All Forum Posts by: Bob Houston

Good morning BP associates. I am poised and ready to go. I am interested in fix and flip. I am in a good financial position and have construction experience and have been studying for the last year. I am in the Dallas Texas market. Last week our neighbor was telling my wife that "her nephew" tried flipping and he is a "real gogetter" but he was unsuccessful because the "big boys" have the market all sewed up.

I don't know all the details about the "nephew", but I have always believed that one makes their own opportunities no matter the market.

I guess what I am looking for are examples/input from some of the smaller flippers in a hot market to confirm that there is enough work for everyone, especially those who are willing to hustle.

Thanks for the replies...it is our primary residence.

Hello BP community. Here is the scenario. I own free and clear my house ($475,000 value). Credit score is 800. No other debt. I have NEVER been late on any payment. Also, we own a service business and purposely pay ourselves a low salary of 20K a year. I wanted a 100K line of credit to get started in REI.

After about 2 weeks, we were denied. The agent said it was due to low income.

Does anyone have any referrals to another loan company that might work with us?

Thanks in advance!

Nice job..you should be proud of your "stick with it" ethics....it paid off.

WOW...thanks for the great report. This inspires me to get in the game!

Hi Sherry...I did not realize there was a local BP group. Can you please provide details?

Thanks so much for the "real life" snap shot of your flip. I would not say this was a failure...rather an exercise in good business practices.

Thanks for all the replies and suggestions. I appreciate it. I should clarify, I am really interested in getting into REI, not just looking for extra income. My hope is to start in wholesaling, branch into flipping (I do have serious construction skills as well) and then get in to passive income opportunities after that. Also, I would like to succeed enough so I could sell my pool service business and concentrate solely on REI.

FYI...I am located in Forney Texas area which is part of the DFW area

Hello BiggerPockets community! I am a newbie who is interested in wholesaling. I own a swimming pool service company and every fall/winter we slow down and I find myself wondering what I can do to stay busy and make more money. After much research I decided on wholesaling. I will be attending Vena Jones Cox's boot camp in CIncinnati this month and am excited to "fast track" my business.

While I am here on BP, if anyone needs help with swimming pool questions...please feel free to ask and I will do my best to help.

Looking forward to some "win win" interactions.

Regards, 

Bob

Will..thanks for the straightforward observations/advice. I am a newbie and am in the learning stage and I definitely want to do things the right way. I understand that my profit will be made when I negotiate a price with the seller, not once I sell to a rehabber. I also understand it's all in the numbers (purchase price, true rehab costs and true ARV estimate).

I have a pretty good handle on the general process, but find the need for more detailed education. I am considering going to Vena Jones Cox's boot camp. Would you have an opinion on this? Are you familiar with her? The reason I zeroed in on her is that she seems to be a straight-shooter and has wholesaled many deals in her career. Also, her cost is not too drastic at $2500/4 day boot camp.

Does anyone else have an opinion? Thanks in advance.

Does anyone else have an opinion?