All Forum Posts by: Account Closed

Dave Savage you may want to reach out to J Scott if you haven't already. I'm sure that you could provide you some insights as to the biz and what's like with a family getting started in flips.

Welcome to Bigger Pockets.

You've come to a great place to ask questions. It sounds like you may want to first look at your deal criteria. You mention having bought at the top of the market and getting out.

Seems to me you will first want to examine what a good deal looks like. You want to insure that you are accounting for all the expenses, factor in vacancies and future major repairs.

Is the 30K all you have because you are going to want to insure that you have reserves in place just in case of vacancies or unexpected problems.

Not sure what your local market is, but I know much of California is expensive. Can you possibly find deals that are no more than 150K that might make sense. Sounds like they would have to be turn key which is may make it more difficult locally.

Investing out of state may be an option, but you'll want to build some contacts so that you know you have a good property manager and have eyes and ears in the area that can identify properties, inspect them and help you with the due diligence.

It is doable, but you have some homework to do.

It's possible you could partner on the deal, but you would need to be able to bring something to the table. 5K is a start, but most are going to want to see some experience or expertise.

Perhaps you have friends, relatives and others that you have gotten to know that would be willing to lend private money or partner on the deal.

Never even heard of the show. I went online though to watch some and it does look useful.

Here is a link to some full episodes for others like me.

http://www.diynetwork.com/diy-rehab-addict/videos/index.html

Glad that you dropped by. Sounds like you learned a lot here and put it to use. Congrats.

I like Quicken personally. It is very easy to connect to your various bank and brokerage accounts allowing for automatic updating. I think Quicken does a good job of making it easy to follow many other investments as well.

Personal financial statements vary dramatically. Depending on your investments and who might use the statements.

Jon Klaus the Seattle area enjoyed modest and steady appreciation for many many years. For some here there play was appreciation and it worked well for a long time. Finding deals that cash flow here are a good exercises in deal analysis and learning how important other considerations are besides the numbers. My deals all have positive cash flow, have appreciated and have great opportunities for forced appreciation.

It seems like we have a vast wealth here on the site of success stories, lessons learned from the small stumbling blocks, tools we've picked up along the way and other important life lessons. I've learned though that connections in this business are more valuable than the knowledge you pickup. The connections help you in creating your portfolio and lead you in making less mistakes.

The first step to succeeding in real estate is learning what you can. The next step though is more important and that is learning from doing and finding help when you need it.

Shanequa J. didn't realize you were a new investor. I've read a number of your comments and thought they were quite helpful and on point. While you are looking for motivation, I think you are providing motivation for others as well. Nice to get to know you.

Making money is an awesome reason for being involved and I know that you are quite involved here. Congrats on your successes and what you have given to the community.

I've also profited from relationships that I've built here. It is nice to have a list of people that you have grown to know, like and trust enough to share and do business with. Where else can you come in contact with so many successful individuals.

Personally I prefer real estate because it tends to be more stable. Gold can have much larger price swings and doesn't have the potential of creating a passive income stream.

Real estate values can fluctuate as we all have learned, but I believe if you looked at gold over a significant period of time you would see that it more volatile.

The best reason I like real estate though is the ongoing cash flow that I can enjoy regardless of current appreciation or the lack thereof. Over time real estate can and does appreciate.

It is possible that one might experience a greater ROI from gold, but you also have to consider the risk and volatility. Just my 2 cents for what's worth.