All Forum Posts by: James Vermillion

Check out the rehabbers group here on Bigger Pockets. It has a forum dedicated solely to flipping/rehabbing. Most of the questions a new investor will have are already answered there (use the search feature to find specific topics).

I disagree here Zac. I have been there before, but I still made a business plan, let me tell you why. When you don't know what niche you are going to be in there are still many things you can be doing to find that niche, and that is where having a written plan of action can help you. A business plan can include thing like making connections, attending REI Clubs, looking for a mentor, etc. You can take all of the things you can be doing and make a business plan to help guide you and keep you on track. You do not need to have a business to have a business plan, it can be the plan to get you into business. I say as soon as you know you want to invest in real estate, start developing a business plan, I think you will find yourself investing sooner that you would othererwise.

Welcome! I am curious to hear a little about the Sydney market. What price range do you primarily deal with and what kind of property does that buy in Sydney?

I spend a considerable amount of time with my business partner developing our business plan. The process of sitting down and putting ideas into a plan helped focus us and revealed what areas we needed to learn more about. Seperate from a business plan, we also have a 5 year plan. This plan lays out very specific goals that we need to aim for to have our company where we want it to be after five years and beyond. These goals of course will change as we progress and the market changes, but we will continue to adapt as needed. I believe everyone in business (not just real estate) should have a written business plan and update it as often as needed (at least yearly).

Kevin,

Looks to be a great deal and quite complicated. I am very interested so see how this plays out, so keep the updates coming! Good luck.

I work about 15 hours per week, this on top of my full time job (60-70) hours per week. The breakdown would look something like this:

40%- Accounting/business upkeep
30%- Project related (talking to contractors, planning rehabs, purchasing materials, etc)
20%- Looking for my next deal
10%- Reading/education

I am sure I left off some catagories but that is a very basic breakdown. I hope to be investing full time in about 1.5-2 years.

Bryan, it was on the MLS for 27 days....but we tried to sell it for approx 2 weeks before it went on.

Hey everyone. I have been a little quiet on the forums lately because things got really busy at work and then I went on vacation. However, I come today with an update on my first rehab, we got it under contract today! The price is right where I wanted/expected it to be and the negotiations went as well as I could have asked. I will provide all the details after the closing, but the numbers are looking favor nice. In addition, this Friday we close on our second purchase, purchased for $78,900 with a pre-rehab appraisal of $100,000. I will provide more information and pictures after we close. Thanks again for all the help.

Personally I would not invest in something like this. Where I live I can get a golf membership at a very nice private course for 2 people for much less than $10K. The only way you would be able to convince we to invest would be on the profit splitting...and I would need to see solid numbers to be convinced..because I can pay much less than 10K and invest the rest in something else for a pretty nice return. So can you elaborate on how much money you anticipate each $10K getting back?

Then yes, 21.2% ROI is pretty nice. What do you want to know?