All Forum Posts by: Brandon Turner

I'm with J. A good real estate agent will be able to tell you what the after-repair value is. That said, real estate agents are often WAY too optimistic. So if they say "Oh, I could get you $150,000" I'd assume less than that.

Also, I'd make sure you figure out those "fixed costs" as perfectly as possible, and make sure to budget for cost overages (things are always more expensive than you think and they always take longer than you'd expect! Especially on your first few flips.)

Oh, and don't forget to factor in holding costs and the cost of financing. If you are using a Hard Money Lender - it could add a lot of money in fees and points.

Hey Darryl Salley,

I always advise people to find a job you LOVE and invest on the side until you can quit that good job. Life is too short to stay at a crappy job until real estate can bail you out. I firmly believe a person making minimum wage but with a flexible job could retire in less than 10 years ,just like someone who makes six figures and works all the time. It's not the job, its what you do around that job.

That said - I think the best way to learn wholesaling is to get connected with some house flippers. Call some Realtors and find out who the big players are in your area. Then, go meet them on a jobsite (that way you aren't interrupting their day) and tell them you want to help them find deals. It's a win win. They will train you on what to do.

Good luck and keep in touch!

Brandon

Hey Todd,

Obviously -this is a huge question. But maybe I can point you at least in a good direction. I started in a similar manner with my Dad also, so I know where you are at!

First, there are tons of different ways you can invest. So, you need to find one you like.

Second, since your goal is long-term (which is GREAT!), cashflow is obviously important. Stay away from Flipping until you have some more experience.

Wholesaling can be a great way to learn the business without losing much money, but it is a job, so if you are looking for a little more "passive" it might not be a great option.

I love apartment complexes, duplexes, triplexes, etc. They do require quite a bit of management, however, unless you can hire a property manager (not a bad idea).

Also, I recommend that you read - a lot. There are a lot of real estate books out there -and most are pretty similar. PM me for a list of my favorite!

Good luck and keep in touch!

I'm with Dale - it really depends (I know, I hate that answer too!)

I love apartments. If I had $400,000 - I'd use it as a down payment on a $2 million dollar apartment complex. However, you might find you hate apartments. You might rather enjoy a commercial building (more passive, but longer hold times when vacant). So, I would really look around and find something you are interested in.

Do you currently have any investments?

I like to ask Realtors who the big house flippers in the area are. Then, contact them and ask for referrals. They love referring their favorite contractors because it looks good on them.

Ooh that's tough. I haven't faced it - but here are my thoughts:

1.) Obviously she needs to go. Quickly. If you let it drag - she'll get mad and start stealing.
2.) This may require a trip to go see (and fire) her.
3.) I know people hate this answer, but it might require an attorney's advice as to the best way to fire someone.

Keep us updated. Anyone else have this problem?

Here is my opinion!

Honestly, I think it comes down to doing what you have to do to make it work. The most expensive part of remodeling is the labor - so you will need to learn how to swing a hammer if you want to save yourself. You can get cheap building materials usually from Habitat for Humanity ReStores (if you have any around).

Then, your nights and weekends are going to spent sacrificing every moment getting those units fixed up to the point they are rentable. You can do it, and once those units are rented, you'll need to sacrifice more (personally - get a second job if needed delivering Pizza) and pay back the lender what you are behind.

Either that or sell. I vote for sacrifice. It will make you a better person, teach a valuable lesson, and save your business.

Let us know what you do! I'm pulling for you! All of us here at BiggerPockets would love to help!

I majored in History with a Political Science Minor. Thought I was going to be a lawyer! Glad I deviated from that track. I like my sleep too much!

That said, while I didn't use my college for my career, I met my wife there and some of my best friends on earth. It may be an expensive social habit, but was worth it to me.

Dang, and I thought I started early!

And not sure if she was "looting." Sounds like maybe just working with a crew that cleaned out repos? I would guess (totally a guess) that her dad or uncle owned that crew.

Hey Michael! Nice to meet you! You'll find on BP that the more you put in, the more you get out. You've definitely got some good experience and a good head on your shoulders. Your knowledge is very much welcome!