All Forum Posts by: Devonte Blackmon

Hows it going BP! Ive been on here for 2 weeks and haven't had a chance to introduce myself, so with out further ado. Iam Devonte Blackmon born and raised in Northwest Indiana . I am currently living in the town of Merrillville. Just turned 24 y/o on Aug 4th. Iam happily married with one beautiful daughter who is 3 y/o. Ive always held a interest in real estate since grade school. Never had anyone that i could talk to about it because no one really owned their homes around me. So once I graduated high school i made it one of my goals to be involved. At that moment i was thinking real estate agent because i had no idea and never heard of house flipping wholesaling etc. As the years went on i had gotten busy, started working in the steel industry, had my daughter and got married so i didn't have time to invest in learning more about it. 2015 we needed more space moved to a larger apartment where the rent was $1,030 at the same time my mom had bought a house and her mortgage was way less than my rent. Right at that moment i started looking into buying houses. I was scared and procrastinated. I was making good money but just was young so i was discouraged. So 2017 rolled around i got serious started looking at homes and closed on March 31st . The previous owners walked away with $20,000. looked up my house online found old pictures and seen all they did was add laminate flooring and redo the bathroom. Month later my uncle closed on his house which was completely remodeled he bought the house for $167,000 and said that the person that remodeled payed $70,000 for it and they cut him a huge check at closing. I was blown away did my research and learned about the various ways to get into real estate other than being a agent. I was doing so much research then out of nowhere i seen bigger pockets on Instagram found out what it was and now I'm HERE! My goal is to gain as much knowledge as i can while i prepare myself financially to jump into real estate investing. Also i would like to network with like minded individuals with or without experience. What interest me most is fix n flips and wholesale deals. In the future once i have more experience i would like to progress to having rental properties.

Thank you guys. Everything you all said makes completely good sense. I made a few mistakes when i first got my credit cards, I've been making 60k a year since 20yo i didn't know what to do i was getting card offers left and right bought a expensive jeep. Young and dumb well still young just turned 24 last week but not as dumb. I bought my house in April now my goal for the next year is to reduce personal debt. My personal barber is a business man and he was also telling me about dave Ramsey i will check out his stuff. Thanks again!

Jesse Goldberg thanks! So for instance what would a payment for a $100,000 loan at 10% interest be for a one year term. Would you actually make payments like your trying to pay it off in one year? payments of $9000 ? Or way less considering you don't actually plan on holding it for that long? Just trying to get a clear understanding. Doesnt have to be exact number but just a ball park.

Any suggestions on what to do financially before you actually start the process of rei. I am a homeowner 2 car notes few credit cards and Some money in the bank. What are some tips on preparing you finances for that first deal?

Hows it going bp. New and just asking questions as they come to my mind. Iam a homeowner sense april 2017. Im curious on what to expect when applying for a hard money loan. Also is there a certain credit score you should have?

How do you analyze a deal? What are the key factors to pay attention to when working on a fix n flip deal and wholesale deals. Are there any guideline percentages to follow ? If that makes sense

Thanks for the positive motivational words man. I would eventually like to give whole sale deals a try also. I feel like fix flip and wholesaling would be more of my thing at the moment. Any notes on that? My goal is to complete my first fix flip and wholesale deal in 2018 .

I see what you're saying . Iam looking to start off with fix and flip then progress to fix and rent properties for passive income. The main focus now is fix and flip.

Thank you

Hows it going BP! i am 24 and recently purchased my first home in April of this year for primary residence. I was wondering how does me buying a home play a factor in securing other loans for investment properties. Is it a plus or negative? Does it play any role at all? Also what are the options to getting loans for investment properties ? Ive read something about hard money loans for beginners flippers but really don't understand. Thanks in advance.