All Forum Posts by: Jared Smith

@Srini Rajamani it looks like you are in CA. There are definitely ways to make money in real estate without needing initial capital but I would say those are fewer and less likely in the current market. 

Are you planning on continuing to work in tech? Do you want to manage the STR or LTR yourself or are you open to other options like out of state investing?

Welcome to BP! Excited to hear more about your thoughts on what you think would be an initial plan.

 We did consider/evaluate that option, and have done multiple flips, but at those points have been under contract since New Year's Eve and carrying costs for another 2-3 months without a guaranteed sale is not the risk we want to assume.

 My wife and I did this on our own. Of course we are closing now that the market is picking back up🤦🏼‍♂️. Sometimes a small win = big win.

Investment Info:

Single-family residence fix & flip investment in Lakeland.

Purchase price: $320,000
Cash invested: $425,000
Sale price: $445,000

Just missed the market by 2 months on this one. So is the risk of flipping!

What made you interested in investing in this type of deal?

We live in this area and it seemed like a great opportunity with the margins

How did you find this deal and how did you negotiate it?

Worked through a wholesaler

How did you finance this deal?

cash

How did you add value to the deal?

Full remodel

What was the outcome?

Made some pocket change after fees

Lessons learned? Challenges?

You can't overcome a change in the market but your margins need to still be large enough to not lose your shirt if the market does shift like it did the last several months.

@Joseph D. Moore welcome to the forums. If you were to lay out your 1 - 3 year goals, what type of investments are you looking to start with and where do you see yourself in 3-4 years? 

Bonus: have you thought about your 10 year goals/plan?

@Bob LaFountain welcome to BP and the forums. Are you new to real estate investing or just to the forums? Where are you from?

@Lena Shaba Sounds like you are well on your way to growing your portfolio. 1031 exchanges can be a bit of a time crunch when looking for those additional properties to purchase with your 1031 proceeds. 

It looks like you are set to have something around Charlotte 2-3 hours, will you be managing it yourself or using a PM? 

@Alex Mull as some with experience in both turnkey and all-in active investing, I can tell you the biggest advantage is saving, time, hassle, and some full-service turnkey companies mitigate your risk by doing the upfront renovations and placing qualified residents while the company still owns the house. A bonus is if that company also manages and will stand behind that property after the sale to an investor like you.

if you have the time, desire, risk tolerance, and knowledge, you can absolutely find and or create deals on your own.
 

@Dominic Joseph Jean step 1, start getting educated/learning about what interests you. I recommend listening to some BP rookie podcast and some BP podcasts on various topics to learn which approaches resonate with you and area also in your realm of possibilities right now. If you don't have free cash available that limits lots of options, but if you do, that is another story. 

Step 2. Do you have time to go at it yourself or do you need to find a team.

Step 3. Can you do this where you are or do you need to look out of your local area? 

If you end up at out-of-state but have capital, you likely be on a turnkey solution.

If you are starting locally, that may be wholesale, brrrr, flip, buy-and-hold, (STR, MTR, LTR), and more.

Good luck and would love to hear more about the goals you make for this year. What action are you planning to take to get started?

@Brittney Yang surprisingly I have found that I can have glue down LVP installed by a local flooring company, we use Artisent Floors, https://artisentfloors.com/, for our local renovations and they are awesome and they can do it for less than what I can buy the product for at Lowes or HD even with my 10% military discount! 

They include demo, prep, install, and install qtr rd, and are done in a day, may two for a large project.

Some pics of our flooring on a recent flip with this company, and they may have a location in your city.