All Forum Posts by: Jeremy Basiger

I am very new to real estate investments and always looking expand my network by connecting with other intelligent investors, agents and entrepreneurs in the area. Being that I am an introvert by nature being on BP has allowed me to connect with others and establish relationships that are easier to grow while taking me out of my comfort zone.

Thanks @Dave Foster,  I was unaware that an audit was possible in that situation. I will keep what you mentioned in mind moving forward. I actually found out this morning that there is a current offer on the property, this was told to me by the inspection company that I was going to have inspect the property today and either left out intentionally by my realtor or she was unaware also. Either way I will not get into a bidding war over the property. If it happens to fall through or is not accepted I will redetermine my position and act accordingly. Thanks again Dave.

Hello everyone,

I am new to real estate and have been researching and soaking up as much information as I can over the past coupe of months. Just over a month ago I found a potential BRRRR or fix-n-flip property. The property is REO and last year assessed at 96k however after being foreclosed and unattended it currently is being sold for 36,900. This is a price drop made last week down from 45k. After looking over the property I have settled on about 15k in rehab work with much of the work being done by myself/family/friends.

I have talked to an investor and am having a home inspection done this coming week. Once the inspection comes back as long as it looks good we will hopefully move forward. My current plan is to get it ready to rent out by February which I believe is more than possible. During this time I plan to find a bank that will refi at 70% appraised value (comps in the area are around 115k) I would look to cash out, pay my investor and then continue to rent it out. The rent for the property would be between 750 -850 a month which I believe I could achieve. 

Where I become unsure is when I would start to approach this point. With my overall goal being passive income and longevity in the real estate market, I do not know what will be more beneficial to this end.

Here's what the math looks like

Investor money: 40k

Home cost + Closing: 38k

Rehab estimate: 15k

My cost: 13k (to cover the rest of rehab)

Appraised value: 85k (Low estimate to error on side of caution)

Investor ROI = 10% After Repair Appraised Value (IE $8,500)

Cash out Refi @ 70% = 59,500

= 48,500 to investor and then 11k back to me with a 30% equity in property and positive cash flow of roughly $150 or 11% COC ROI

The alternative to this is to flip the property, take the 31k profit (utilizing the 1031 exchange) and use it to invest in something else.

I also want to note that I currently set aside 2500 a month to invest in this endeavor. My credit is 740+ with about 20k in total debt (not including my home). I am not short on monthly income and have money saved up as well. I simply lack direction. 

I have been looking for a mentor in my area but have yet to find one. I seem to be finding a lot of newbies like myself, maybe with less motivation than my own, but that is about all I am finding. I work as a production supervisor and hold hours of 3pm-11pm. I am the type that may suffer from analysis paralysis. I continue to research and learn every day. Any advice is welcomed and greatly appreciated. 

Hello everyone!

My name is Jeremy Basiger, im 28 and I reside just West of the South Bend IN area in a small town called New Carlisle. I am new to real estate investing and have yet to make my first official move. I have been reading, watching and listening to everything I can get my hands on concerning real estate investing over the past 2 months. I was offered a pricey mentor-ship from Phil Pustejovsky, but turned it down after some consideration. Some may think it's a scam and some may just believe it to be something that should not cost anywhere near 10k. Regardless It just did not feel like the correct fit.

Ultimately, I am seeking a mentor in the Northern Indiana area preferably the North-West that may have some tasks that they why wouldn't mind some help with in return for sharing their knowledge. I am great with numbers and very motivated. I will break into real estate investing one way or another and I would just like to trade services for the opportunity to see how things are actually done.

Any information or insight that anyone may have is more than welcomed and I look forward to conversing with others as soon as possible.

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A little about me

After serving in the Army for 4 years I got out and moved back home, since then I have been in the production industry working for others since 2011. I am currently a production supervisor at the company GAF whose focus is residential roofing or shingles. I work 2nd shift and have free time available from 6am - 1pm Central Time. I am motivated and focused on starting my journey. I believe that knowledge is the greatest form of power and that we are presented with the opportunity to learn every day.