All Forum Posts by: Glenn Espinosa

I use a mixture of both. Usually just from my first walk through of a house, I have a general idea of which walls I want to open up, which rooms I can combine, where to put in baths, etc.

If something is a little more complicated and if I need floorplans because I am doing an addition, I will consult with my architect for ideas.

Nothing in this game is definitive and sometimes it helps to look at each deal individually. Each house will need something different and you just have to find the best way to work around each issue.

I don't know too much about mobile home investing but don't you have to calculate for vacancy and marketing also?

Is it profitable? Probably. But there are definitely more effective ways to use $250k.

James Hamling had a very good response. I don't think I could have worded it any better.

I've definitely noticed an investor boom in my area. Everyone and their grandmother has a rental property, is looking for a rental property, learning how to flip, actively doing a flip, etc.

I can't complain as I'am a fairly new investor also.

My question is how are you guys separating yourselves from these new investors? Profit margins aside, a lot of flips in my area feature very similar fixtures, design elements, etc. Everyone is doing open layouts, granite, and neutral colors.

I've talked to a few investors in my area and what they're doing is buying up 2/1's and doing bigger rehabs that require large additions. New investors don't usually touch these type of flips as they require more rehab experience.

Lipstick foreclosures are hard to come by and are usually bid up to the point where profit is slim to none. Im looking at new acquisition techniques that others in my market have yet to capitalize on.

Also, I'am researching ecofriendly and sustainable technology and will hopefully implement the two in my future flips.

These are just a few of my ideas... How else are you guys differentiating your businesses from the newbies and what strategies and niches are you seeing?

I agree that you need to read a little bit more regarding cash flow formulas, rental property investing, and real estate in general. The search function here on BP is very useful.

Once you've exhausted all the articles and posts then we can help you more since your questions will become more specific.

I agree that there is no age too young to invest in real estate. If you have the knowledge and the means then you shouldn't let opportunities slip by.

I made my first real estate investment at 22 years old. I still wish I would have started earlier.

If anything make sure you stay active on biggerpockets and engage the community.

I agree with the other posters regarding starting out small and building your way up to self storage. Self storage is no joke, one wrong move can ruin you. A smaller deal such as a SFH flip or rental is much more forgiving.

Remember, in most scenarios your first deal is not going to be perfect. Not everything will be lined up like you want. There will be risks involved. Take the opportunities as they come and learn along the way. Just make sure everything is a calculated risk and you have your backside covered if things were to go sour.

I learned more doing my first deal and making mistakes first hand than I ever did reading real estate books.

I also wonder about the trade up strategy. I'm buying in gentrifying areas that have a big upside in appreciation but are still cash flowing really well. If the area gentrifies as I am projecting, I plan to sell earlier than most and invest that money into other gentrifying areas. Rinse and repeat..

I wouldn't mind keeping these properties and its something I will consider when I get to that point but there has to be merit in my current plan/strategy.

Welcome Kyle! Stay active and engage the community. BP walked me through my first deal in 2010 and I haven't stopped since!

Will,

In one of your firsts posts you stated that you plan to do owner occupied conventional financing:

Then you followed that up with:

Piecing those two posts together it is plain to see that J Scott as well as many others do have a valid point when they say that what you are proposing is in fact mortgage fraud.

Only AFTER the words mortgage fraud were thrown in did you backtrack and say that you did in fact live in your original OO loaned homes. And, again, it was only AFTER mortgage fraud was thrown in did you say that you plan to move in after rehab.

Even if you did live in your previous homes, you stated that you sold it "in just under 90 days" and that one of which was a "short turn around." That doesn't constitute owner occupy, even if you did move in. Last time I checked most OO loans require the buyer to actually live in the home for at least 12 months.

You have no basis to stand on in your bickering with J Scott because from the information you provided in your first few posts it was quite clear that you had committed mortgage fraud in the past as well as planned to do so again in the future. Again you stated in your own words "I do not intend to move in" and that you have "done it once before."

I have no basis for this but I would venture to guess that you're backtracking to cover your heels. Thats mortgage fraud, buddy, like it or not.

Either way, you still don't have any profit in this deal.

Look for neighborhoods where other investors are buying up all the junker properties. Multiple rehabs in a neighborhood can help raise property prices.

Realtors usually have intimate knowledge about "hot" neighborhoods.

Competition could be steeper though.