All Forum Posts by: Caleb Coblentz

Thanks for the input.  As far as using my current home for collateral, worst case scenario we have to sell our house and move in to the spec.  I'd be ok with that.  

The builder has been profitable on past specs.  I am not sure about time and budget, those are great questions to ask.  

My commission would roll in to the profit.  I think we would most likely roll all profit in to the next deal.

A little back end info- I'm a new agent with goals for my own investing.  I found a great lot with access to the inlet, bank owned, asking $107,000.  I sent it to a builder friend of mine.  He was very excited about a spec home on the property.  His idea was for him to do the plans, build the house at his cost.  I secure financing and we split all profit 50/50.  We would be spending around $300k on the build and should have a $550-650k home to sell at the end.  I know one private money guy.  

Do I:  

(A) sit back and be happy to be the agent on the buy and sell deal and maybe a finders fee

(B) put my wife, kids and house up as collateral for the private $$?

The builder has done several specs.  He laid out his 5 year plan to eventually be able to build homes with our money instead of borrowing.  I think it would be a great project, just don't want  to get in over my head.  Thoughts?

Thanks guys

Hey Everyone!

I'm Caleb.  I've been listening to the podcast for a bit and finally decided to make a profile.

I'm originally from Indiana.  I finished school in Myrtle Beach because, well its warmer than Indiana.  After graduation my wife and I moved to Charleston where I was a teacher and coach for 4 years.  After getting out of teaching I worked full time with my wife in her wedding photography business.  We made the decision to move back to her home town and settled in Murrells Inlet.  We have 2 kids, 6 and 4 that have settled in nicely to our new home.  I am brand new to real estate, trying to hustle as much as I can.  My mother in law has been a good mentor.  She has been with our company for over 30 years.  

I'm a believer that if you are not buying and selling as an agent, you are wasting an opportunity.  My goal is to acquire enough rental property to pay our families monthly expenses and eventually change my family tree.

I am somewhat torn with funding.  I have friends on one side that have a large investor pool to use for their deals.  On the other side I see friends barely breaking even trying to pay off mortgages and repairing their rentals.  I'll be searching the forums for insight for sure.

Thanks to everyone that has made this what it is.  I am really excited to start this.