All Forum Posts by: Austin Latty

Hello folks,

I would like input on a potential property to flip. I came across it from a wholesaler. The asking price is 56k, and the ARV is between 120-130k. Ive had a GC take a look, and seems like 20k rehab cost (mainly cosmetic/updating). Minus the commissions/closing costs it seems I can make 40k or so. Am I missing anything here or does this sound like a good deal?

Hello BP,

Am I allowed to post looking for someone to partner with for an off market deal?  I want to be respectful, and not break any rules.  Please advise.  Have a great day.

Hello all,

My question is about how much of a reserve pocket you guys think is necessary before buying the first rental property.  I know from listening to the BP money podcast you shouldn't buy when you aren't financially stable so I don't want to make that mistake.  In 4 months or so, I will have my general emergency fund funded with about 6 months of expenses.  Would you say this is enough or would you have a separate amount saved up for only investment related "emergencies"/capex?  Thanks for your input.

Thank you for all your advice guys, I do have a lot to consider that I hadn't before.  My situation more specifically is I just got out of college, and am only doing landscaping right now, I haven't exactly started a real career.  At the moment doing just one deal a month is bringing in more than I am making in landscaping, so I guess you could say that it has exceeded my W-2 income. The crossroads I am at was whether to pursue wholesaling full time, or actually start a career with a W-2.  Even with that though Im not sure if I would want to handcuff myself per-say by cutting off the eligibility to get a conventional loan.   

Hello BP,

I need some advice.  I have the opportunity to quit my job and partner up doing wholesaling full time, we are actually starting to get some deals done now.  I am excited about the opportunity, and the benefits it can bring, however I need some input.  I have a little apprehension because I want to start purchasing rental properties within the next year, and I know that it gets much harder to get a loan without a traditional W-2 income.  Have any of you guys dealt with this, and if so, what is your advice?  Thanks for all your help as always!  

Hello @Jacob Wathen,

That would be greatly appreciated!  Thank you for your response and your help.  

Hello BP, I am a 22 year old college student new to Oregon.  I am wanting to get into investing in small multi-family properties, and am hoping to buy my first soon.  I am looking for anybody with experience in the Linn-Benton area that I could talk with to get some advice on how to get started.  I have been actively researching for around a year now, and am serious about getting started.  Thank you.