All Forum Posts by: Blake Ramsey

I was unprepared, uneducated and honestly pretty anxious about the whole thing. I also had reason to believe I was going to be losing my job at the time.

Work out all right for ya?

0 Votes

Originally posted by @Joe DeVico:

Hey Blake,I am also a new investor and I just closed on my first single family property (fix and flip) Unfortunately I am having some issues with the property because the previous owner is still in the property putting me at a stand still.I have been trying to stay cool calm and collective so I am just sitting back and letting my lawyer take care of this. Ive kind of come to terms with everything can't always be up so I'm just taking this as a learning lesson. side not this property was bought from auction. So what I'm getting at is yes it is hard to get started and things don't always go flawlessly but jumping right in seemed right for me. There are so many other people doing this and becoming very successful why can't we? Ive also been listening and reading a lot ( more then I ever have in my life) being consistent everyday and working towards goal.I hope this helps you a little and best of luck to you!

Hope it all works out in the end for you Joe, but its also probably a great learning experience. I'm sure if you want to build a future in REI, you're going to run into these situations. Better to learn how to manage it in the beginning I guess, and at least you took the leap!

0 Votes

Originally posted by @Dave Carter:

@Blake Ramsey

I can’t say I felt prepared. We bought a barely below market, cat-smelling house to hold long term. We watched more HGTV than BP at the time. (I’d never even heard of BP, so the fact you’re on here already is a huge leg up).

It wasn’t a home run but was a solid base hit for us. It got us in the game. We learned, made mistakes, and later took out a heloc on it for a down payment for another property. Don’t let analysis paralysis stop you from getting started. You’re surrounding yourself with great info. Good luck!

My dad watched so much HGTV I was basically raised on it haha! Did you have any basic paramiters for a property when you started looking, or was it more just looking for something in your price range that seemed like a good deal? Thanks for sharing Dave, hearing and learning from others' experiences is always helpful!

0 Votes

Originally posted by @Amy Heaney:

I am in Whitney Texas. Honestly I did not feel ready for my first deal but I'm so glad I went for it. We moved from California to Texas. We sold our retail store in California so we had cash and we needed somewhere to live. So after years of talking about real estate, we finally went for it. We hunted and made many, many cash offers and finally got one accepted on a dumpy house with potential. We've spend almost a year renovating it ourselves and will eventually pull the equity out of it to invest in future deals.

Aside from that, we started obsessing over tax sale auctions. We have bought several properties that we are fixing up for mobile homes. Not super high end cash flow, but very easy, very low cost to get into and it's a very needed resource for the community we're in.

We like to take leaps of faith so it may not be the route for everyone but we're glad we did it and we went from zero to five properties within the past year. :) Good luck!

Congrats on the recent success with the new properties Amy! I'm not familiar with tax sale auctions, I'll have to look into that more. Is it similar to investing in foreclosed properties? I'm assuming I can find those on local county websites. I love the idea of investing locally and improving the community while building a strong portfolio, so I find this really compelling!

0 Votes

Originally posted by @Anthony King:

It all just came together as the process went along from the first inquiry I made. I am investing out of state so I knew I would need all of that. An investor friendy realtor should have multiple contacts they can set you up with.

Awesome insight Anthony, thank you for chiming in!

0 Votes

Originally posted by @Todor Ialamov:

@Blake Ramsey, It is like having a baby, Blake. You could prepare yourself, but would always be very nervous and not feel 100% ready. Once you have the first one, it gets much, much easier.

Really like this comparison, I appreciate your insight Todor!

0 Votes

Hey everyone, I'm Blake and I'm an aerospace engineering student based in Springfield, Mo looking to get into real estate investing. I have been looking at SFR and duplexes around town looking for deals, but I'm somewhat interested in broadening my search. At what point is it plausible to start looking at out-of-state properties rather than local deals? Is it a last resort kind of thing if you just can't find deals locally? Is there a considerable amount of risk involved? Personal preference (if so, what drew you to that place?)? I'm curious because I've talked with a few different people who had a couple of different reasons and now I'm trying to see what the general trend is for people who decided to invest out of state.

0 Votes

@Joe Splitrock Hey Joe thanks for your input! I’m definitely not considering on doing this for a while, certainly not as my first deal. I am looking at coastal cities as potential spots, specifically Wilmington, NC (I agree Springfield would be a horrible spot to do this haha). I honestly didn’t see why any owner would agree to it, but after looking into it I definitely understood a lot of the benefits. I appreciate your insight Joe!

0 Votes

@Corby Goade You’re right, it’s not investing. It’s like any business, without any systems in place to automate it you have to work to make money. But there are plenty of options to make it a hands off business that needs little input from yourself.

How familiar are you with RA? I was definitely skeptical about it at first (honestly thought it was illegal) but after listening to a guest on BP podcast it really changed my view on it.

0 Votes

@Todor Ialamov Thanks for the reply Todor, really appreciate it! Gives me a lot of confidence knowing that just cause I don’t feel 100% prepared, it doesn’t mean I’m not ready. Thanks for giving me a little confidence boost.

1 Vote

All Forum Posts by: Blake Ramsey

Blake Ramsey has started 15 posts and replied 63 times.

Post: How prepared did you feel going into your first deal?

Post: How prepared did you feel going into your first deal?

Post: How prepared did you feel going into your first deal?

Post: How prepared did you feel going into your first deal?

Post: How prepared did you feel going into your first deal?

Post: How prepared did you feel going into your first deal?

Post: At what point should you pursue investing Out of State?

Post: Rental Arbitrage: Yay or Nay?

Post: Rental Arbitrage: Yay or Nay?

Post: How prepared did you feel going into your first deal?