Unfortunately, this happens more times than you would like it too. 

I cannot tell you how many contractors, Project Managers, Acquisition Managers have left me and our team to go do their own flipping. I have had them, take lenders from me, other team members, my forms, and even my designs. They literally flipped a house in my backyard using my lender, using my systems, using my designs. Sometimes it works for them and they have been somewhat successful, however most have failed. 

Not because they didn't know how to flip a house, but they didn't know the whole process start to finish meaning --finding --funding--fixing--flipping there is a lot to goes in flipping business. It is not quite as easy as everyone thinks. 

Just keep doing your business and stay focused on your plan. And ignore the noise!!!!

Good Luck

Andrew

@Andrea Henderson

Hello "BP Newbie" and welcome to Bigger Pockets.

In the meantime here are 7 tips to help you grow your business using BP:

1. New to BP?

2. Develop your own business strategy. -- Don’t just be a “jack-of-all-trades"

3. Grow your business by developing your business plan. - Remember there is a difference between goals and a plan.

4. Locate and attend several different local REIAs as they’re great opportunities to network and meet wholesalers, lenders, and contractors.

5. Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!

6. Spend 30 minutes a day on Bigger Pockets by connecting with “colleagues,” perusing blogs and videos, and engaging with others on the forums:

7. Set yourself up to receive free alerts to be notified of subjects that interest you:

Andrew

@Billy Mehlinger

Hello Bigger Pockets newest member!

I just wanted to take a moment and say hello as I also am an Atlanta-area investor. I live on the north-end of Atlanta but do most of my investing inside the city-perimeter. There are a couple good REIA's here in Atlanta that I would recommend you consider joining if you are not already a member. There are also some really good Atlanta-area investors on Bigger Pockets.

Here are a few tips for Bigger Pockets so you can get the most out of it:

Be sure to set up “keywords" for whatever type of investing you’re interested in with "Atlanta” obviously being the primary keyword.

Secondly, I try to read at least a blog per day, as well as listen to one podcast per week.

Lastly, try to get involved in the Bigger Pockets community. Don't be timid - share advice and ask questions!

Good luck. I hope to see you around Bigger Pockets as well as in the Atlanta-area market. I’m here if you have any questions!

Professional regards -

Andrew