All Forum Posts by: Corey Johnson

Thanks everyone for te advice.

@Walter Pape, coming from the contractor background, I'd like to do rehabs for flips, and buy and holds for long term, depending on the deal, if I can flip it for enough profit, and then roll that money into a rental for long term.

Deciding what to do as far a marketing is what spurred the question in my mind. I was thinking I could start quickly with direct marketing and "driving for dollars" (I work a lot in the neighborhoods I would be findings properties.)  So I was thinking "What do I do if someone calls?"  

Is there enough time in negotiations to secure financing, or a financial partner?

Newbie here...

So, I've heard on the podcast a few times that the deal is the hard part.  And if you find a good deal, the money will be easy.

So my question is, do I start marketing toward sellers, and work out a deal as if I know I have the money covered (not necessarily telling them its cash, but with the confidence that the money is "there"), and then after an agreement is reached (presumably the agreement says I have 30 days to close?), I go find the money in those 30 days?

What do you do if for some reason you don't find the money?

I don't want to put a seller in a position where they think they have their property sold, and then not be able to follow through... But I also don't want to fall into the trap of analysis paralysis, where I need to have everything lined up first... and then I'm dealing with "the chicken or the egg". 

Any advice?

Welcome to bigger pockets @Kathy Miller.  Tennessee's on it tonight. 

Is Adamsville in Middle TN?  I hope you're enjoying this weather we're getting this week.  I'm Newhart too, but love this site.  I wish you the best. 

Hi @Delia Magill, welcome to bigger pockets. 

There was a podcast on Thursday that might still be available on replay.  I watched it live and it's definitely worth your time. It illustrates a lot of functions about the bigger pockets website. 

Also, check out the podcasts on iTunes if you haven't yet. 

@Mark Rogozinski, I've got a similar work background. I'm new on Bigger Pockets and to RE investing. A couple  things I've gleaned from podcasts and forums, relating to guys like us.

1. Take action but don't rush.  Working as a contractor on rehab projects could make you overconfident, causing you to leap before you look.  Take action but make sure the deal is right. Trust the numbers. 

2. Don't do a deal if the deal only works with you doing the rehab work. You can do the rehab yourself to make better margins, but make sure the deal would still work even if you hired a GC.

Good luck to you.  I'm sure you feel the same as I do, that it'll be so much more fun working on your own project.  

@Doug W., what do you think caused your purchase price to be too high? Did you underestimate the repair cost or the ARV by too much? Or were the margins just too small to compensate for the unexpected?

The pictures look great, I love removing the part of the wall in the kitchen, it really opened up that area.  That paint color isn't Reprose Gray by any chance is it?  :) 

Thank you everyone for the great welcomes and suggestions.  I really appreciate it.  BP looks like a great community, and I'm really excited to be a part of it.

Hey, I'm Corey.  I'm new to Bigger Pockets and my dream is to be a full time Real Estate Investor.

I've worked on homes since high school, and love making old houses look great again.  While I've only ever done the "dirty work" on houses, and have only owned my primary residence, Real Estate is my passion, and I am determined to be successful in land lording and to do some flipping.

I look forward to learning a ton on Bigger Pockets, and contributing what I can from my  perspective, and as I develop my experience in other areas as I get some deals under my belt.

Thanks,

Corey