All Forum Posts by: Chris Porter

 Hi Caleb, would you mind sharing with me as well! [email protected]

Hello everyone. My wife and I own a Triplex here in Anchorage. We found out we are pregnant and have decided to move back down to the lower 48 to be closer to family.

We're looking for a reliable handyman that we can have in our pocket in case something random comes up with one of the units (faulty appliances, plumbing, etc...). Typically I would handle these things myself as we live on-site currently (house hacking). Seeing that is no longer going to be possible, looking to get a little piece of mind by developing a relationship with someone that can handle things as they pop up. 

Anyone have any referrals?? 

*I believe i may have posted this in the wrong section initially, not sure if it can be removed from the other forum or not.*

Hello all!

A little background:

I'm currently deployed over seas, I'm actively looking for a way to make the most out of the capital that I'm accruing while I'm out here.. especially since i don't have any living expenses at all (perks of being single and deployed!). I've got a friend back home who has their Real Estate License and has expressed interest in teaming up with me to work a deal.

Asking Price: $117,000

Offer Price: $75,000

Rehab Costs: $25,000

ARV: $140,000

I did a little simple analysis on a potential flip property. I put the ARV around, what I believe, a very conservative $140k for the area based off what I saw some homes recently sold for. I added quite a bit of fluff to repairs cost as well, as I don't have much experience at all when It comes to rehabbing... I made some best guesses off what I could pull from the internet. Even with all the fluff added, and the conservative ARV, I'd be looking at about 30k profit.. that's including accounting for holding cost for up to 4 months..

What do you think??

-Down payment would be $15k.. on a conventional 20% down mortgage.

-Monthly holding cost would be ~$600

-I'm thinking I could fork up $10k for the down payment and then also pay all holding cost until it is sold..

-My Partner would chip in the remaining $5k for the down payment.. and be responsible for managing the rehab of the property.. contractors etc..

-Probably have to look at a private money lender for the $25k repair cost...

-The way I would see that working would be to pay 8-10% interest only for the 3-4 months that we borrow the money, then pay back the principle in full once the house is sold. I could pay this monthly interest myself as well. I have a few people I could possibly reach out to for this.

At the end of the day, once the property is sold for $140,000, the following will need to be paid off:

SATISFY THE MORTGAGE LOAN:

-$60k

ME:

-$10k - down payment

-$2.5k - holding cost

-$5-7k - hard money loan interest

PARTNER:

-$5k - down payment

PRIVATE LENDER:

-$25k - loan

TOTAL EXPENSES: $109,500

This would leave us with a profit of over $30k to split between the 2 of us.. and this is estimating expenses and holding cost etc... on a very conservative level.

Really just putting this out there to see if there are any obvious things that i have over looked and also to gain opinions on the deal from those of you with some experience!

Hello all!

A little background:

I'm currently deployed over seas, I'm actively looking for a way to make the most out of the capital that I'm accruing while I'm out here.. especially since i don't have any living expenses at all (perks of being single and deployed!). I've got a friend back home who has their Real Estate License and has expressed interest in teaming up with me to work a deal.

Asking Price: $117,000

Offer Price: $75,000

Rehab Costs: $25,000

ARV: $140,000

I did a little simple analysis on a potential flip property. I put the ARV around, what I believe, a very conservative $140k for the area based off what I saw some homes recently sold for. I added quite a bit of fluff to repairs cost as well, as I don't have much experience at all when It comes to rehabbing... I made some best guesses off what I could pull from the internet. Even with all the fluff added, and the conservative ARV, I'd be looking at about 30k profit.. that's including accounting for holding cost for up to 4 months..

What do you think??

-Down payment would be $15k.. on a conventional 20% down mortgage.

-Monthly holding cost would be ~$600

-I'm thinking I could fork up $10k for the down payment and then also pay all holding cost until it is sold..

-My Partner would chip in the remaining $5k for the down payment.. and be responsible for managing the rehab of the property.. contractors etc..

-Probably have to look at a private money lender for the $25k repair cost...

-The way I would see that working would be to pay 8-10% interest only for the 3-4 months that we borrow the money, then pay back the principle in full once the house is sold. I could pay this monthly interest myself as well. I have a few people I could possibly reach out to for this.

At the end of the day, once the property is sold for $140,000, the following will need to be paid off:

SATISFY THE MORTGAGE LOAN: 

 -$60k

ME:

 -$10k - down payment

 -$2.5k - holding cost

 -$5-7k - hard money loan interest

PARTNER:

 -$5k - down payment

PRIVATE LENDER:

 -$25k - loan

TOTAL EXPENSES: $109,500

This would leave us with a profit of over $30k to split between the 2 of us.. and this is estimating expenses and holding cost etc... on a very conservative level.

Really just putting this out there to see if there are any obvious things that i have over looked and also to gain opinions on the deal from those of you with some experience!

@Jimmy Moncrief Yes I am at Pendleton. I love it here, but I'm eager to get back to Chattanoga. its growing so much there.

Thanks all for the welcome!

@James Letchford Look forward to meeting up later next week!

@Michael Ramos No worries man, glad my thread could generate some answers for you!

@Joe Homs I would absolutely love to meet up and pick your brain a little. sent you a PM.

Hello everyone,

My name is Chris Porter. I'm a very motivated newbie. Currently living in Southern California interested in creating a portfolio back home in Chattanooga, TN. My intent is have a solid real estate foundation in place by the time I get out of the Marine Corps in mid 2019. This will include both rental properties and Fix n' Flip properties. I will be pursing this a full time endeavor.

Currently I have no personal real estate experience, however, I am reading every book/blog I can find and very actively seeking as much knowledge as I can through other's experiences.

A little info on my current situation and a request for some guidance from those of you who can offer a little direction for starting out here...

I'm 25 years old and I'm an officer in the Marine Corps. I'll be deploying soon and once I return I will have ONE year left on contract here in Southern California. Upon return form this deployment I will be debt free and have significant capital to dive head first in my first investment. my goal during this final year on contract will be to establish as much of a real estate investing foundation as I can in order to enable full time attention once I separate from the Marine Corps.

I would like to gage your opinions on how best to dive into this world of real estate investing upon my return from deployment.

I'll have anywhere from 30-40k in capital devoted to starting this endeavor. Based on your experience, would you recommend starting out with a rental property and using that capital for down payment and having the rest in reserve for a strong cash position? or would you recommend pursing a Fix n' Flip property? I want to be aggressive about this.

I also intend to purchase a home here in CA with my VA loan after deployment. Once I return home after my separation I would like to maintain the property and rent it out.

Sorry for the novel! I'm just very eager and excited to get started on this next chapter in my life.

I'm very happy to have stumbled upon this website and I look forward to being apart of the community here!

Chris