All Forum Posts by: Jeremy Galloway

Welcome @Jebo Aho! 

Good luck with the Snowball and learning everything the BP has to offer.  Keep an eye out for the webinars and if you have a chance to listen to the podcasts while at work that will help out as well!

Cheers

Looking for a live-in flip for my family of 4. Needs to be a 3/2 house that is a distressed property since my price point would be around $150-175K. Would like the ARV to be north of $200K if not more. Most neighborhoods that I'm tracking has those comps. My list of possible zips is 35242, 35244, 35243, 35216, 35226, 35223.

PM me if you have anything.  

Try the website Meetup to find some local real estate groups if there isn't a technically a REI group. Here is one http://www.meetup.com/Reno-Real-Estate-Investors/ sometimes they will have some off hours. I know that we have some at lunch time and others after work in Bham.

@Derek Summerford I always like the dave ramsey approach with debt... recommends putting pause on contributing to the roth to pay off the debt as quickly as possible  (if it isn't your mortgage). What does your number look like in getting the debt paid off? (If you would like to share) 

I actually used the sell of our personal home to get us out of debt.

PM the list for Birmingham AL. I can always pass it on if I see anything that may be good.

Thanks @GioVanni Gibbs

@Marcel Pean I would stick to that list just because you worked on getting the list to that #, repetition does work but may want to send out different mailers than just post cards (example: yellow letters).  People respond to different mailers.

@Alex Freelove How do you want to find your distressed property?  Find it on your own (driving for dollars), craigslist, or buy from a whole seller.... I'm at the same level as well.  

We had a house in GA and now in Bham (A live in & flip).  We are renting for the moment (wife and two kids) but needing to get a house for us before finding an investment property.  My focus is getting a short-sell or foreclosure in an area that we want to be in for school systems.  Live in and flip.  If you sell after 2 years then there isn't any cap gains taxes that you have to pay. 

If you can do hard money/private money, you can do BRRRR method on the buy/rent. Also have yoiu found a REI group in Reno to network with?

PS Love Mint!  Game changer for budgeting personal finances. 

@ralphsmith you will be pretty much just pulling equity out of the house. BRRRR is another method altogether. So since in your example you have 60k in the first mortgage, you can find out from a bank how much of the rest of the equity ($40k) you can get in a line of credit/second mortgage. With those numbers/ratios, it should be easy to get 10k out of it.

@alex freelove my question would be for you would be where you want to go? That 2k should be cleaned up by the end of the summer. I'm not sure if you're married or not, but regardless get on a budget and have a clean debt and an emergency fund (at least another grand if not 3 months of budgeted expenses). Beyond that, do you want flip and sell/buy and rent/whole sell/anything else? 

From what I read through other post is that there is some recourse that you have if any damage is done to the house between the contract and closing if anything has been changed. Any opportunity to take pictures/video of property before going under contract?