All Forum Posts by: Jennifer Hollstein

@Mike Davis Like I mentioned above. I attended and did not sign up. A couple weeks later a lady in CA that sits in the office "next to Than" (whatever) called me and they again asked for money to sign up. I actually just got a call from them yesterday to check in and see if I am still interested (4 months later)? That special they offer you is not good for just "TODAY" if you are interested later you can go back, but I would suggest you use that $$ for your own business. After my 3 day session I felt like I was going to regret my decision not to join. I Linkedin some members of Fortune Brands and reached out to them. I. They all said that they paid the initial investment then they had to pay more $$ to incorporate through them. More money for this and that. You still need to start your business and you need money to do that- just skip them and do it yourself with the money you were going to give them.

If you are buying this property to wholesale then you do need to know the 70% rule. It is what a buyer, investor, flipper is going to pay for that property. Using Mike's example above his Max Offer to a wholesaler is $194,200 so that means you need to get the house for $194,200 (minus-) your profit. 

What about in a snow or ice situation. If a tenant falls, don't they have to run the claim through their insurance first then yours? As a landlord to use the renters insurance as an extra liability to cover themselves. I am not sure so I am asking. Also if there was extreme damage caused by the tenant and they were charged much more than their security deposit due to the damage isn't that what the renters insurance is for as well? Again I am asking because I don't know but assumed this was covered in there.

Thank you everyone. My biggest expenses right now are our house and bills to heat, cool, turn the power on, etc. Our cable is only $10 more a month than if I cut everything else out and just had internet. Other biggest expense right now is daycare. We pay over $2000 a month for 2 kids (4yo and 2 yo) in daycare 5 days a week 1/2 days. Even next year when the bigger one is in kindergarden we only have 1/2 days so she will still be in daycare 1/2 days and we won't save any money there.  It is more about doing something I love vs something I just do to make someone else money.

I am new to investing as well. I attended a  3 day seminar of Fortune Builders. I am glad I did not invest money in their program. I am however very glad I went. It motivated me to do what I have always wanted to do. I have found so many LOCAL people and programs that are more helpful. The newest program I found is Score. Visit https://www.score.org. They provide FREE local mentoring for small business. I contacted them and met a local investor that I am working with for advise and mentoring. There is a team they have built for me. Tax specialist, realtor, accountant that I can turn to for questions. They are currently helping me build my business plan, forcing me to answer questions I did not even know to ask. 

Find programs like score, participate in your local REI's. Go to meet up.com and search for real estate investors, or wholesaling or flipping whatever you want to specialize in. There are meetings all the time. Make sure you have business cards and attend these. I am overwhelmed with these groups and the people who want to help. They help you, you help them. It's a win win.

As a new years resolution I am cleaning out, throwing out to get organized and de-clutter. I just came across a letter from my mother from 1997 (I just graduated from college) In the letter she states that she just read a letter I wrote to my father about wanting to buy and fix up a house. She writes "Sounds good...but now you have to look for work and what you want to do with your life. Working for a company in the beginning would allow you benefits and job security while you work to save for what you really want to do in life."

Listening to my mom and not purchasing a home to renovate is and has been a huge regret for me. I now work for a company and I am stuck in the rat race. I work paycheck to paycheck and it is never enough. I have a boss who is never satisfied no matter how much I put into my work. They always want more and throw another spread sheet at me. I think all this hard work if channeled towards something for myself I could be amazing. 

James

Why are you waiting on doing that? What is your reasoning for waiting till next year?

Just curious.

Thanks

Carolyn

Thank you for the suggestions. I will check them out. I have not tried either.

Thank you again

@ Nicole Pettis and @Melissa Culpepper

Thank you. I have downloaded the houseflippingspreadsheet,com excel file and I have also looked into the 123flip.com sites.

I think I am looking for something that has some checks and balances- to make note of things I would not think to remember or think of.

Thanks again for the feedback.