All Forum Posts by: Dielita McKnight
Dielita McKnight has started 6 posts and replied 23 times.
Post: Rural Hard Money Lenders
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Hello,
I ran across a great flip today while checking out the competition in an Open House. It is a great fix and flip. But in a rural area.
Please DM me if you can recommend a rural property hard money lender.
Post: CPA specializing in ROBS
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Hello. I'm looking for a CPA that specializing in Rollover for Business Startups.
Post: New to real estate investing, with $100k to start. Any advice?
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Elizabeth Lark:
Quote from @Joseph Bui:
What markets are you looking into? are you open to out of state investing. I, personally, recommend midwest markets as those tend to cash flow immediately and have seen really strong appreciation. I have properties in Detroit and Memphis, while living in the Seattle area. I work with a great team that takes care of most of the work for me including sourcing deals, managing rehan (if necessary) and providing property management. Happy to share more details about my experience.
I just messaged you!
Post: New to real estate investing, with $100k to start. Any advice?
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Hi @Jason Allen. I am definitely planning to invest out of state. But because I am just starting out, I think it makes sense for me to stay local. First I would want to establish a network and have eyes on the ground that I can trust.
Post: New to real estate investing, with $100k to start. Any advice?
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Preston Dean:
Quote from @Dielita McKnight:
Hello. I am brand new to real estate investing. I have funded a corporation from my 401k using the ROBS process (Rollover as Business Start-up). I am starting with $100,000 to invest in my first deal. Because my company has to be an active company (ROBS restrictions), I have to start out fixing and flipping, versus buying and holding.
Any advice would be greatly appreciated. I am super conscious that I am using my retirement for this venture. I want to make the right first moves. I am currently getting my real estate license to get educated in this area.
What should I do first?
@Dielita McKnight If you intend to fix/flip as your exit strategy I would look into wholesale deals or try and get off market deal. You'll find a way better ROI with a wholesale if you can find one that doesn't require a ton of rehab
Thanks @Preston Dean I have a call with Melissa Data List today. I recently have those types of deals in scope. But finding them is the challenge. I don't mind learning how to do that myself, rather than waiting on a Wholesaler to bring it to me.
Post: New to real estate investing, with $100k to start. Any advice?
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Dawn Roy:
There are so many wonderful ppl here in RVA. Like earlier responses, join and attend as many networking groups as you can. Here is something that is a can't miss:
Start slow and don't be quick to jump. Flipping houses take time and finesse. Remember, you make your profit when you buy not when you sell. You MUST buy it right for the numbers to work. I have seen too many ppl get themselves into a mess by not having a definitive "buy box" and not staying within those parameters.
The best of luck to you.
Cheers!
Thanks so much, @Dawn Roy. Maybe I will see you at Deal Makers.
Post: Tool for calculating ARV
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Austin Jones:
Hi Ms. McKnight, the only way to calculate ARV is to look at the comparable's in the area that will be similar to the subject property after repairs. I am not aware of any tools to help with this but if you find one make sure this is the method the tool uses and confirm with a realtor. Good luck!
Post: Texas/Dallas Real Estate Lawyer Recommendation
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Jose De La Macorra:
I found a very interesting deal which I have posted in another thread. I believe you can find it through my username if you want to read about it, but if anyone has a Real Estate Lawyer/attorney in Texas they know/use I would highly appreciate it.
I live in Dallas so if he/she are from Dallas awesome. If not no worries.
Thank You BP!
Hello @Jose De La Macorra. Were you able to find a Real Estate Lawyer that you would recommend? I am looking for advisement on a land development opportunity in Midlothian, TX.
Post: Former IT Project Manager - will my skills transfer
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Thank you. I appreciate that.
Post: Former IT Project Manager - will my skills transfer
- Investor
- Richmond, Va
- Posts 23
- Votes 11
Quote from @Account Closed:
Quote from @Dielita McKnight:
I am interested in learning how to manage my own construction/reno projects. I was an IT project manager in my former life. Are there any forums on renovations or construction?
I came from Tech (selling very large computers to very large companies). Yes, there is much to learn. If you have a lot of time, you can spend it on BP and youtube and get pretty much everything you need, if you can sort out the static and avoid the program "loops".
Obviously, if you are “looping” (in a glitch), how do you know you are “looping”, because when you’re caught in a loop, you can’t tell. Eventually it's time to recompile and try to make up for the lost time. You don't know what you don't know.
If you want to cut a year, maybe two off of the process, you put a coach in place and learn things procedurally and profitably.
Hi @Account Closed Thanks so much for responding. A coach, hmmm. Hand't thought about that. I like the sound of that a lot. I wil do some research. Thanks for sharing your thoughts.