All Forum Posts by: Daniel Inman

So I stepped aside my ambitions for a bit to continue my pursuit of a civil engineering degree and be a stay at home dad as my wife has pursued her dream carreer after I left the military. Although I still have a significant leg of the college journey to complete (3 years @ Half time), I have finally found a great opportunity to pair up with a local investor during the summer months(still taking a summer class or I will never finish).

Currently I am helping him put together a probate/absentee research and marketing process. I continue to feel like I am drinking from the fire hydrant of information both on biggerpockets and the plethora of books out there. A few projects I hope to incorporate are the website and facebook linkage that Brandon has talked about. Also creating a easily organized and searchable probate/absentee list and database(I hate tapping away at excel).

I am posting, in sorts, to keep my self accountable to making one step forward each day no matter how seemingly small. I really enjoy the community that biggerpockets has to offer and I plan to occasionally post up my progress and successes/failures(learning moments) along the way.

Future goals include moving into small/medium multifamily buildings for long term cash-flow and learning how to incorporate sustainability into real estate investing(the engineer in me).

Glad to have you guys along in the journey,

Daniel

(if this needs to be posted else where feel free to move or let me know)

Thanks for the replies,
My main comp for ARV on the active side and one of the sold properties is located on the same main street. I also based the ARV off the lower of those two. Sent all my info to the HML and have a meeting with him soon. Hopefully everything will work out, I have budgeted very conservatively so if everything works out it could be a good payday.

All the best,

Daniel

Walked through with an experienced rehabber and over budgeted for just about everything plus some. Really we are expecting for about 25K but trying to be ultra conservative for our first property.

Thanks for the reply,

Daniel

Looking into my first flip, here are the details.

Good Neighborhood, one downside is its on main street but has a rear access.
SFR REO Listed for 277 days and 4 auctions later
ARV (lowest comp based) - 196K
Selling costs - 21.8K
Holding Costs (hml) 6m - 16K
Rehab Costs (20% over) - 35K
Max Purchase Price - 92K
Profit - 31.2

Trying to go this route via HML with all fees deferred till close.
Going Thursday or friday to talk to hard money lender but might have to find another if he is unwilling.

I might be leaving something out but basically this deal I believe can be quite good.

Thoughts?

Best Regards,

Daniel Inman