All Forum Posts by: Alexis Dedrickson

I keep a lot of what I do to myself, because I know that others just don't understand. When I do talk about it to friends and family, I stand my ground. I know what I am doing, and I know that it works. They can be critical, but the truth is, they really just don't understand and so they think that it is a bad thing to do. Once you succeed, they may start to believe all the things you told them :D

Just know that you know what you are doing, so it doesn't matter what they think. If everyone understood how easy investing really was, they would all be doing it, and we don't want that, do we?

I haven't really sat down to think of real goals, but I would like to do at least 3 deals a month by the summer. I hope to multiply my current income by 5 this year (that's a low estimate). 10 would be ideal!

I want to have 5-10 rentals to hold and buy, fix, and creatively sell the rest; that or just do some quick deals finding deals for other investors.

I am currently investing in Indianapolis. I am working on my first rehab there right now, and I am hoping to get ahold of several more in the next month or so. I would def like to hear more of what you know about the area!

Alexis

First of all, I agree with what was said before...the house is only worth what you think it is worth.

My little rule of thumb is to be all in (meaning after rehab) for 50% of the value. If it's woth 100k, you don't want to spend more then 50k. That means you have to buy it and fix it for that.

The banks are HUNGRY for sales, so be agressive. I recently closed on a house that I only made 3 offers on. The last offer was my highest and best bid...take it or leave it. They took it. It was only 70% of the asking price. You want to be able to buy and fix for under 65% of the value so that you have room. My rule is 50%, but 65% is acceptable.

Always get an inspection before purchasing a property so that you know what needs to be done. Buying blind is like going into a project without a budget. You have to be careful with your money.

Don't be afraid to be agressive, don't get too attached to a home if you can't get a good enough deal, and always remember to make your money going into the deal.

Good luck!