All Forum Posts by: Christopher Blanco

The OP is the reason why my business plan is to never hold a SFR for more than 5 years. Have an exit plan with EACH deal.

This is really a terrible attitude. First off, is it really so hard to just ignore, block, or otherwise not engage the people you find so bothersome? Second, when you first started off, did you do EVERYTHING on your own or did you ask people for help, advice, and pointers on where to start off? I wonder how many people you "bothered" to get your first and subsequent deals. 

Its amazing to me because I tried to go it alone, for 3 months I tried not to bother anyone. Know how many deals I found? 0, none, nada. I decided one day to start "bothering" people (most of us call this networking.) In that time frame I have had 4 deals come from people I have "bothered" networked with. If you want to do this on your own, I suggest you stop posting in Bigger Pockets and find somewhere else to get your ego stroked. 

Hey guys and gals, well right after this post I got an email from my HML that they can't fund the duplex because their appraiser's ARV came back low. :( I am scrambling now, two days before closing to find someone to fund it. I am getting a heavy dose of the rei world!

@Alexander Schwartz One deal was from some probate marketing I did, and the other was a wholesaler I met at the local REIA group.

@Christian Wathne The two flips are dated mainly. Good bones and decently maintained, just out dated. The duplex needs a bit of work, but still in great shape. I was looking for MAINLY cosmetic flips, so no foundation issues and most of the mechanicals in good shape. 

@Michele Sidney @Donnell Jackson @Leslie Brown @Robert E. Thanks for the congrats, getting the deals is one thing...closing them as I am finding out is something completely different! Stay tuned

So about a month ago I wrote on BiggerPockets about having trouble finding deals. I had been looking since October with nothing to show for it. After I posted my story I got a tip from a BiggerPockets member on a duplex on the west side of Cleveland. I am happy to state I am closing on that deal on Thursday! In addition this week I had 2 more deals come through! I now am going to run 3 deals concurrently and I am about to get really busy!

Deal 1 - Duplex

55K Purchase

15K Reab

$1400 rent

___________________

Deal 2- Flip 

70K Purchase Price

64K Rehab

ARV $190K

____________________

Deal 3 - Flip

80K Purchase Price

45K Rehab

ARV $180K

Now I am scrambling to get funding for all these deals! If you are getting frustrated, just keep at it and keep to your principals and criteria! It WILL happen!

What rental comps do you have that support that amount?

@David Zheng, you also forgot the water bill if its a duplex, property maintenance (trash, lawn, snow) etc. I am with @Jeremy Chaser its getting hard to find deals. 

Why don't you look for a steady work at home gig? Even if it doesn't pay what your old job did. That is what I am doing right now. You get the flexibility of free-lance work, the ability to move around, and a W-2 paycheck. 

Why don't you define what kind of LIFE you want (not career) and then fit a career/job into that life. Its a little backward from how we are taught, but I am starting this process now and its been a very cool way to look at life. 

Step #1:

Get a property manager...

If your first question is "some sort of" you need to protect yourself or start learning REALLY fast. 

I don't understand this "funneling" that you seem to be stuck on. I put $500 a month from my paycheck into my business. That is no different than drawing on the HELOC you own, and depositing that into the business. Its a cash infusion, not income. I'm not a CPA either so take that with a grain of salt, but I don't see an issue with this.

I guess the only issue I would see if you have C or S Corp...if you have an LLC you should be fine.