All Forum Posts by: Eddie Gonnella

Hi, all!

I live in Ellsworth, Maine, the fastest-growing city in Maine for years, and there are a lot of distressed old homes that are really fabulous when they're rehabbed. It's a great place to flip, but I need help starting out so I wanted to introduce myself here.

I have a combination of unanswered questions, trouble finding good comps since "neighborhoods" aren't usually a thing and there are a lot of variables like proximity to the ocean/lakes and land size or type, and a bit of information overload as I study investing. If anyone has tips for comping rural properties like this that would be great!

The other issue I have is that I took a commission-based job back in January and was told to expect $50k/yr but then sales have been down across the company by 20% all year so I'm making around $800/mo LESS than expected ...the very $800/mo I had planned to put in savings... so I don't have any cash up-front for anything and student loans are killing my credit again. I'd love to pay them off but I need some of that REI money to do it :) I'm not about to look for another 8-5 knowing I was much happier being self-employed and can do it again soon!

So far, my plan is to do a few wholesaling jobs to start and then get into flipping when I have some cash and can quit my 8-5. My mom and her dad used to flip houses so she's of the mind that's the way to go - I'm down for whatever but given my situation I don't have months and months to wait on the fix and flip. Are there any PMLs who work in my area that want to help?

Thanks!

Jen

Thanks Ian! Thurs nights are tough for me but I'll make it if I can. So happy you got this going!

@Pete Collier @Tsvetomir "C" Nikolov @Eddie Gonnella @Garvey Melmed @Justin Robinson-Howe @David Hart @Allen Frantz @David Lichten @Tyler Sing For those interested, I changed the location of our first in-person "Meetup" to Fogtown Brewery in Ellsworth, ME . Seemed like a more suitable place for everyone to gather and chat. Would be great if you can attend!

Our meeting on Thursday showed growth! We went from 2 people in July to 4 people in August. Thanks to everyone who showed up! At the end of the meeting we talked about a Meetup in person so I will go ahead and set that up shortly. 

One more week from tonight we are having another meeting for all who are interested. See ya then (8/24 @ 7PM). Thanks!

Good morning, Gentlemen.

No one from this thread ended up at the meeting last night, however 1 person did. An interesting guy named Cale from Boston got on the Zoom call and we chatted for the entire hour and a half. Nice guy it was a good chat. While the first meetup was only 2 people, a meeting finally did happen and I'd consider that a step in the right direction. So I'm going to continue forward with more.

I figure I'll stick to the last Thursday of every month since that's what we've gotten started. If you'd like to join the next one, it will be on August 24th at 7PM. We should probably do Zoom calls until this thing grows a bit. I'll set up another meetup here on BP and post the link for anyone who wants to join! Take care, everyone. 

Ian