All Forum Posts by: Joel Phillips

@J Scott Thanks for the feedback. I am now concerned that I have underestimated my repair, but have just ordered your books which I hope to be very helpful. I will also get an inspection in the likelihood that I have not found where the real repair costs will be. I have only really anticipated paint, carpet, and kitchen update.

Thanks guys!

Hi BP. I am excited to put an offer in on a possible flip and wanted to post here in case i'm missing something. here are the basics:

2 story home on a slab. 3 bed, 2.5 bath. pretty good condition, desirable suburban area near Indianapolis, built in '92 just under 2000 sq ft. List price recently dropped to $97,700.

ARV= $150,000. good comp nearby just sold for 149,900 and is 100 sq ft smaller.

70% rule means 105,000 minus estimated 9,000 repair costs= 96,000 purchase price with not much wiggle room.

I am submitting an offer for 85k to see if we can meet in the low 90's.

Thoughts?

Welcome to BP! i'm on the northside of Indy, and a complete newbie. best of luck and success!

Welcome! i'm just west of you in Carmel/Westfield area. I'm new to this and am finding this community to be a wealth of helpful info.

@Brandon Turner thanks for the welcome. Great job with the podcasts, btw. I really appreciate the community you guys have created here with a climate of sharing great information and helping others succeed!

@David Beard thanks for the helpful advise! we are updating our approach and gathering the right field information to pick the best location for our first flip. We keep coming back to that strategy, so our goals are becoming more clear.

thanks again guys!

Thanks for the welcome messages!

Jeff, I will check out those links you left for me. thanks a lot!

Hi Steven, I'm new here too and new to REI. I am on the north side of Indy, not too far from you.

Hello, My name is Joel Phillips. I have been reading and learning about real estate investing and am excited to get started. BP is such a great resource! I've listened to the podcasts while driving, and read several great and super helpful forum posts. I am so new at this that I am still formulating our goals. My wife is currently studying for a real estate agent license and is looking into how best to leverage that. I am trying to decide which strategy is best to start with. Flipping gained my first attention and still is my preference right now. But the properties we can afford starting out are in the lowest price range and look to me to be better rentals, so we are also considering buy and hold. And having read a little and heard about wholesaling I have some interest in that as well. It seems to me that the house and neighborhood could dictate whether it would be better to buy and hold, or flip.

I have a full time job, as does my wife. But we have our kids half time so we are looking to fix up a place on the side, especially when we don't have kids, and subcontract parts of the rehab. I am reasonably handy and will enjoy doing some of the work ourselves, but am also well aware that we can't do it all. Ideally, I'd love to find the perfect first place to fix and flip.

We would also like to network with you all, and hopefully find some local people on here that we might network with as well. We know we have so much to learn, but we also know that soon it will be time to do something about it. Currently getting our ducks in a row. Got a preapproval finance letter, starting to look for places, REO's or other (still trying to figure out the best way to find the right deal in the first place).

We are excited for this adventure and grateful for the resource of BP!